The idea of spending millions on non-existent land may sound ludicrous but investors are going crazy over digital real estate

The four major metaverse sites, Decentraland, The Sandbox, CryptoVoxels, and Somnium Space, have sold land valued at more than $100 million in the last week.

On these blockchain-based metaverse sites, people may use bitcoin to buy real estate, customise their avatars, and connect with other users.

A Canadian investment firm spent $2.43 million in crypto for a parcel of digital land through Decentraland

New York-based company Republic Realm spent a record-breaking $4.3 million on digital land through The Sandbox

People use real money to buy, sell, and rent virtual property, which is a type of NFT that reflects ownership of a piece of land in the metaverse

In Decentraland, for example, the land is divided into 90,000 256-square-meter parcels.
Each parcel is its own verified NFT, meaning it’s completely unique and can’t be duplicated

When you possess the land, you have an actual NFT that allows you to build whatever you want on it.

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