'Metaverse' hype fuels booming digital property market

PARIS: The idea of spending millions on non-existent land may sound ludicrous — but feverish predictions of a virtual reality future are pushing investors to bet big on digital real estate.This week, New York-based company Republic Realm announced it had spent a record-breaking $4.3 million on digital land through The Sandbox, one of several 'virtual world' websites where people can socialize, play games and even attend concerts.That came hot on the heels of a $2.

com CEO Andrew Kiguel.Kiguel spent 20 years as an investment banker focused on real estate. He insists the Decentraland plot makes exactly the same kind of business sense as it would in the real world: it's in a trendy area with high footfall.'That is advertising and event space where people are going to congregate,' he explained, pointing to a recent virtual musical festival in Decentraland which attracted 50,000 visitors.

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