MIC MANN: Virtual land, the new gold rush

MIC MANN: Virtual land, the new gold rush

2022-01-27 07:34:00 PM

MIC MANN: Virtual land, the new gold rush

Space in the metaverse is proving to be of great value, but also volatile

Axie Infinity, an animated, metaverse play-to-earn blockchain game, was sold for $2.5m. This came a few days after an estate of 116 virtual land parcels fetched $3.2m in the Decentraland metaverse. Also last December, multinational Softbank invested $92m in The Sandbox, another virtual reality platform. While these terms may seem foreign to traditional investors, the sheer magnitude of these transactions should be a calling card to take note.

In an interview with CNBC, Ark Invest CEO and chief information officer Cathy Wood described the metaverse as “the next trillion-dollar marketplace”. For those not familiar with the realm,the metaverse is a network of always-on virtual spaces that enable users to interact with others

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