Metaverse Group buys more than $ 10M in digital real estate

If you still do not understand the idea of ​​buying “land” in the so-called metaverse, you are not alone – the idea is not close to reaching a mass adoption. But that doesn’t mean it hasn’t grown in popularity during the epidemic, with some advocates saying it could be a $ 1 trillion market. One of the key players in the industry is the Metaverse Group, which has quietly become the main owner of the online unit. Andrew Kiguel, CEO of the company’s main company, Tokens.com, said he had invested more than $ 10 million in digital real estate purchases.

For a company, it is an initial investment in the advertising space – and in the eyes of the people. “If you go back 15 years and when you browse Facebook, Instagram, you will see ads,” Kiguel said. “If you could go back 10, 15, 20 and buy space on these social media platforms when you are still young, and you can do whatever you want with that opportunity in the future, that would be very important.”

Theoretically, the metaverse would be an all-encompassing digital world where people can interact through digital signals, while being connected to their living rooms via Pepe Reality glasses and Pepe Reality receivers. But now, these are just young, personal spaces with little connection to each other.

That has not stopped The Metaverse Group from gaining traction in various ecosystems, such as Somnium Space and Sandbox, where rapper Snoop Dogg lives. Its portfolio also includes space in Decentraland, the largest and most popular metaverse – and the most complete to hold real events.

Decentraland is made up of approximately 90,000 parcels, and is only about half available for companies to own and develop. Kiguel declined to disclose the full amount that the company had invested, but noted that in November it bought a large sum from Decentraland for $ 2.43 million in secret currency. It also bought a 34-track Music District in Decentraland.

It is very important for existing companies like Forever 21, their client, who want to get into the metaverse but do not have their own local experts.

“We have a team of software developers and software engineers so when a client comes in and says ‘this is my vision’ we can design them, we can create what they think and bring them into digital life.” Said Kigel.

Metaverse Group: Danger

Experts have previously told Insider that metaverse real estate is nothing more than a “dangerous” crypto asset, it cannot comprehend the value of physical assets. In fact, Kiguel said that residential real estate, or ordinary investors buying “houses” in the air, is a strange thing.

For broadcasters, however, it is a different story. As the demand for vulnerable landowners increases, anyone who owns it will be in a better position.

“If I were to go to Decentraland now, you would probably be a ghost town outside the casino,” Kiguel said. “But when there’s an event going on or people holding things,” is a different story.

Read also: What does change mean for the future of online business?

Source: Business Insider

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