Prices for the most affordable plots of metaverse land (virtual land) are selling for roughly $11,000.
On popular Sandbox & Decentraland metaverse platforms, the smallest pieces of land are going for 3.7 ether & 3.46 eth, respectively, which results in approximately $11,717 and $10.957, according to Fortune report, Which mentioned the data of metric metric solutions.
At the time of publishing, the story of fortune showed that the land selling for at least $13,000, but ethereum prices have since reduced amid broader crypto rout.
The smallest land size available in these digital worlds is a 1×1 plot of land, which translates to 96sq. meter in the sandbox & 16 sq. meter in Decentraland for a user’s avatar, Fortune found. In March of last year, those small plots of land sold for a fraction of ether, less than $1,000, according to the report.
Virtual land, according to DappRadar, has become a “hot commodity” as parcels has been sold for hundreds of thousands to-even millions of dollars. One land reached a record $4.3 million in the sandbox in November.
A metaverse mogul has said he considers his digital real estate portfolio to be worth 10 times the purchase price as he begins to rent-out land in high traffic virtual areas.
The hype around the Metaverse, a digital world in which people can live, work & play as avatars, has intensified since the company formerly known as Facebook was renamed Meta as sign of the orientation of the company on the future Internet, also known as Web3.