Recent studies indicate that nearly $2 billion were invested last year as individuals and corporations vied for a stake in the metaverse, a digital universe that serves as the virtual reality counterpart to the internet.
According to research by the analytics firm Dapp Radar, a staggering $1.93 billion in cryptocurrency was expended on purchasing virtual land in the metaverse in the past year.
Of this amount, around $22 million were invested in about 3,000 land parcels within Voxels.
Voxels operate within the Ethereum blockchain, a publicly accessible ledger that transparently records and discloses transactions. This cryptocurrency-based system enables effective monitoring of these transactions by companies like Dapp Radar.
Decentraland, an exceptional virtual realm, emerged in 2020. Within this digital domain, parcels of land command prices ranging from thousands to millions of dollars.
Renowned corporations, including Samsung, UPS, and Sotheby’s, have delved into Decentraland, acquiring virtual plots to establish shops and information hubs.
Additionally, luxury fashion label Philipp Plein has secured a significant virtual estate, equivalent in size to four soccer pitches, within which they intend to establish an immersive boutique and gallery in the metaverse.
Plein has been providing online product offerings for more than a year, allowing customers to make payments using 24 different cryptocurrencies. In early 2022, the brand expanded its involvement in the digital currency movement by opening a new store on London’s prestigious Old Bond Street.
This store enables customers to buy clothing as well as select non-fungible tokens (NFTs) using popular cryptocurrencies such as Bitcoin and Ethereum.
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