Recent studies indicate that nearly $2 billion was 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 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 was invested in about 3,000 land parcels within Voxels.
Voxels operate on the Ethereum blockchain, a public ledger where each transaction is documented and disclosed. This cryptocurrency-based system allows companies like Dapp Radar to monitor these transactions effectively.
One of the standout virtual realms is Decentraland. Introduced in 2020, parcels of land in this digital domain can fetch prices ranging from thousands to millions of dollars.
Notable corporations such as Samsung, UPS, and Sotheby’s have ventured into Decentraland, acquiring virtual plots to set up shops and information hubs.
Luxury fashion label Philipp Plein has also staked its claim, owning a vast virtual estate equivalent in size to four soccer pitches, where they plan to establish a metaverse boutique and gallery.
For over a year, Plein has been offering products online, accepting payment in 24 distinct cryptocurrencies.
In early 2022, the brand further embraced the digital currency trend by launching a new store on London’s renowned Old Bond Street, where customers can purchase clothing and select non-fungible tokens (NFTs) using cryptocurrencies like Bitcoin and Ethereum.