Metaverse lands begin to surpass most expensive cities in the world

Real estate and land have always been Brazilian’s favorite investments. This “thesis” emerged during periods of hyperinflation in the country, when the currency was losing value every day. In this sense, buying real estate was the only way to protect against currency depreciation. Hyperinflation ended nearly 30 years ago, but the passion for real estate endures to this day. “Buy brick”, “property never loses value”: this is the most common advice from our parents and uncles. And they were right, but they didn’t count that bricks would also gain value in the real world.

The Lands of the Metaverse

Imagine a complete space of 14.4 km², equivalent to nine times the area of ​​the city of São Paulo. This place has highly sought after plots of land whose prices have skyrocketed in recent months. The client roster includes artists, musicians and other famous names. However, there is one small difference: this complete area of ​​land simply does not exist. At least not in the real world. These areas exist only in the virtual world and are acquired through transactions and records on the blockchain. For older people, this might sound too futuristic, or just plain gimmicky. But this is something real: they are the terrains of the Metaverse, a kind of virtual world that tries to replicate reality through digital devices. In the case of the example cited at the beginning of this topic, it is the total area of ​​Decentraland, one of the largest platforms in the Metaverse. This metaverse appeared in 2017, but gained prominence from 2021, the year in which the search for land began. And believe me, many of these “plots of land” were sold for millionaire sums.

Digital land surpasses upscale neighborhoods

For example, land inside the Decentraland sold for a whopping $2.4 million in November. At the time, the amount corresponded to R$ 13.4 million and was considered a record for goods sold in the Metaverse. In the traditional real estate market, the value of a property is defined by the price of its square meter (m²), so this metric will be adapted for the Metaverse. The Decentraland land had a “footprint” of 566 m², which, therefore, is equivalent to a cost of R$ 23,800 per m² at the price at the time. To get an idea of ​​this value, this value is almost four times greater than the Rui Ohtake house, considered the most expensive in the city of São Paulo. The property, located in the Cidade Jardim neighborhood, has more than 8,000 m² and is valued at R$70 million. Its m² costs an average of R$ 8,750. But as it is a house, the comparison with a land is not 100% accurate. Therefore, see the comparison with the m² in the neighborhood of Leblon, one of the most expensive in the city of Rio de Janeiro. According to Fipezap, the price per m² in the region is R$ 21.9 thousand, almost 10% lower than the land in Decentraland.

records in sequence

However, Decentraland’s record lasted less than 24 hours as another 2021 sensation stole that mark. The game Axie Infinity registered the sale of land in Lunacia, its private Metaverse, whose footage was 301 m². The operation came out for US$ 2.5 million, or about R$ 13.6 million at the time. The price per m² of this land was US$ 8,305, or about R$ 46,424 – practically double the land of Decentraland. Yes, virtual land sold for about five times the price of the most expensive home in Brazil’s largest city. By way of comparison, these values ​​are almost the same registered in the city of Paris, one of the most expensive in the world. In the French capital, the price per m² can reach almost R$ 68 thousand. And this is the value in the most expensive regions of the city. This “real estate bubble” has caused Metaverse tokens to skyrocket in value. Decentraland’s MANA and The Sandbox’s SAND are up more than 12,000% for the year. The AXS, by Axie Infinity, registered a 17,000% appreciation at the time of writing this text. The Metaverse hype was fueled by Facebook, which changed its name to Meta in reference to this technology. However, blockchains focused on this sector have come out ahead in terms of value creation. Nobody knows who will actually win this dispute, but one thing is certain: the land remains a great investment. Now, also in the virtual world. Also read: Terra (LUNA) jumps 22% and surpasses Cardano and Solana in market value; see preview Read also: FC Barcelona explores metaverse and plans own cryptocurrency Read also: Ukraine now accepts Polkadot donations; DOT jumps 10%