Sandbox And Decentraland Sell $450k Homes In their Metaverses

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Last Updated on 22 February 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Facebook might still regret changing its name to Meta given the fact that it’s stock quote suffered severely since. However, it did bring global attention to the Metaverse and to a lot of crypto projects that had already entered these virtual worlds. Coins like the Sandbox and Decentraland are seeing attention from global companies soar, with sales of virtual lands going to companies like WalMart, McDonalds and L’Oreal.

To show you how big the hype has gotten, imagine this: when rapper Snoop Dogg bought a virtual plot of land in The Sandbox’s metaverse, an investor immediately raised the price of the plot next to Snoop, making it more expensive to be the Californian music star’s neighbor. Just like in the real world, it pays to know a celebrity.

Snoop thought it was funny his new neighbor paid $450k for the land and tweeted about the ordeal himself.

Janine Yorio’s virtual real estate development company, Republic Realm, last month spent a (then) record $4.3 million on a parcel of virtual land. Speaking to CNBC last month, she explained that her company sold 100 virtual private islands for $15,000 each back in 2021.

Advertentie.

Today, they’re selling for about $300,000 each, which is coincidentally the same as the average home price in America.

Nike versus StockX

This time round, companies are also protecting themselves. Sneaker and sportswear brand Nike is suing the StockX company for allegedly selling unauthorized images of its sneakers within virtual worlds. WalMart, the global retailer, has by now filed 27 NFT-related trademark requests in the U.S., Canada, and Mexico.

French beauty company L’Oreal followed suit, filing 17 trademark protection requests for its makeup, hair, skin, and nail care brands, just to make sure no one but them could post those logos in the virtual worlds of the Metaverse.

Looks like the Metaverse might become a bit more like the real world after all.