renamed itself Meta in November. That has caused a tsunami of money to flow into the metaverse as investors snapped up virtual real estate – hoping its value will soar.
Back in 2005, the China-born German invested RM42 on real estate in the game world of SecondLife. Within a year, her virtual property empire had grown enough to turn her into a real-life US-dollar millionaire. Unfortunately, much of her fortune disappeared when SecondLife’s popularity plummeted and demand for property in the world evaporated.
Individual investors could never own this property in the real world. In the virtual world, they can.Prices for virtual land are rising, and it is no longer just metaverse aficionados buying. The RM18.2 million buyer mentioned above is partnering with well-known videogame company Atari SA to develop some of its virtual properties.
That’s not cheap, but some buyers in cities where regular homes are unaffordable find that developing or speculating in virtual property is more appealing simply because it is more affordable than real-world real estate.
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