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# The First Virtual Real-Estate Boom In Metaverse
- URL: https://interhacktives.mymagic.page/the-first-virtual-real-estate-boom-in-metaverse/
- Published: 2021-12-16T14:42:08.000Z
- Updated: 2021-12-16T14:42:08.000Z
- Author: Gaurav.Dwivedi
- Tags: News, cryptocurrency, decentraland, metaverse, real estate, virtual real estate, Virtual Reality, #Migrated-1793717950415, #wp, #wp-post, #Import 2026-11-03 14:59

London: The Metaverse has been the centre of attraction and the talk of every individual related to the tech world. Ever since Mark Zuckerberg, the Facebook founder named the organisation after “Meta”.

https://twitter.com/Meta/status/1453795115701440524

In the virtual world, people create their avatars which can do pretty much everything a normal human can do from working, socialising, doing business, buying properties and even creating art in the virtual environment. Anything possible in human capacity can be done in the Metaverse.

**Cryptocurrencies play a major role**

Since it's not feasible to transact in fiat currency in the virtual world cryptocurrencies come into action. Cryptocurrency is already used as a payment method in some metaverses. Apps like [Decentraland](https://decentraland.org/?ref=interhacktives.mymagic.page), [Axie](https://axieinfinity.com/?ref=interhacktives.mymagic.page) [Infinity](https://infinitytheuniverse.com/?ref=interhacktives.mymagic.page), and [SecondLife](https://secondlife.com/?ref=interhacktives.mymagic.page), which are metaverse-like and blockchain-based, allow users to own virtual land, play-to-earn, and do a lot more.

**The virtual real estate boom**

The Metaverse in late November 2021 witnessed the sale of plots in this virtual universe sold for a whopping $2.43 million in what the biggest real estate deal in Metaverse. The Metaverse Group, under the ownership of [Tokens.com](https://www.tokens.com/?ref=interhacktives.mymagic.page), bought Decentraland’s Fashion District.

https://twitter.com/nytimes/status/1465729861788610572

**When land is virtual, how does it gain value, and can it be used for other purposes?**

The basic idea is that, while the internet is unlimited, a metaverse is not. Multiple virtual worlds are possible, but their size will be restricted. As a result, each planet has a certain quantity of land, and it is built in such a way that additional cannot be added later. The rarity contributes to the value increase. The virtual land that sold for $2.4 million is 6,090 square feet in size.