Ready Player One?
If you’re struggling to land bids on actual sites, then why not buy a plot of land in a decentralised virtual reality metaverse? Allow me to educate you in the matter. ‘Decentraland’ is a new virtual world that intends to provide a rich gaming experience that could attract millions of users. So confident are the developers in their proposition, that they have instigated the sale of the virtual real estate that underpins the world. Investors can then develop their virtual plots into virtual buildings, which act as venues for virtual engagement and actual commercialisation with users. Ridiculous? The market thinks otherwise. The going rate for an inconspicuous 10m x 10m parcel of ‘LAND’ is currently 6,000 MANA (roughly £340 or £13,500 per acre). However, adopting real world economic principles, ‘the utility of LAND is based on its adjacency to other attention hubs’. Hence, land next to ‘plazas’, ‘districts’ and ‘roads’ drives higher values due to higher levels of virtual footfall in these locations. The current record price is $180,000 for a plot of land near the ‘Central Plaza’ where all players first enter the world. This makes it more expensive than most real land in the UK. One of C&W’s (virtual) brokers would be virtually delighted to advise you on your next purchase