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'Metaverse' hype fuels booming digital property market

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The idea of spending millions on non-existent land may sound ludicrous -- but feverish predictions of a virtual reality future are pushing investors to bet big on digital real estate.

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"Metaverse" has been a Silicon Valley buzzword for months, but interest soared in October after Facebook's parent company renamed itself "Meta" as it shifts its focus towards VR. "We're trying to translate the way we understand physical goods into the virtual world," she told AFP. Kiguel spent 20 years as an investment banker focused on real estate. He insists the Decentraland plot makes exactly the same kind of business sense as it would in the real world: it's in a trendy area with high footfall.

"You could walk in with your avatar and have 3D digital representations of a shoe that you can hold, and ask questions."As far back as 2006, a real estate developer made headlines after making $1 million from land sold on the virtual world site Second Life.

 

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