Metaverse Land Prices Boom By 879 Percent Since 2019
Metaverse Land Prices Boom By 879 Percent Since 2019 | top cryptocurrency apps
The rapidly growing digital assets market has found the Metaverse to be a key hotspot. However, over time, the price increase of virtual real estate has significantly outpaced that of real estate values.
Major businesses, artists, and members of the industry have already embraced the metaverse revolution. JP Morgan signed a one-year property lease to become the first bank to enter the virtual space. Additionally, it stated that prospects for $1 trillion in yearly income might be provided through metanomics.
According to sources statistics, Virtual real estate values increased by 879 percent between September 2019 and March 2022. On the other hand, the cost of actual real estate has increased by 39%. The tracking indices show that virtual real estate values have managed to expand 532 percent faster than actual ones.
It discusses how blockchain-based virtual real estate (VRE) provides customers with a wide range of goods and services. Access to exclusive events and NFT-gated communities has proven to be a key factor in driving demand for the service.
Gas fees playing important role in Metaverse
The blockchain has been the main factor influencing land prices across many Metaverses. Sources points out that there is a significant pricing discrepancy between land on Solana (SOL) and Ethereum (ETH). The average gas charge for SOL is $0.00025, compared to ETH's range of $5 to $50.
Meanwhile, Ethereum-based Metaverse projects Otherdeeds and Decentraland have partnered with Polygon to reduce gas costs. However, the popularity and monetization strategy of the providers may quickly be used to explain the discrepancy between the high prices.
According to the report, Bored Ape Yacht Club (BAYC) has tied up NFTs, entertainment, and other things in a way that allowed them to profit $310 million from the selling of metaverse land. In their metaverse, BAYC offered assets that serve as the deeds to 55,000 digital plots. A parcel of land reportedly cost $5,800 at the time in ApeCoin, their native coin.
