Investors in the emerging metaverse sector are comparing New York real estate hundreds of years ago to the new digital realm. What is going on in this area where Metaverse coin projects are also on the agenda, why do investors prefer this area? Here are the details…
Metaverse and metaverse coin projects under the spotlight
Lorne Sugarman, CEO of virtual real estate company Metaverse Group, explains in an interview the rationale behind paying serious money to buy digital land on virtual reality platform Decentraland (MANA). Sugarman thinks that “buying the Fashion District is like buying a place on Fifth Avenue in the 1800s or the creation of Rodeo Drive.”
The Fashion District is an area in Decentraland where users can purchase virtual clothing from real brands such as Ralph Lauren, Gucci or Prada. Sugarman also makes the following statements, considering that Decentraland could sustain real estate scarcity as the virtual world is a decentralized autonomous organization (DAO):
Since Decentraland is a DAO, all landowners as well as all money holders will have to vote on it if they are to put new lands up for sale. Community; He won’t want us to harm our value, our land, and our currency, so I don’t believe that will happen. But if it’s accepted, it must have a very good reason.
Janine Yorio, co-founder and CEO of Metaverse developer Republic Realm, says the group bought the equivalent of an entire city in The Sandbox (SAND) to build something “very immersive.” As we reported on Somanews, Republic Realm made the largest digital real estate purchase ever recorded, breaking a record last month with a $4.3 million purchase of land in The Sandbox.