The metaverse -- a growing number of immersive virtual online worlds where users live and play -- has become a hotbed of real estate speculation. But virtual land values have had a rocky ride.
Sotheby's in Decentraland, designed and built by Voxel Architects. The building is modeled on the real-life auction house on New Bond Street, London.Initially, the design process for metaverse buildings is much the same as in the real world, said Bileca. An architect or designer consults with a client, and sketches ideas, either on paper or computer.
" advertising as we know it, intrusive ... compromising user data and so on -- that just doesn't have a place in Web3."courtesy LandVault A rendering of a property designed by Barcelona-based studio Six N. Five for Everyrealm project The Row.Yorio cites Everyrealm's Fantasy Island project -- in which 100 private islands in The Sandbox sold out in a single afternoon in August 2021 -- as an example of how these assets can appreciate. Sold at approximately $15,000 each, the CEO said they now trade for around $100,000, down from $250,000 at the height of the cryptocurrency and NFT market boom in late 2021.
The Alexander brothers are currently screening prospective buyers, said Yorio, with private sales starting in September."We want to make sure that art goes to the right type of collectors, and not people that are looking to buy and flip and create that NFT hyper-speculation dynamic," she explained. Prices were not disclosed to CNN.
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