Republic Realms is a metaverse real estate company that splashed out $4.2M on land in The Sandbox, including 100 private islands that have exploded in value.
CEO Janine Yorio told CNBC that her company initially sold the islands for $15K each last year.
“Today, they’re selling for about $300,000 each, which is coincidentally the same as the average home price in America,” she told the outlet.
The company’s digital land purchase back in November last year was the largest land acquisition The Sandbox had seen.
Republic Realm snapped up 792 parcels in The Sandbox amounting to 3sq miles of in-game land.
One 24×24 plot, in a prime location, was bought from Atari, with the realtor co-developing some of the land with the company.
Yorio says that neighbours are just as important as location, telling CNBC:
“I think it absolutely matters who your neighbour is. That’s kind of true of almost anything, right?
“It’s like a club and you want to be around people that share similar interests.”
Republic Realm’s gargantuan acquisition eclipsed a $2.4M virtual real estate in Decentraland.
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That particular transaction took place just a week before, with buyer Metaverse Group saying that its Decentraland real estate has since increased in value by 500%.
The Sandbox Mega City land sale is giving interested parties a chance to add to their virtual real estate portfolio today.
Prices start from £3,316.81 / $4,558.34 so if you’ve got a cyrpto wallet full of MANA, you can swing by.
Be warned that crypto and NFTs are risky investments, especially given that there’s no tangible, real world evidence that you own anything.
If someone pulls the plug on The Sandbox tomorrow, your blockchain receipts aren’t going to mean much, so do your research and financial due diligence before getting involved.
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