Metaverse has been a Silicon Valley buzzword for months, but the word’s usage rocketed in October after Facebook’s parent company renamed itself Meta, as it shifts its focus towards VR.

It may seem crazy that people could spend millions of dollars on virtual, non-existant land but it is happening and we are increasingly seeing a trend of  investors looking into digital real estate.

Recently Tokens.com Corp, a Canadian investment firm focused on crypto assets, announced it had closed on the largest metaverse land acquisition in history through its subsidiary Metaverse Group, whose real estate portfolio spans several different virtual worlds and is reportedly worth in excess of seven figures.

The land acquisition was in the form of 116 segments each equivalent to 52.5 square feet, for a total of 6,090 square feet of land. That’s a little bigger than a standard full-size basketball court (which is 4,700 square feet).

In just the past few weeks, virtual land worth more than US$100 million has been sold across the four largest metaverse sites, The Sandbox, Decentraland, CryptoVoxels, and Somnium Space. (Source Dapp).

While it may be some time before those four sites operate as true metaverses, transporting people elsewhere with VR goggles, digital land is already functioning as an asset just like real land that you can build on, let out or sell!