The prices of blockchain-based real estate in the metaverse have been raised by 879% between September 2019 and March 2022, a study has revealed.
Blockchain data platform Chainalysis has revealed that there were huge differences between the prices of lands in metaverse projects, according to a report by Al Arabiya News.
The study uncovered that investors had been doubling on digital assets for a quick profit.
“Blockchain-based virtual real estate (VRE) offers both present-day and prospective benefits to the people who own it,” said Ethan McMahon, an Economist at Chainalysis.
“Currently, the ability to create exclusive virtual events and communities is one of the major uses that is translating into the sale of virtual real estate,” he added.
McMahon also said that people were building digital galleries in these virtual spaces where NFTs were displayed.
“Because the metaverse is such a nascent space, most of these are hard to foresee,” he said.
Recently, multiple tech giants created the Metaverse Standards Forum (MSF) to develop common standards for the metaverse.