The metaverse is firing on all cylinders so far in 2022

The metaverse is firing on all cylinders so far in 2022, with numerous global corporations flocking to the space. A particularly valuable part of this new emerging digital economy is none other than real estate.

Land ownership inside the metaverse is becoming exceptionally popular, with some virtual land plots selling for millions of dollars. Land plots in Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA) have been appreciating in value considerably over the course of 2021 and 2022.

Some organizations such as the World Economic Forum have speculated that land in the metaverse could become worthless in the future, so what virtual and what is driving high prices?
What is Virtual Land?

Virtual land is bought and traded as non-fungible tokens (NFTs). The NFT records precisely who owns the land directly on the blockchain, minting ownership for everyone to be able to verify publicly.

Each piece of virtual land within a protocol like The Sandbox is a small section of the protocol represented by the NFT. This land can then be traded or sold on secondary markets. In fact, virtual properties are highly transactable with an average of 8,000 properties changing hands every month at an average price of 3.5 ETH (~$10,000).

Virtual, purchasable land is broken down into parcels of which the number available varies between platforms. The Sandbox, for example, has just over 166,000 parcels of land presently available. Each parcel is a 96x96 meter plot.