In the metaverse, which is seen as the future of the internet, many fields are on the rise, from virtual meetings to travel, from real estate to clothing. Many companies, especially technology companies, may need to invest in this new field in order to survive.
Tokens.com's Metaverse Group purchased metaverse land for a then-record $2.43 million last month. CEO Andrew Kiguel said they plan to make virtual lands a destination for luxury brands and talked about the future of metaverse lands.
It was shared recently that Kiguel's metaverse portfolio was valued 10 times. Andrew Kiguel predicts huge returns on investment in virtual land as companies accelerate product advertising and events in the growing virtual world ecosystem.
“It's all about location, and the land in a virtual city center is key. The more visitors, the more valuable the land, and the more a retailer and advertisers are willing to spend to reach these people.”
Toronto-based Tokens.com acquired a 50% stake in MetaverseGroup for $1.7 million in October. Then, last week, he made an additional investment and acquired a 67% stake in the company. The deal comes after MetaverseGroup purchased a then-record $2.43 million parcel on the Decentraland platform last month. Kiguel has high hopes for this virtual land:
“I think very soon we will gain rapid value by renting this land and space, and the plan is to make virtual estates a destination for luxury brands.”
CEO Kiguel noted that luxury fashion houses like Gucci and Louis Vuitton are already taking up space in the metaverse through NFTs. Metaverse Group CEO Lorne Sugarman told Insider in November that the Decentraland property purchase in the Fashion District provides an early foothold in luxury business opportunities in the metaverse. He referred to the high-end shopping districts in Manhattan and Beverly Hills.
"We think the Fashion District purchase is like buying it from Fifth Avenue in the 1800s or the creation of Rodeo Drive."
These systems are decentralized, enable secure and fast transactions, and are not available in physical format. This is an ideal feature to bring together different people with different currencies in a virtual universe.