‘Metaverse’ hype fuels booming digital property market

‘Metaverse’ has been a Silicon Valley buzzword for months, but interest soared in October after Facebook’s parent company renamed itself ‘Meta’ as it shifts its focus towards VR. — AFP Relaxnews

The idea of spending millions on non-existent land may sound ludicrous – but feverish predictions of a virtual reality future are pushing investors to bet big on digital real estate.

Last week, New York-based company Republic Realm announced it had spent a record-breaking US$4.3mil (RM18.19mil) on digital land through The Sandbox, one of several “virtual world” websites where people can socialise, play games and even attend concerts.