Metaverse Group Sells For $2m Along With “Real” Estate Portfolio
Token.com has announced the acquisition of 50% shares in one of the most prominent metaverse NFT real estate companies, Metaververse group. The publicly traded cryptocurrency and blockchain investment firm purchased 2 million common shares at an issue price of $0.68 per share. The total acquisition, valued at CAD$1,680,000 ($2 million), is reportedly a record for equity investment in a metaverse company.
CEO of Token.com Andrew Kugel, had this to say on the impact of the metaverse:
“The Metaverse is a game-changer for how advertisers and brands market their products. Physical and virtual real estate are extremely similar. As more people congregate in these virtual cities, the land becomes more sought after for its ability to reach a new global demographic. Brands like Adidas and Gucci are discovering this, as are artists like Snoop Dogg and Ariana Grande.”
Tokens.com describes itself as a is “a publicly-traded company that uses its balance sheet to invest in digital assets used for crypto staking and DeFi.”
Metaverse Group is an NFT-based real estate enterprise. It possesses an extensive NFT-based real estate holdings portfolio in several blockchain metaverses, such as Decentraland, Somnium Space, The Sandbox, Cryptovoxels, and Upland. Metaverse Group also provides other services, such as virtual property construction, property management, and marketing and advertising posted in the metaverse.
Metaverse Group Compared To Physical Real Estate Firms
Just like a typical real estate firm, the Metaverse group offers property acquisition, development, and management services — as well as marketing and promotional services. It differs in its adoption of blockchain technology, NFTs, gaming, and other technologies that make up the metaverse.
The purchase by Token.com also reflects the frequently seen mergers and acquisitions (M&As) in the real estate business. In the first half of 2021 alone, $44.2 billion was the estimated value of US real estate M&As, with over 18 takeovers taking place.
Rising Interest in The Metaverse
The metaverse has witnessed growing interest from several renowned institutions worldwide. Following the ban of blockchain and NFT- based games by Steam, Epic Games announced its willingness to run games based on the blockchain, with NFTs possibly one day available as in-game collectible items.
This stance bodes well for digital real estate, which has also seen the implementation of metaverse elements in games like Fortnite and Roblox.
Facebook has also shown interest in the virtual space, with Mark Zuckerberg, Facebook’s CEO, claiming the social network site would become “a metaverse company”. Last month, Facebook announced a dedicated $50 million fund to aid in developing the virtual world.
The metaverse is a three-dimensional online space where individuals can work, play games, and interact in virtual settings. Despite being in its early stages, its current development trajectory may likely lead to it playing a significant role for users — socially, economically, and culturally sooner than we think.
Do you see the metaverse gaining mainstream adoption soon? Let us know in the comments below.