November 29, 2023

Real Estate Tycoon Of Metaverse, Making Profits From Billboards And Rent

Crypto asset investment firm CEO Andrew Kiguel stated that his company has gathered a metaverse properties portfolio which is spread across many virtual worlds having a value in millions of dollars.

Kiguel refuse to disclose that his company had made how much from metaverse land it has, but he did mention that his company is looking into long-term investments. The digital portfolio of his real estate company is just the beginning. He stated that we continue to buy the land and do not want to sell it.

The Metaverse is the platform that creates the digital worlds where its users could buy and sell assets, socialize, play games and attend digital concerts. Metaverse platforms like The Sandbox, Decentraland, NFTs, and crypto give their users ownership of items including virtual lands. It works the same as in the real world where real estate tycoons are making money by selling properties, collecting rents, and advertising space.

Kiguel stated that we believe in today’s gaming and social media environment there is a great business plan for advertisers who wants to pay us for space, for their virtual stores, digital billboards, or preparing events.

 The Fashion District is one of the most valuable plots in metaverse next to Decentraland’s neighborhoods, which made headlines last November being the most expensive land of a metaverse which was purchased at $2.34 million. This land will be used to host the fashion week in the metaverse. Along with other designers, Dolce & Gabbana and Tommy Hilfiger will participate in this fashion show which will be hosted on a metaverse plot measuring a size of 270,000 square feet.

Kiguel also stated that on all the fashion district land street corners his company is planning of building advertisement spaces, which they will sell to the companies who would want their names in front of fashion week participants.

 Having huge investments in real estate of the metaverse is risky too. The prices could depreciate very fast in real estate which depends on certain platforms’ popularity and could result in financial losses. However, in Kiguel opinion metaverse is becoming a big monopoly board.

He stated that you make revenue when people visit your spaces. And you could earn all the time if there were millions of visitors on your monopoly board.

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