Someone spent $630,000 to buy a digital home next to Snoop Dogg in the Metaverse

Bricks and mortar ain’t what it used to be. At least, that’s the impression we got upon learning someone paid a whopping $630,000 for a digital home in the Metaverse next to Snoop Dogg’s computerised pad.

Yep, you read right – a person with real money shelled out more than half a million dollars for something that doesn’t exist without servers, an internet connection or pixels on a screen.

How has this happened? And what could motivate someone to drop so much cash on something that, ostensibly at least, isn’t real?

Well, if you’ve no idea what things like non-fungible tokens (NFTs) are, then the concept of buying a property as a non-fungible asset in a digital universe may never be comprehensible.

But, absurd or not, there are tens of thousands of people spending literally millions of dollars to secure their digital digs in the online world.

According to MSNBC, real estate sales in the Metaverse exceeded $700 million in 2021, and certain experts predict that number could double in 2022.

And, as shocking as that may sound, the potential long-term upside of dumping cash into digital properties on the Metaverse could be an exceedingly lucrative one.

A recent report by BrandEssence Market Research found that the Metaverse property market could see its value increase at a compound annual rate of 31% a year from 2022 to 2028.

Whatever the case, real-world or not, being neighbours with Snoop Dogg would surely be a compelling proposition, and, in the crazy crypto era we find ourselves in, that $630,000 digital home may end up being worth a lot more.