Metaverse and its virtual land that millionaires are buying.

The idea of ​​spending thousands or even millions of dollars to buy a fictional "land" in a virtual world may sound absurd.

But in recent months we have seen significant investment in virtual land within the metaverse.

Consulting firm Price Waterhouse Coopers is among the latest firms to enter The Sandbox real estate market, one of the virtual world platforms where people can socialize, play games or attend concerts.

PwC paid a sum that could be considerable, although the final amount was not disclosed.

Another person recently bought a $450,000 plot of land in Snoopverse, a virtual world that rapper Snoop Dogg is developing within The Sandbox.

Meanwhile, Metaverse Group, a real estate company focused on the metaverse economy, reportedly bought land on Decentraland, another virtual platform, for $2.43 million.

Let's go over what the "metaverse" is, because you probably heard the term a lot when Facebook rebranded as Meta in October 2021.

Other companies, such as Nike and Microsoft, have also announced that they will jump into this space.

The metaverse describes a vision of a connected 3D virtual world, where the real and digital worlds are integrated using technologies such as virtual reality (VR) and augmented reality (AR).

This virtual universe can be accessed through devices such as virtual reality or augmented reality glasses and applications for smartphones.

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