South China Morning Post, Hong Kong’s oldest English-speaking outlet, recounts unusual trend gaining traction among local property moguls
While the metaverse is the hottest segment of the global Web3 ecosystem in late 2021, in Hong Kong, euphoria around in-game land plots is reaching “fever pitch,” local analysts say.
Virtual property instead of real estate?
According to a South China Morning Post article by Josh Ye, virtual land is in the spotlight of major Hong Kong real estate brokers and brokers.
Mr. Ye reports that both property heavyweights and real estate traders in Hong Kong are interested in purchasing plots of virtual in-game land in various metaverses.
The author attributes this interest in virtual plots to the scarcity of beneficial ownership in Hong Kong. The island is well known for its incredibly high prices.
In Q2, 2021, the average home price in Hong Kong rocketed to $1,990 per square foot. For smaller households, this indicator may rise above $3,270 per square foot.
Metaverse tokens are in the green despite the withdrawal
Throughout 2021, fields in NFT-centric games have become the most expensive type of digital asset. Axie Infinity, Decentraland, The Sandbox, etc. have created virtual metaverse in which a land can cost thousands of dollars.
Also, this year witnessed a number of splendid rallies of core native cryptocurrencies of metaverse protocols.
Even amid the continued decline in cryptocurrency prices, Metaverse tokens are performing well: the MANA token is almost the only token in the top 100 to show double-digit gains today.
MANA is up 12% today, while AXS added 3.8% in the last 24 hours. The Sandbox’s SAND jumped 7% overnight.
