One man spent $450,000 to be Snoop Dogg's neighbor in the metaverse
One man has secured his digital future by purchasing real state next to Snoop Dogg in the metaverse, only it cost him $450,000.
Some people are willing to spend a lot of money to invest in new digital technologies, and sometimes it genuinely pays off.
One smart investor recently turned just $800 into over $11,000,000 with a crypto meme coin, and anyone the world's first Bitcoin billionaires made the right choice even when faced with ridicule.
There are also plenty of times when what initially looked like smart investments turn out to be duds, as we have seen with countless NFTs in recent years that have dropped from being hundreds of thousands of dollars each to barely worth anything.
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Something that remains mostly still up the in air though is the worth of being Snoop Dogg's neighbor - in the metaverse, that is.
To be specific, Snoop Dogg has sold a 'parcel' of real estate within the 'Snoopverse' - a world build within The Sandbox metaverse platform - for $450,000, letting someone effectively live right next to the world-famous rapper, but only when they've got a VR headset on.
These were purchased on NFT trading website OpenSea using cryptocurrency Ethereum, with parcels split into three sections of 'Lands', 'Premiums', and 'Estates'.
As these were one-time auctions it's unclear how much each piece of land is worth now, and while reports have estimated the metaverse real estate market to grow around 31% annually until 2028, as per Fortune, the metaverse hasn't exactly proven to be the most profitable venture in the years following its rise to popularity.
While Meta might be happy enough to lose $46 billion on their metaverse investments, the 'average' person might feel the drops in value a bit more, and soon a piece of digital land might be worth next to nothing.
Stat tracking sites like MMO Stats estimate that The Sandbox - where Snoopverse is hosted - has only 1,700 daily players which for a multiplayer sim or digital life replacement isn't too great to say the least.
It appears, at least for the time being, that the metaverse isn't taking off like some companies hoped, so it might act as a cautionary tale to those who like to go big and early on certain new innovations.
Shortly after the purchase was announced one comment on the r/SandboxNFT subreddit argued that the purchase was "cheap," which when comparing it to how much it would cost to live next to Snoop Dogg in real life is true, but perhaps not in the digital world.
"Imagine all of the noise though!" joked another user, but you'd expect it to be pretty quiet in that neighborhood right now.