Publicly-listed cryptocurrency and blockchain investment firm Tokens.com has announced a landmark agreement to acquire a 50% stake in metaverse real estate firm Metaverse Group in a deal worth in excess of $1.6 million.
Tokens.com is expected to capitalize on the purchase — reportedly the highest purchase of a virtual real estate firm — through the development of asset opportunities for public retail investors seeking to gain greater exposure to nonfungible token, or NFT, and decentralized finance, or DeFi, assets.
Metaverse Group operates a service akin to a traditional real estate firm in that it engages in property acquisition, development and management, in addition to marketing and promotional services. However, the group differs immensely due to its adoption of blockchain technology, gaming and NFTs as well as a multitude of other technologies that comprise the metaverse.
While the true definition of the metaverse is still evolving to a unified consensus, for now, at least, the technology is considered to be a three-dimensional virtual environment where users can interact, socialize and progress. Fortnite and Roblox have given us some insight into this world, as did the Ernest Cline novel, Ready Player One.
The Metaverse Group owns a collection of well-regarded plots of land and properties in some of the world’s most popular metaverse games: Decentraland, The Sandbox and Somnium Space, amongst others, with their global headquarters located in Crypto Valley of Decentraland.
Andrew Kiguel, CEO of Tokens.com, shared some insights into the potential impact of the space:
“The Metaverse is a game-changer for how advertisers and brands market their products. As more people congregate in these virtual cities, the land becomes more sought after for its ability to reach a new global demographic. Metaverse Group has the potential to be a major landlord and developer by using the same strategies used by physical real estate managers."
Related: The Metaverse, play-to-earn and the new economic model of gaming
Last month, tech behemoth Facebook advanced upon their intentions to build a metaverse with the launch of a $50 million research and development fund. The company expressed ambitions to construct a fully-fledged virtual world including a panoply of products and services within a timespan of a decade.
To execute this virtual vision, the firm is seeking 10,000 new employees from the European Union for roles ranging from specialized engineers, to virtual architects.