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The Once-Hot Market for Metaverse Land Is Attracting Risky Bets

Virtual property has become an investment strategy for some, even as values have tumbled alongside crypto prices

Aditya Saxena, 25, hasn’t built anything on his Decentraland parcel. An advertiser pays him rent to show a billboard on the land.

Aditya Saxena, 25, hasn’t built anything on his Decentraland parcel. An advertiser pays him rent to show a billboard on the land.

Source: Aditya Saxena

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Crashing cryptocurrency prices presented Aditya Saxena with an investment opportunity he just couldn’t pass up: a parcel of land in the metaverse.  

A software engineer at Microsoft Corp., the 25-year-old purchased the plot for about $3,000 in August. A few months earlier he eyed similar properties that sold for three or four times that price.