New York-based Republic Realm spent US$4.3 million to acquire digital land from The Sandbox, a virtual website where people can socialise, play games and even attend concerts. Photo: Handout
New York-based Republic Realm spent US$4.3 million to acquire digital land from The Sandbox, a virtual website where people can socialise, play games and even attend concerts. Photo: Handout
NFTs

Chinese state media flags volatility, money laundering as risks in metaverse land sales

  • People’s Daily said property sales in the metaverse resembled ‘product financialisation’ and carried risks of volatility, fraud and money laundering
  • Some winners of a virtual real estate lottery have listed their property on e-commerce platforms, with asking prices reaching tens of thousands of yuan

New York-based Republic Realm spent US$4.3 million to acquire digital land from The Sandbox, a virtual website where people can socialise, play games and even attend concerts. Photo: Handout
New York-based Republic Realm spent US$4.3 million to acquire digital land from The Sandbox, a virtual website where people can socialise, play games and even attend concerts. Photo: Handout
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