Tue. Jul 5th, 2022

One of the leading investors in Everyrealm, formerly Republic Realm, is Andreessen Horowitz.
Metaverse games such as The Sandbox and Decentraland are among the properties owned by the company.

Republic Realm’s early bet on virtual land may be paying off as the metaverse and NFT plots sold in games like The Sandbox and Decentraland rise in popularity.

Metaverse Land Investor Everyrealm

A total of $60 million has been invested in the company by Andreessen Horowitz and other prominent investors. As part of Andreessen’s Series A investment, the company has renamed itself to Everyrealm. TechCrunch reports that it’s part of a spinoff from parent company Republic, in which Republic remains a minority shareholder.

Using NFT-based metaverse game worlds as a foundation, Everyrealm makes investments and develops virtual land plots. While the company spent a record $4.3 million on land in The Sandbox in November, it also owns land in other metaverse games like Decentraland and Somnium Space, which are both free-to-play virtual worlds. There are currently over 3,000 NFTs held by the company, which has made investments in over 25 different game universes.

Playable games, art galleries, and shopping malls can all be built on top of the virtual land in these kinds of games. There are numerous ways to monetize the land plots that are sold as NFT assets, including renting and reselling them.

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Everyrealm is doing more than just investing in its digital land; it is also creating experiences there. There are 100 villas planned for its Fantasy Islands resort in The Sandbox, as well as a $895,000 yacht that was sold for nearly $1 million at the time. In Somnium Space, the company has constructed the Realm Academy, a metaverse school, and a shopping mall in Decentraland.

Sales of metaverse land reached $501 million in 2021, according to data from MetaMetric Solutions, with an additional $86 million in sales in January 2022. Since Facebook changed its name to Meta in October, the demand for virtual land in the metaverse has skyrocketed, triggering more than $100 million in sales in a single week.

In a future vision of the internet, users will be able to interact with each other in immersive, shared 3D spaces that can be used for both entertainment and work. Using an NFT, you can prove ownership of digital items such as artworks, avatars and virtual land plots by using a blockchain-backed receipt for the digital item. Milan is home to a Gucci store. This picture was taken from Shutterstock.

Ethereum

Gucci has purchased land in the Ethereum virtual currency game. The Playground for Creating Metaverses

Reiterating its commitment to the metaverse, Gucci has taken a new step forward. An undisclosed sum of virtual land on the decentralised blockchain network was purchased by the high-end fashion label on Wednesday.

Coinbase Ventures, NBA Top Shot maker Dapper Labs, Lightspeed Venture Partners, NGC Ventures, Dragonfly Capital, Liberty City Ventures, and Hashed are among the other investors in Everyrealm. Animoca Brands, the world’s leading metaverse investment firm, also participated in the round.

Rappers Nas and Lil Baby, as well as reality TV star (and NFT creator) Paris Hilton, KISS rocker Gene Simmons, and film producer Jeffrey Katzenberg have all invested in the company. Sebastien Borget, COO of The Sandbox, and Jeff Zirlin, co-founder of Axie Infinity, both invested.

By Adam

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