Someone Paid $650,000 For A Nonexistent Yacht In The Metaverse

$650,000 for an ultra-high-tech yacht is not an exorbitant price tag. But, there’s a catch: this one is in the metaverse – a virtual universe for a digital game. In other words, the yacht does not exist in reality and no living person can ever sail on it physically. Only players inside the game called The Sandbox can use it or even view it.

Spending money on virtual games is still a point of debate for a lot of people. So, when over half a million dollars is spent on one item, it is bound to raise a few eyebrows.

The Details Of The Virtual Mega Yacht

The yacht was sold by NFT and metaverse developer Republic Realm. As stated earlier, the ultra-super luxury yacht is an asset for the Sandbox, a metaverse platform. It is 4 stories high and has 2 helipads, a DJ booth, a dance floor, a hot tub, and lounge areas. You can also buy helicopters for the helipads separately.

For the readers who are familiar with the game “Minecraft”, the design will look familiar. It can only be described as blocky, or by real-life design standards — ugly. Check out the OpenSea listing for it if you want more detail[1].

Republic Realm has developed a series of “luxury NFTs” specially created for The Sandbox metaverse platform, called “The Fantasy Collection”. The yacht, named “The Metaflower Super Mega Yacht”, is a part of this line. The name is a tribute to the historic Mayflower ship that transported pilgrims to America from England[2]. Other assets available in this line are speedboats, jet skis, as well as private islands complete with beach clubs and marinas.

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Repulic Realm | YouTube

The sale of the yacht is also unique in that it has become the most expensive NFT asset on The Sandbox metaverse platform. It was sold for a whopping 149 ETH (Ethereum), a type of cryptocurrency, which when converted is worth $650,000 USD[3].

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Before you come to judge this purchase, let us look at what The Sandbox metaverse platform is. It is “a virtual world where players can build, own, and monetize their gaming experiences.” The Sandbox is among the leading metaverse platforms and has collaborated with popular brands like DeadMau5, The Smurfs, Snoop Dog, Binance, Atari, Adidas, and more[4].

As for the price tag, earlier in November, someone spent almost $2.5 Million to buy a virtual plot of land on Decentraland, a different metaverse[5].

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What Is A Metaverse?

The metaverse does not have a strict definition which makes such purchases all the more shocking. Some define it as just a virtual world, akin to 2003’s Second Life. Other modern definitions consider the metaverse to be a 3D representation of the internet and far deeper than simply a game[6].

But, for now, are buying things in a normal game any different than buying assets on a metaverse platform? Furthermore, after Mark Zuckerberg renamed his company “Meta”, the hype behind anything metaverse has been really picking up.

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To put a logical spin on these purchases, the purchase can be an investment if the metaverse platform becomes popular and flooded with more users. Just like in the real world, if demand for it rises, albeit virtually, you may get some sort of a return on it.

But, at the end of the day, it is still only an asset that exists on the internet. Or, in other words, half a million vanish if the electricity ever goes out. There are also questions over the evolution of the metaverse – or if such a thing even will happen.

So let us know what you think of buying something that does not physically exist. Perhaps, soon, virtual reality will be just as valuable as actual reality.

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Sources

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  1. The Metaflower Super Mega Yacht.” Open Sea
  2. “Virtual Mega Yacht Sells For Record-Breaking $908,000 In The Metaverse.” Lad Bible. Hannah Blackiston. December 3, 2021.
  3. Twitter
  4. ‘The Metaflower Super Mega Yacht’ NFT Sells for a Record $650,000 USD.” Hype Beast. Aaron Chow. November 24, 2021.
  5. Someone just bought virtual land for $2.5 million.” CNET. Nelson Aguilar. November 24, 2021.
Mayukh Saha
Freelance Writer
Mayukh is a Content Marketer and Social Media Manager with over 5 years of experience in the industry. Mayukh believes in the power of content; how it can positively impact lives, scale businesses and touch people. In his spare time Mayukh likes to read about latest tech trends and loves to travel in the nature. You can reach him at [email protected]
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