• The cheapest plots of metaverse land are selling for roughly $11,000, Fortune found.

• The smallest plots of land in popular platforms Decentraland and the Sandbox are 1x1 parcels.

• Virtual land has become a hot commodity as some parcels sell for millions of dollars.

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Prices for the cheapest plots of metaverse land are selling for roughly $11,000.

On popular metaverse platforms Sandbox and Decentraland, the smallest chunks of land are going for 3.7 ether and 3.46 eth, respectively, which translates to roughly $11,717 and $10,957, according to a Fortune report, which cited data from Meta Metric Solutions.

At the time of publishing, Fortune's story showed land selling for at least $13,000, but ethereum prices have since slumped amid a broader crypto rout. Meta Metric Solutions did not immediately respond to Insider's request for data.

The smallest size of land available in these digital worlds is a 1x1 plot of land, which translates to 96 square meters in the sandbox and 16 square meters in Decentraland for a user's avatar, Fortune found. In March last year, these small plots of land sold for a fraction of an ether, or less than $1,000, the report said.

Virtual land, according to DappRadar, has become a "hot commodity" as parcels have sold for hundreds of thousands to even millions of dollars. One plot of land went for a record $4.3 million in the Sandbox in November, Insider reported previously.

One metaverse mogul has said he sees his digital real estate portfolio being worth 10 times more than purchase price as he begins to rent out land in high-traffic virtual areas.

Hype around the metaverse, a digital world where people can live, work, and play as avatars, has surged since the company formerly known as Facebook rebranded to Meta as a sign of the company's focus on the future internet, also dubbed Web3.

Read the original article on Business Insider