Someone just paid $450,000 in Ethereum to be Snoop Dogg’s neighbour… in the metaverse

Digital real estate is getting expensive these days.

Snoop Dogg Rupp Arena Concert 2021

Image: Stephen J. Cohen / Getty Images

An NFT collector recently spent $450,000 on a plot of virtual land in Snoopverse, an interactive metaverse developed by hip hop star Snoop Dogg.

Snoopverse is an interactive space Snoop Dogg is developing in The Sandbox, a blockchain-based gaming platform where users can create, share and monetise online hangout spaces and gaming experiences.

The platform recently held a “Snoopverse Land Sale,” which allowed users to purchase land next to the famous rapper’s virtual estate. 122 plots of virtual land went up for sale and three smaller estates were auctioned on the crypto marketplace OpenSea.

One of those plots was sold for over $450,000 in Ethereum.

According to The Sandbox’s website, Snoop Dogg is currently building a digital recreation of his California mansion and users who join the rapper’s metaverse will gain access to exclusive, members-only virtual parties and music concerts. Snoopverse ‘residents’ can also design their own avatars and wardrobe, buy fancy NFT cars as well as build on their own monetisable Snoopverse plots.

Besides Snoop, Canadian producer Deadmau5 and big names like The Walking Dead, Smurfs, and Care Bears also own virtual real estate on the platform.

“Brands are scrambling to catch up,” says Corey Herscu, a marketing and communications expert who advises NFT artists and companies, in an interview with Rolling Stone.

“The next logical step is for them to start buying land and advertising in the metaverse,” he added.