Man Drops His Entire Life Savings On Buying Virtual Land In The Metaverse

A Texas man has given away his entire life savings to buy virtual land on an online virtual reality game.

Let’s hope the property market isn’t as dire in the metaverse.

KXAN reports that Texas native, Justin Reed, whose online alias is David Joker, spent US$18,000 (AUD $26,317 or £14,974) for the Khorum Coast, a piece of property in the virtual land Entropia Universe.

"I know it sounds like a lot, and it's a crazy thing to tell someone that, you know, I'm a virtual landowner, and I put my life savings into it. But I believe in Entropia," said the new virtual property owner.

Reed has been playing Entropia Universe for almost 20 years and says the game has helped him pay his college tuition.

Entropia Universe

“I get a revenue based on everything that a player finds out there. If they go out on doing their mining, I get a 3 per cent tax revenue on that. And that’s how I get my income,” he explained.

He also revealed that he pays $60 (AUD $88 or £50) to keep animals stocked on his land but doesn’t pay taxes.

We can’t deny that’s a pretty decent deal.

KXAN claims Entropia Universe is billed as the longest running metaverse after launching all the way back in 2003, which is well before the likes of Facebook and other companies launched their own virtual worlds.

Virtual property is definitely having its hot girl summer right now as more and more investors are splurging massive coin to buy land through the metaverse.

ABC News reports that Perth mother Christie paid a little over $1,000 (USD $685 or £569) to buy a virtual penthouse through the game Utopia.

Entropia Universe

Christie plans to use the penthouse solely for business affairs, offering an alternative for Zoom or FaceTime calls.

​​"The vision for this penthouse is rather than me hosting Zoom calls, I can send out my link to people to join me there," she said.

"If we're going to do Zoom calls anyway, we might as well do it in style."

Equity strategist Edward Stanley also confirmed that property in the metaverse is the next big theme for investors, according to Bitcoin.com.

"Newsflow around the metaverse concept has been high and companies are embracing it in growing numbers," he said. 

"Of any major theme, companies and analysts have greater interest in the metaverse than any other theme at present."

He added that the gap between the virtual world and reality is quickly becoming smaller.

"It can fundamentally change the medium through which we socialise with others,” he said.