Man spends his entire life savings on virtual land in the metaverse

Virgin Radio

11 Jul 2022, 14:36

An American man has blown his entire life savings to buy virtual land in an online virtual reality game.

According to KXAN, Justin Reed, whose online name is David Joker, spent $18,000 (£14,974) for a piece of property in the virtual land on the Khorum Coast in the Entropia Universe.

No, we are not joking.

Speaking about the investment, he said: “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.”

The gamer clearly has a lot of faith in the game, which he has been playing for almost 20 years, after he insisted it had helped him pay his college tuition.

He explained: “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.”

Reed also explained he pays $60 (£50) to keep animals stocked on his land but doesn’t pay any taxes.

It might seem slightly outlandish but buying virtual property has become something of a trend in recent times as more and more investors splash the cash on land in the metaverse.

According to Bitcoin.com, equity strategist Edward Stanley also confirmed that property in the metaverse will be the next big thing for investors.

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

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

He also said that the virtual world and the real world are quickly becoming the same thing, and the gap between the two won’t be so clear.

He added: “It can fundamentally change the medium through which we socialise with others.”