Andrew Kiguel, CEO of Tokens.com, shares the details of his 10x metaverse portfolio. The platform’s Metaverse Group purchased virtual land for a then-record $2.43 million last month. Kiguel says he plans to make virtual lands a destination for luxury brands. Here are the tricks according to the CEO…
Andrew Kiguel talks about the future of metaverse lands
The CEO of Tokens.com predicts huge returns on investment in virtual land as companies accelerate product advertising and events in the growing virtual world ecosystem. In a report published on Wednesday, it was shared that the metaverse portfolio of Andrew Kiguel, CEO of crypto investment company Tokens.com, was valued 10 times. Kiguel envisions his investment:
It’s all about location, and terrain in a virtual city center is key. The more visitors come, the more valuable the land will be, and the more a retailer and advertisers will be willing to spend to reach those people.
The company increased its shares to 67%
Toronto-based Tokens.com bought a 50% stake in MetaverseGroup for $1.7 million in October, then made an additional investment last week to take a 67% stake in the company. The deal comes after MetaverseGroup purchased a then-record $2.43 million parcel on the Decentraland platform last month. Kiguel has high hopes for this virtual plot:
I think very soon we will gain rapid value by renting this land and space, and the plan is to make virtual land a destination for luxury brands.
Kiguel noted that luxury fashion houses like Gucci and Louis Vuitton are already taking up space in the metaverse through NFTs. Metaverse Group CEO Lorne Sugarman told Insider in November that the Decentraland property purchase in the Fashion District provides an early foothold in luxury business opportunities in the metaverse. “We think of buying the Fashion District as buying it from Fifth Avenue in the 1800s or the creation of Rodeo Drive,” he said, referring to the high-end shopping districts in Manhattan and Beverly Hills.
