The real estate boom isn't limited to reality. A prime plot in Decentraland, a metaverse platform, sold for the equivalent of US $2.4 million dollars in November of 2021, and less desirable land often sells for six figures.
This creates a problem all too common in the real world. Many who'd like to own a plot in the metaverse are now priced out. So metaverse decentralized autonomous organizations (a.k.a. DAOs, sometimes jokingly referred to as "group chats with a bank account") are forming to solve this. In the process, the DAO creates a new model for virtual property ownership.
But is the demand truly sustainable?
DAOs purchase, sell, and hold blockchain assets without control from a central authority. Buying the DAO's token grants rights to influence decisions, often in proportion with ownership, though the specifics vary between groups.
From IEEE Spectrum
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