A new craze is sweeping the world of non-fungible tokens: virtual real estate.
Investors are buying up millions of dollars worth of virtual houses in digital neighborhoods. In February, Jack and Mary Dover thought they found their NFT dream home: A 4-bedroom, 4-bathroom house with a large backyard and sweeping views of a nearby digital mountain range.
“It was the perfect home for our growing family,” Mary told Hard Money.
The couple put down a $125,000 down payment on the $475,000 virtual home. Everything was going great for about two months – until their neighbors moved in.
A group of drunken frat boys bought the neighboring property and promptly turned it into a digital party house, inviting hundreds of digital avatars over every weekend for “ragers”, according to other neighbors.
“They’ve totally ruined the neighborhood,” Mary said. “Worst of all, they don’t even appreciate the technology. We heard they tried to pay for the house with Bitcoin instead of Ethereum. What an embarrassment!”
The frat boys who bought the house reportedly did so after seeing a post about NFTs on r/WallStreetBets. Knowing almost nothing about NFTs or even cryptocurrency, the group drunkenly bought the house, according to sources.