The ‘metaverse’ bet: crypto-rich investors snap up virtual real estate – HEDGE accordingly
Published by
Reuters

By Elizabeth Howcroft LONDON (Reuters) – What do you do with a $69 million artwork that doesn’t physically exist? That’s the question faced by the Singapore-based investor calling himself Metakovan, who made headlines last month when he bought the digital artwork “Everydays: The First 5000 Days” by the American artist Beeple at Christie’s. The work is a non-fungible token (NFT) – a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing. Metakovan, real name Vignesh Sundaresan, plans to …

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