First virtual superyacht sold for $650k in the metaverse

Nautical Channel
29 Nov 2021
NEWS | Yachting

The Metaflower NFT Super Mega Yacht has been sold for 149 ETH (Ethereum) in the Sandbox by metaverse developer Republic Realm. 

The metaverse is a world beyond the real world. It combines different elements of technology, including virtual reality, augmented reality and video so users can “live” in the digital universe. These virtual spaces allow users to interact in a computer-generated world and are limited only by the creativity of the designers. 

This new world has gained global awareness from individuals and corporations. As more people become more immersed by this virtual world, so does the quality of the virtual products. This is what led Republic Realm to develop and design the Metaflower yacht: the first NFT megayacht sold for 149 ETH, the equivalent to $650,000. 

The Sandbox metaverse is a virtual gaming world where players build, own and monetize their virtual experience. This means people can buy and sell luxury items like yachts. This was the case of the Metaflower.

Republic Realm has created 100 private islands on the platform so the superyacht can travel across the digital world and mimic the lifestyle yacht owners have. These islands were limited to 100, and users bought them in a record time: they were less than 24h on the market. Each island has a price of 63.9 ETH (approximately $280,000). 

However, the Metaflower superyacht is more exclusive than the fantasy islands as it has been developed as a one-off NFT. The Metaflower has been reported as an ultra-luxurious mega yacht.  It features a DJ booth, helicopter landing pad with two fully functional helicopters, hot tub, dance floor and other amenities. The Fantasy Collection NFT also grants access to The Fantasy Marina. 

You will find interesting: This 72m superyacht was sold using cryptocurrency

Understanding the Metaverse

For many, terms of the metaverse are hard to understand as the metaverse is a recent concept. The Sandbox is an open metaverse where people can play, create, own and govern a metaverse created by players. If you have ever played Minecraft, it is very similar to this. 

By completing objectives you can earn SAND or NFTs. SAND is the virtual currency of the metaverse that allows you to buy and sell lands and assets, and it has real money value. Sandbox crypto has touched new all-time highs as Sandbox sees its first users land in virtual reality. 

NFTs stand for Non-Fungible Tokens, and these are virtual tokens that are minted on the blockchain for digital security, scarcity and authenticity. They are unique, indivisible and non-interchangeable, meaning they allow true digital ownership. At current rates, NFTs are worth over $4000 apiece, but the value increases depending on the experience it provides. The Metaflower super mega yacht is an example of a luxury NFTs sold in the metaverse. 

While some people congratulate this transaction and advancement of the metaverse, many others criticise the decision of spending such a large amount of money on an expensive NFT asset. Would you like to buy your own digital yacht, or do you think this is a temporary trend that is going out of hands?

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