Los Angeles, California - The Metaverse virtual property market is taking off, with a plot of "land" next to Snoop Dogg's virtual mansion reportedly worth millions of very real dollars.

As reported by CNBC, the prices for digital real estate have jumped by up to 500%, ever since Facebook changed its company name to Meta and started the race for the metaverse.

Not-real estate investors have been dropping millions of dollars in land grabs within the digital realms to capitalize on the newest trend, such as one company that shelled out $2.5 million in the virtual platform Decentraland, which features its own cryptocurrency and lets users own literally everything in the game, according to PCGamer.

The Sandbox is another similar virtual land ownership platform, featuring its own in-game currency and user ownership of every part of the game, and the Wall Street Journal reported that a company spent a whopping $4.3 million for a plot of Sandbox land.

The main reason these chunks of nonexistent land are so pricey is being close to celebrity plots, like Snoop Dogg's, who is a major face of The Sandbox's marketing campaigns. Someone even went and paid almost half a million dollars to own the virtual land next to his unreal mansion.

Companies paying millions of real money for fake property can be baffling, but you can bet that somewhere out there, someone is making money.