What’s Happening: Douglas Elliman power brokers Tal and Oren Alexander are joining forces with Republic Realm, a virtual developer that recently paid a record $4.3 million for 2,500 plots of digital land across 19 worlds in the popular metaverse Sandbox. If that seems like an exorbitant amount of money to pay for cyber space, consider that in the same metaverse a buyer just forked out $450,000 for a property next to Snoop Dog and Adidas not long ago announced a deal for 144 plots of land without a clear development strategy. According to the Crypto asset management firm Grayscale, virtual real estate has the potential to generate $1 trillion in annual revenue in the future.
The Download: In the physical world, the Alexander brothers are known for their high-profile clients (Kanye West, Tommy Hilfiger) and sybaritic lifestyle that makes them regular fixtures at glitzy cultural events around the globe. Now, the duo—which broke the record for the biggest residential deal in 2019 when they sold a Manhattan penthouse for $238 million—is set to become the first luxury brokers in the metaverse.