A tenant exists
A named business whose operation is better for being on that parcel than on any other, and who will sign a term.
Not "brands will want this eventually".
Answer · Virtual property
Is virtual real estate a good investment?
Answered by an operator that holds virtual land, published alongside the numbers that make our own position look bad.
As at 2026-08-28The answer
As a passive position, the case has not improved: the missing condition was footfall, and buying land does not create any. As an operating business — an estate with tenants, occupancy and a rent roll — the model was proven before the crash and its economics did not change. The question to ask is whether you are buying a parcel or building a property company; only the second has ever produced income.
§ 01
What the numbers say
Anyone who bought the major worlds' land at the peak and held is down between 85% and 95%, and the aggregate understates it because worlds that failed entirely have left the series. Those are the figures in our own index, and we publish them while holding 165 Decentraland parcels.
So the honest starting position is that this asset class has destroyed more capital than it has created, and that anyone telling you otherwise is either selling land or has not marked their position.
Underlying price data: CoinGecko Research. Our own position and its cost basis: Tech Times, Business Wire.
§ 02
What would have to be true for it to work
Three conditions. If a parcel does not meet all three, it is a cost with a story attached.
01
02
Footfall is not yours to create
People already arrive at that location for their own reasons, in numbers that do not depend on your marketing budget.
If you must fill the world yourself, you are the audience you are selling to.03
Tenure survives the platform
The scarcity is enforced by something the platform cannot revoke, and the parcel is transferable without permission.
Otherwise you hold a licence and the rent is the platform's to take.
The distinction that decides it
Owning parcels is a position. Running an estate is a business. A position is worth whatever the next buyer pays, which in this asset class has been a falling number for four years. A business is worth a multiple of what it collects — and rent on virtual property has been collected continuously through the entire drawdown, because tenants pay for footfall rather than for floor price.
If you are considering an allocation, the question is not "has land bottomed". It is "can I name the tenant". If you cannot, the honest answer to the headline question is no.