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This week, Turkish president Recep Tayyip Erdoğan advised the country’s ruling Justice and Development Party to closely examine the metaverse and cryptocurrencies in light of their potential use, and organize a forthcoming forum on the metaverse and virtual currencies.

In recent months, Turkish crypto investors have poured millions into virtual land in the metaverse. In Istanbul alone, over 11,000 virtual lands are already on the metaverse, including iconic prime real estate like İstiklal Avenue, 15 July Martyrs Bridge, Fatih Sultan Mehmet Bridge, Ortaköy, Kadıköy, Nişantaşı and Bebek. The average price of virtual land in the city fetches for approximately 200 liras ($15), and sometimes goes as high as 500 liras ($35) in high-end areas like Ortaköy, an artsy neighborhood situated on the banks of the Bosphorus.

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