Metaversal

Land can be expensive because it is a scarce resource and because of transportation costs. As in, it is on/near something valuable (including lots of people and the value they bring in various ways) and the closer people live the easier/cheaper it is to access that value.

The only way to make this happen in the "metaverse" is add in transportation costs somehow, some benefit to "nearness" that doesn't make every spot on the infinite plane identical from this perspective.

The metaverse is in the midst of a real estate meltdown. Sales volumes and average prices for virtual land have plunged this year, part of a broader slide in crypto and non-fungible token prices.

You can add in such features, of course, and you can make it all like this, too: 

 Leaving aside the fact that the whole thing is dumb.