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What Is Metaverse Property And Where To Buy It

What Is Metaverse Property And Where To Buy It

To be honest, the concept of investing hundreds, or even millions, of dollars on imaginary land in a virtual environment seems ridiculous. PwC is one of the most recent to go in, having paid an unknown sum for real estate in The Sandbox, a virtual game universe.

Kelvin Farr
EntertainmentTechnology
Feb 10, 2022

Table of Contents

To be honest, the concept of investing hundreds, or even millions, of dollars on imaginary "land" in a virtual environment seems ridiculous. However, we've seen major investments in virtual land within the metaverse in recent months.

PwC is one of the most recent to go in, having paid an unknown sum for real estate in The Sandbox, a virtual game universe. If prior reported sales are any indication, it would have been a sizable sum. One person recently paid the US $450,000 (about £325,000) for a block of land in the Snoopverse, a virtual environment developed by musician Snoop Dogg within The Sandbox.

Meanwhile, the Metaverse Group, a real estate firm focusing on the metaverse economy, is said to have paid the US $2.43 million for a plot of land in Decentraland, another virtual platform.

What Is Metaverse

The metaverse is a widely held belief that a virtual world way of living will become more significant to us than our actual existence. You may now buy digital tracts of land in the metaverse if you have enough money and bravery.

There isn't just one metaverse, of course. Many corporations, like Meta (formerly Facebook), are constructing their own virtual realms where they hope people will soon meet as their digital avatars to play games, purchase items, and interact with advertisements in the same way a website is part of the wider World Wide Web.

The burgeoning virtual reality real estate sector—which includes anything from virtual concert halls and retail malls to mansions and monuments—foreshadows a future in which digital property owners might collaborate with companies seeking a presence in various incarnations of the metaverse.

The Metaverse Group, which runs the virtual world of Decentraland, was one of the first firms to enter the digital real estate market. Token.com, the parent business of Metaverse Group, revealed last week that a "116-parcel estate in the heart of the Fashion Street section within Decentraland" was sold for the equivalent of roughly $2.5 million-a new high! If Louis Vuitton wanted to build a store near Fashion Street, the new owner of the land near Fashion Street could make money: they could be the brand's landlord.

Metaverse Property

Metaverse Property Investment

All of this is undoubtedly a little perplexing. Who would pay real money for a portion of a virtual universe that does not yet exist in its entirety and will never exist in the real world? If you've been following the NFT frenzy or the cryptocurrency boom in recent years, you've probably seen that a lot of individuals are investing millions of dollars in digital assets in the hopes that others will be prepared to pay even more for them in the future.

A similar notion underpins this metaverse land grab. The thought that if you own a piece of digital real estate, you might be able to generate money by leasing it out or selling advertisements makes the metaverse real estate boom all the more appealing. The metaverse notion is similar to the early days of the internet in its most basic form.

Starting in the late 1980s, a common web programming language (HTML) enabled individuals to create websites that held content or provided services to users, and if these websites garnered a large enough audience, the site owners could sell advertisements or collect fees to generate money.

The key difference, of course, is that the web was created to be free, but the metaverse appears to be geared for corporate control. Mark Zuckerberg informed investors just before announcing that Facebook would change its name to Meta that the firm intended to spend more than $10 billion on metaverse initiatives this year alone. With that sort of money, it's difficult for anyone to compete.

Despite this, many businesses are attempting to do so. You may now acquire digital land in metaverses like Somnium Space, the Sandbox, and Upland, in addition to Decentraland. Through a new feature called Spotland, a company called Spotselfie, which presently provides an augmented reality app, will soon allow you to buy virtual real estate that is connected with GPS locations in the real world.

The concept is that you acquire the rights to a radius around a GPS point using Spotselfie tokens—these are basically cryptocurrency that are particular to this metaverse, similar to the mana used in Decentraland—and then you get a share if Spotselfie decides to sell advertisements in that area.

Spotselfie's metaverse, on the other hand, is geared toward augmented reality rather than virtual reality. Just point your phone's camera at a real-world place to see the metaverse, and the Spotland software adds a digital world to your screen, with ads and all.

Metaverse Property NFT

On a metaverse platform, NFT virtual land is an ownable tract of digital land. Decentraland, The Sandbox, and Axie Infinity are some of the most popular NFT land projects. Because each NFT is one-of-a-kind, they are ideal for expressing land ownership.

They also make it simple to show digital ownership. NFT land may be used for a variety of purposes, including advertising, socialising, gaming, and labour. In most cases, the landowner can use their plot to host online activities, show material, or receive gaming perks.

Large corporations and celebrities, such as Adidas and Snoop Dogg, have begun to invest in and use NFT property. Usefulness, projects, and market speculation all influence the value of the land.

NFT land can be purchased directly from a project or on the secondary market via an NFT exchange like Binance NFT Marketplace or OpenSea. Before you buy, make sure you understand the dangers and potential uses of the land and the project it's involved with. In some circumstances, renting rather than purchasing NFT land may be preferable.

Where To Buy Metaverse Land

You can acquire metaverse real estate in a few significant third-party markets. OpenSea and Non-Fungible.com are arguably the most popular. Both enable you to view past property sales as well as properties that are now for sale. Both of these sites also have a lot of metaverse platforms on them at any given time, so you can buy from different platforms or use the data these sites give you to narrow down your choices.

The biggest benefit of using a third-party marketplace is all of the data described above. When you have access to a property's whole transaction history, as well as that of its neighbours, you can determine whether the property is worth what the seller is asking. But keep in mind that no two virtual real estate plots are the same, so the costs will always be a little different.

Purchasing real estate in the metaverse, like so many other things, is a personal adventure that you can pursue in any way you see fit. There's plenty of material out there for you to consider if you're the type of person who likes to conduct a lot of research and make a choice based on what they find.

Although certain platforms, such as Decentraland, have been operating for a while and have a lot of transactions on the books, the metaverse does not have the same extensive history as real-world real estate. On the other hand, finding a metaverse real estate agent can help you achieve your goals if you don't trust yourself or if you want to do something far greater than one person can realistically explore.

In any case, keep in mind that purchasing metaverse real estate is similar to purchasing real-world real estate in that you must consider the big picture and longer timescales. Right now, the virtual world is your playground, but it's still a good idea to pick your real estate carefully.

How Much Does It Cost To Buy Land On Decentraland?

According to DappRadar, the most expensive piece of virtual land in the Decentraland blockchain game will cost more than $3.5 million. The most expensive site in the blockchain game Decentraland currently costs a staggering $3.5 million in MANA cryptocurrencies.

What Is Metaverse Real Estate?

You converse with actual individuals in the metaverse, albeit as a cartoon-like avatar. You can go practically anywhere on the globe with a few taps on your phone or mouse clicks on your computer. Land prices have risen by up to 500 percent in recent months.

Is Decentraland A Good Investment?

At the end of 2021, Decentraland Mana was a wise investment. The metaverse token, on the other hand, has plummeted since reaching an all-time high in November. As a result, even though investing in Decentraland Mana can be very profitable, it is important to do a market analysis before making any financial decisions.

Conclusion

A new metaverse vision is emerging: what if, rather than having a metaverse built by a single firm, people should collaborate to build a metaverse that prioritises people?. Metaverse real estate is fundamentally a non-financial transaction (NFT).

Because of their rapid growth, there are a number of frauds out there that you should be aware of. Always make purchases from official, reputable websites. Also, if an offer appears to be too good to be true, it almost certainly is.

Kelvin Farr | Crypto and Finance expert.

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