The Sales Of Real Estate In The Metaverse Is Expected To Increase This Year

 

metaverse real estate

Metaverse has become very popular among investors, tech lovers and crypto users. Due to this, there has been an increased demand for virtual real estate. Land property that has a similar market as that of the real world. Last year according to analytics firm and investors metaverse real estate sales reached $500 million and is expected to double this year. The transition of Facebook to Meta last year contributed to the increase in price and sales of virtual property. The virtual land is a plot of digital space in a metaverse that can be bought. Plots of land in some digital space has been as expensive as that of a real-world, says Tey Yong Qing.

 While some investors are still trying to figure out how they can assign risk and value to this virtual asset with an unknown future. Other investors are already taking advantage of metaverse real estate and are already investing big into it. What you can do with the virtual land depends on the project you selected when buying the land. Presently there are different platforms in the metaverse selling real estate but the major ones include Somnium, Sandbox, Crytovoxels and Decentraland. Maybe because of how popular digital real estate is becoming, many new platforms are now being added regularly.

 Metaverse

The term metaverse has been around for quite some time but thanks to Facebook which contributed to its popularity. Almost everyone on the internet has heard of metaverse but not everyone understands how it functions or works. Metaverse is an alternate digital reality that makes use of both virtual reality and augmented reality to provide a real-life experience to its user. Where users can virtually do everything which includes buying and selling virtual real estate. Which allow users to create a virtual world of their own within the metaverse.

 Any Opportunities For Investors In Digital Real Estate?

The answer to the question is yes. Digital real estate provides various opportunities to investors that are ready to take the risk. Investors can buy a digital plot of land and build anything they want. They can choose to build an event centre for a musical concert or an office space for business meetings. Real estate sales in the metaverse are currently experiencing rapid growth as investors are investing millions of dollars to buy virtual space. Virtual properties on the metaverse have the potential of being profitable based on last year's performance. In Decentraland for example a piece of land around mid last year was sold above $900,000 and with the look of things price will keep increasing. With more people joining the virtual world the price of digital real estate may continue to increase. 


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