- There are several projects building their own metaverse, where you can own real estate. For example, Sandbox, Decentraland, Bloktopia or CyberTrade. The virtual real estate might be the next boom in digital assets.
- It’s important to remember that successful metaverse heavily relies on its user base. Virtual worlds only survive thanks to communities.
Real estate has always been approached as the safest and best investment by most individuals. It’s tangible with real value and prices of real estate rise with urbanization as well in long term. It represents a finite quantity, and its utility is nested in its status as a necessary resource in this world. However, now there is a new trend of virtual real estate than can be bought inside a metaverse. Will virtual urbanization explode too?
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Virtual Real Estate Inside of Metaverse
As non-fungible tokens (NFTs) are rising in popularity, the idea of owning something in the virtual world is starting to be essential for adapting to new technologies, and profit from this strong trend. Cryptocurrencies are taking over paper money, and you can already buy lands inside of metaverse for crypto.
Currently, there are several huge projects building their own metaverse, where you can own real estate – lands, buildings, factories, etc. For example, Sandbox, Decentraland, Bloktopia, or CyberTrade. It’s not just a community of individuals driving this new trend. Even companies and investment firms want some piece of the action.
CoinMarketCap has also bought itself some land in The Sandbox as well as a shopfront in Bloktopia. Moreover, KuCoin also bought a virtual space inside of Bloktopia, and many more companies follow. It’s very likely that virtual real estate represents the next big boom in digital assets. It possesses similar characteristics to the purchase of domains during the DOT COM boom of the late ’90s, and the crypto/NFT boom in 2020 and 2021. Is this another layer of the NFT boom?
It’s essential to remember that the key to a successful metaverse heavily depends on its user base. Virtual worlds survive thanks to their respective communities as they are the driving force that will decide whether something will fail or succeed.
Virtual real estate is surely something that will headline more news over time, and it’s only up to you whether you want to be a part of it. However, whatever the future brings, the possibilities are truly endless. Maybe you could find yourself putting down some crypto for your next virtual dream house too.
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author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.