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The Future of Real Estate: Metaverse Property
Could the future of real estate be online? Real estate, as it’s known today, is the purchase and sale of physical properties, whether that’s land, buildings, or homes. However, real estate is changing, and it’s starting to go digital. Recently, there have been a number of high-profile purchases of digital properties, including some from major companies. Read below to learn more about how this works and how to get started buying and selling virtual property.
How it Works
In the metaverse, it’s possible to move around and visit different metaverse worlds or lands, each one as distinct as the person or company that owns it. These virtual lands can be used for just about anything, from classrooms using augmented reality to museums to showcase NFTs. Anyone can own the virtual land, but it is necessary to go through a real estate agent to purchase land in the metaverse before it can be owned and used. Real estate in the metaverse is purchased using cryptocurrencies, and the land itself is an NFT. Once it is owned, the owner can o anything they’d like with it.
Big Sales – And They’re Increasing
There have been a number of high-profile sales recently. One of the first sales was for $10,000 by an early adopter. More recently, however, a blockchain company purchased space in the metaverse for more than $2 million. The land they’ve purchased is intended to be used to host fashion shows. As more people are showing interest in the metaverse and it continues to expand, sales are becoming more frequent, and prices are climbing. Similar to the dot-com boom in the late 90s and early 2000s, people and companies are trying to get in at the beginning, with the hopes that their investment now will increase in value later.
Why is Virtual Land Valuable?
Virtual land varies in value based on a number of factors. The size of the parcel can impact how much can be developed in the space, so the larger the land, the more the owner can do with it, and the more expensive it will be. There are various landmarks in the metaverse, so being closer to those can raise the value, as can land that is strategically placed to allow for ads. There’s also the popularity of the metaverse. As it continues to grow and more people become interested in it, the prices for land will continue to go up. More visitors equals more value for the land.
The Reason for the Interest
Virtual and augmented reality are relatively new platforms, but they’re rapidly expanding and improving. Right now, there is a high risk for the purchase of virtual land, just like there was with the purchase of websites back in the dot-com boom era. However, many people are starting to see the potential when investing in virtual products or land, which is helping it gain more popularity and helping to increase the value of the digital land. Right now, there is a boom surrounding the metaverse and the real estate value, and it’s only expected to grow.
How to Get Started
So, how does someone purchase land in the metaverse? It is possible to go through a real estate agent or broker. They already know what land is available for sale and the cost and can help connect buyers to the right land to purchase. Land in the metaverse is purchased using cryptocurrencies using various platforms that exist. Buyers can purchase directly through the platforms, but working with a real estate agent can be helpful, especially if the buyer is looking for something specific.
Physical real estate transactions aren’t going anywhere – people still need houses to live in, and corporations still require buildings for offices or retail stores. However, the future of real estate is expanding and will include the metaverse. Right now, it’s possible for anyone to purchase land in the metaverse, and it may be wise to get started today, as the value of the land is only going to increase.
(This is a guest post by Spatial.io)
May 1st 2021
This oil painting titled Hamster Chef with Cherry is minted and has been given away to the art collector who had purchased my very first artwork on the BakerySwap's Bakery Gallery.
You can view the artwork and check out all the artworks that the art collector has here
