Land Boom in Virtual World

In a virtual world, the idea of buying imaginary land sounds weird. You spend millions or at least thousands of dollars to get the land that does not exist physically. This may be a new concept for you, but it will help you earn lots of money in the future. We have seen increased interest in buying virtual land in metaverse in the last few months. Let’s revive what metaverse is?

What is Metaverse?

The word Meta gained popularity with the rebranding of Facebook to Meta. This was in October 2021. Other companies like Microsoft and Nike have also declared launching into this space.

In metaverse, the digital and real worlds are connected using augmented reality and virtual reality technologies. This inviting environment can be accessed through AR glasses, VR headsets and smartphone applications.

Digital avatars of users communicate, create content and explore new areas. You can play, work, socialize, and learn in this virtual space. Several virtual gaming platforms such as The Sandbox and worlds like Decentraland exist virtually. Individual metaverses form connected and larger metaverse. 

It is possible to buy things like the real world in the metaverse. The items also include real estate. The vision is not imaginary though it may seem absurd. We must remember, people once doubt the existence of the internet. It is predicted that metaverse will fully-fledged mature in coming years, giving an outstanding digital experience as social networking and email exist now.

What’s the future?

Metaverse helps make the fantasy come true for gaming enthusiasts who have always wanted to live the imaginary digital life. Earlier, people thought video games were a waste of time and had nothing to do with the virtual world. But the concept is now changing, and they see that the gaming world overlaps the real world.

Virtual Real Estate- What is this?

Like in the real world, there exists a digital virtual world with all the things we survive on. You only need to sign up with metaverse platforms to buy land in the virtual world. These platforms are Decentraland, Axie Infinity, The Sandbox and others. It would help if you had a well-funded digital wallet to do a transaction in the metaverse. Convert your dollars to ether or metaverse native currencies and store them in a digital wallet. The complete ecosystem provided by the metaverse allows you to buy property, rent or sell in the digital world with NFT ownership.

On what factors does the price of virtual real estate depend?

The price of virtual real estate depends on the same factors as that of physical real estate values. These factors include actual structures, location, size, and other essential demands in property valuation.

Entering the World of Virtual Real Estate: The Metaverse

When you enter into the metaverse, a real estate buyer makes a different story. Undoubtedly, metaverse real estate is gaining value over time. This is an excellent risky investment; however, you have to believe that platform will give you more money in the future and make a surplus. It can happen for true, but the idea is still wobbly that people find it hard to define it.

The metaverse platforms will make most of it, but it isn’t easy to go through and will end now. For instance: the earliest metaverse platform is Decentraland, and it is most popular due to higher buy-ins; however, it is also expensive. Moreover, The Sandbox is a new space that is also gaining popularity, but we cannot predict whether it will stay for long or not.

What can you do next?

After buying land, you will be the sole owner of that property. You can visit your virtual property in the metaverse platforms and create things with the building infrastructure given on the platforms. Moreover, there is a facility for hiring an architect or a developer similar to the physical world. These will help you build out your vision, but you need to pay a fee to avail the service.

Once the price of your property increases on the platform, you can resell it or hold it to see the price hike. However, only limited plots will be released. Go with the flow and dive into the digital world to start your exciting journey.  

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