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'Metaverse' Real Estate is The Next Big Digital Luxury Investment
Digital real estate investment
Although many naysayers would like to disagree; with predictions of a virtual reality future, the digital world is abuzz with excitement about digital real estate investment.There are predictions that virtual land could become more valuable than physical land in the coming time.
Big ticket size virtual land deals
Very recently, New York-based company Republic Realm confirmed that it had splurged an unprecedented USD 4.3 million on digital land through The Sandbox, one of the more popular 'virtual world' websites where people can socialize, play games, attend concerts and almost do everything that they can do in real life. Not only that, buyers of virtual land can build on it, rent it out, invest and resell - just like in real life.
A Metaverse Embassy, anyone?
In November 2021, Canadian crypto company Tokens.com picked up a USD 2.4-million on another digital land platform called Decentraland, which happens to be another hugely popular virtual land website out there today.
The real icing on the cake was the announcement from Barbados about launching a 'Metaverse Embassy' in Decentraland. These and many such events are leading millions of investors to believe that virtual land investment is the way forward.
Crypto data site Dapp has put on records that around the fag end of 2021, virtual land worth more than USD 100 million has sold across 4 biggest metaverse websites including CryptoVoxels, The Sandbox, Somnium Space and Decentraland.
It is definitely not unexpected that a rapidly expanding virtual real estate market has not only spawned the industry, but a full ecosystem as people try to gauge the convergence of physical goods into the virtual world.
The basics of virtual land websites
Many virtual land websites are positioning themselves as a prototype of the metaverse, a future internet where online experiences like chatting to a friend would eventually feel face-to-face thanks to virtual reality (VR) headsets. And while it may be some time before these sites operate as true metaverses, transporting us elsewhere with VR goggles, digital land is already functioning as an asset just like real land today.