The real estate market over the years and centuries has always been a booming one . It is no secret or at least an open secret that the real estate market is skyrocketing. Nowadays, investors are paying millions for virtual lands in metaverse. Real estate in virtual worlds sometimes in most cases called the metaverse is going for millions of dollars. The most expensive spots are situated where lots of users assemble and congregate. Heard of a case where an individual paid a sum of $450,000 to be Snoop Dogg’s neighbor in a virtual world called Sandbox. That’s some wild stunt being pulled , phew 😅
Since the covid pandemic created little known land rush , indeed some investors are effortlessly paying millions for plots of lands not in New York , Paris or Qatar, in fact the plots do not physically exist here on Earth. Rather, the land is located online in a set of virtual worlds that tech experts have dubbed the metaverse. So far prices for virtual reality lands have leaped and soared as much as 500% in the last few months ever since facebook made its intentions known of going all in on virtual reality , even changing its corporate name to Meta platforms.
Recently, I stumbled on an article where the CEO of Toronto-based Token.com a company which invests in metaverse real estate and non fungible token related digital assests, Andrew Kiguel was interviewed about the prospects of the metaverse. In his own words “the metaverse is the next iteration of social media”
In these virtual worlds, real people interact as cartoon like characters known as avatars , similar to real time multiplayer video game . Today , people are able to access these worlds through a normal computer screen, but Meta has a long term vision of building a 360 degree immersive worlds, which people will implement through virtual reality googles like Meta’s oculus .
There is another hot metaverse world which is known as the Sandbox . Wealthy land realtors tap and invest a lot in this virtual reality world also. Republic Realm , a virtual real estate development company spent a whooping sum of $4.3 million on a parcel of virtual land . According to the CEO of this company, Janine Yorio, the company sold about 100 virtual private lands last year for $15000 each. 😳😳😳 wow o wow ! Some people are really bucks up to the brim!! . Today , they are selling for about $300000 each , which is coincidentally the same as the average home price in America. Numbers don’t lie , mhmm!!
For someone who doesn’t have an idea of how the cryptosphere works will sure be thinking of nothing but the risks involved in investing in these virtual reality worlds . Is investing in the metaverse risky?
It is either you play hard or you go home , attitude is everything. There is nothing that abounds if certain risks are not taken. If you can’t beat them join them they say , I disagree, arrange for them to be beaten . Taken a risk is nothing but a feisty adventure and challenge .
The digital world to some is as important as the real world. This time, it is not what about you believe in , it is about what the future does. Just like the property in real world, the metaverse is keen on location. There are areas when you first go into the metaverse where people congregate , those areas will certainly be a lot more valuable than the areas that don’t have any events going on .
Buying virtual land is pretty simple. You can either buy directly from the platform or through a developer. Investors build on their land and make it interactive . One can decorate it , change it or renovate it .
However, even companies in the virtual real estate world caution aspiring investors of the intending risks associated with this investment. Investing in the digital real estate business can be risky. It is advised that one should only invest capital that one is prepared to lose . The market is said to be highly speculative. As we know it is blockchain based which makes it highly volatile but can be massively rewarding also .
So in your own honest opinion, if you had the means and opportunity, would you invest in the virtual reality real estate world? Would you buy something that isn’t tied to reality?? 🧐