There is no secret that metaverse & virtual reality has gained a lot of popularity in the past few years. The New York based company, Republic Realm, announced this week that they broke the old record of $4.3 million on The Sandbox (a platform to create and sell an NFT), one of several apps where people socialize, play games and attend concerts.
The future of real estate is Virtual Reality Land
Virtual Reality Land is expanding into new destinations. Based on their location, similar to real estate in the physical world, transactions for properties in digital realms are up.
Justin Bieber, like many other big-name artists, has opted to show his latest performances in the virtual world. These artists can more easily reach their audience of hundreds of thousands of viewers than they would if the majority of the views were concentrated on just stadiums or arenas.
For nearly three full minutes, Justin Bieber’s avatar performed songs from his hit smash “Justice.” Investors were watching too. They are preparing for a digital phenomenon that appears right around the corner: properties in the corporate metaverse such as shopping malls and concert venues.
The business and technology world are rapidly adopting AI technologies. Grayscale predicts that in 18 months, the value of goods and services in the digital economy will be worth about $1 trillion, which foretells exponential economic growth. Facebook announced its name change a few weeks back, and subsequently would conjure up more interest about metaverse and virtual reality land.
With Metaverse coming closer, Virtual Reality Land is booming
As we discussed, with the world of real estate going digital, there are more opportunities for people to invest in virtual properties. Prices have been steadily soaring to meet this growing interest which has peaked because of advancements in AI.
No need to imagine it – it’s happening in the metaverse. With many brands branching out in virtual world 3D space, people are now able to purchase land in the metaverse in order to have potential for an outcome in reality in the near future.
Companies like Metaverse Group operate Virtual Worlds with Land Sales happening all the time- with one recently happening at $2.5 million Decentraland near Fashion Street.
The developers of Decentraland introduce a new cryptocurrency called “mana.” Real money is not used in this cryptocurrency; instead, virtual property is sold using mana as currency type.
Think of Non-Fungible Tokens (NFTs) and cryptocurrency as the gateway to the virtual world. According to recent research by Metaverse, people spend $128M on virtual real estate in 2018, paying at least $1M USD per acre for commercial NFTs.
Investing in virtual real estate has many people taking a leap of faith as they purchase items without the reassurance of a profit. The only meaningful investment is sitting on vacant land and leasing it out or selling ads.
Silicon Valley’s largest tech conferences continue to rumble on with predictions that Virtual Reality ‘metaverse’ could underpin the world’s economy in the not-too-distant future. The Metaverse could offer tools for low-density environments like deserts or Antarctic tundra, or high-density environments like Mumbai or Beijing.
Facebook (now Meta) is one of the largest companies in the world, and now, they are part of creating the digital realm. Consider virtual real estate like concert venues, shopping malls, or houses that exist virtually through VR. The projected future world anticipates these things because everything exists virtually now.
Conclusion
With the use of crypto currency, many people are using virtual plots to build their own cities. Investors are investing “real money” in Decentraland to purchase virtual reality land. This new city exists only through virtual reality and has opportunities for future traders making a profit in the new city’s own crypto-currency.
The future we once fantasized about is now closer than we thought. Now you can invest in your piece of the virtual reality land in the metaverse with a click of a button, giving your loved ones a vacation through a website.
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