For those who always fancied themselves a pioneer striking out into the Wild West in search of gold and land, the metaverse may be your best bet to living that fantasy…until Mars opens up. The metaverse is the new frontier where people can use cryptocurrency to buy, sell, and rent virtual land. More than an online fad or game, the metaverse is making its way into the real-life real estate world.
In the simplest terms, the metaverse is comprised of multiple digital worlds. Each world has its unique cryptocurrency and a limited number of parcels for purchase. Metaverses coexist much like countries where you can teleport to visit each with their different technologies and functionalities.
Once you own a residential or commercial property, you can develop and keep it for enjoyment, lease it out, or use it as an event space. All these options have the potential to make a significant amount of money as more and more companies are buying into the virtual worlds to launch or promote their products or services. Like the real world, location is the key to a metaverse parcel as a business income generator. Developing a commercial property near a city will bring a higher rent than a suburban location and most likely attract companies who want to work with you.
As if the real-life real estate market isn’t crazy enough, land prices and availability in the metaverse are just as, well, surreal. Parcels in the metaverse are just as competitive, relatively speaking, in both price and supply. Each platform has only a limited number of properties which keeps the demand high. According to a recent CNBC report, “sales of real estate in the metaverse topped $500 million last year and could double this year, according to investors and analytics firms.”
Some feel the virtual platforms are nothing more than a scam, virtually plundering wallets by selling people intangible products. Others have jumped in, taking the risk on one of the final frontiers embracing the pioneer life, hopefully without the gunslingers and outlaws.