Virtual Real Estate In The Metaverse Is A Booming, Multimillion Dollar Market

People are already spending millions of dollars to buy virtual real estate, so for now we can’t imagine what will happen if Meta enters the construction of the metaversion.



Mark Zuckerberg announced in late October that his company, which also includes Facebook, Instagram and Whatsapp, will be renamed as Meta and will focus on developing the metaversion in the upcoming years. He even asked for the help of the users in the project. It is not yet known exactly what the metaverse will look like, but the head of Facebook said it can be expected that the augmented and virtual reality will both be present in the virtual world, making the virtual connection between people tangible.

After Zuckerberg’s announcement, “metaverse” became one of the most sought-after terms in a matter of moments, which also seems to have affected the popularity of companies that had previously embarked on the development of the virtual world. Business Insider said announced on Wednesday that one of its subsidiaries, Metaverse Group, which specializes in the virtual real estate market, had purchased a property in a game called Decentraland for $ 2.43 million.

Originally created in 2015, Decentraland – which only became available for users in 2020 – allows users to purchase NFTs as a parcel. In the game, anyone can build virtual properties, but their prices have risen significantly: in June, for example, someone paid $ 1 million for 259 plots, which is more than the average price of a Manhattan apartment, Rakéta says.

Non-fungible tokens, or NFTs, are unique cryptocurrencies that act as a blockchain-based virtual document, allowing the buyer to acquire ownership of virtual goods. Just so everyone understands how big the market is: in February, for example, they paid $ 580,000, for Nyancat gif, while Twitter founder Jack Dorsey sold his first tweet for $ 2.9 million. Not only has Decentraland felt the outbreak of NFTs, but the makers of Axie Infinity on Wednesday also reported that someone bought digital land from them for $ 2.3 million.

Many warn that the NFT craze is just a balloon, but the market says otherwise: CoentrMand’s own crypt currency, the mana, has risen 38% in a week, according to CoinMarketCap. The sandbox token for The Sandbox was up 74 percent and the Gala Games token for Gala Games was up 150%.

Source: BusinessInsider

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