#Roommates, the real estate market is one of the most lucrative ways to get your coins up—but there is a new twist in buying real estate that involves the metaverse and companies are spending millions to be apart of it. According to recent reports, buying virtual land in the metaverse is the latest craze in the world of real estate and some of the tech world’s most popular companies are proving that no expense is too much to invest in the world’s next big thing.
Last month when Mark Zuckerberg formally announced that Facebook would be changing its name to Meta, the interest in what a metaverse is and its money-making potential began to skyrocket. In case you need a quick refresher, metaverse is an online world that spans the Internet into immersive, four-dimensional experiences—and it’s also about to be big business. @NYTimes reports, to get ready for the metaverse land boom that is just around the corner, as multiple companies are buying virtual real estate in the form of concert venues, shopping malls and other properties. There are multiple digital realms in the metaverse, where each entity acts as a virtual city where avatars live, work and play and interact in elements like virtual reality, streaming video, mobile gaming, avatars and artificial intelligence.
The money used in the virtual metaverse world is cryptocurrency, which is powered by a blockchain, that is defined as a digitally distributed public ledger that eliminates the need for a third party, like a bank. Technologists believe the metaverse will grow into a fully functioning economy in a few short years. Those who enter the metaverse can buy items such as art, music and even prime real estate as NFTs that serve as proof of ownership. Blockchain tech company Tokens.com recently acquired 50% of Metaverse Group, one of the first virtual real estate companies, for about $1.7 million. Explaining his decision to invest, Tokens.com co-founder Andrew Kiguel said, “Rather than try to create a universe like Facebook, I said, ‘Why don’t we go in and buy the parcels of land in these metaverses, and then we can become the landlords?’”
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Similarly, Michael Gord, one of the co-founders of the Metaverse Group, stated that the real estate trend in the metaverse also gained popularity due to the pandemic:
“As more people participate, it’s where you’re going with friends, where you’re having experiences like conferences and concerts. It’s inevitable that the metaverse will be the No. 1 social network in the world.”
Meanwhile, Tokens.com closed an even larger land deal in Decentraland’s fashion district for roughly $2.5 million—Decentraland is the metaverse equivalent to Silicon Valley. That deal, has been called the largest real estate deal in the history of the virtual world.
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