For the unversed, let me tell you what Metaverse means. Now even though Metaverse sounds complicated it just simply means a Cyber Space. An augmented reality where people can do what they do in their real lives except here you can do that sitting in the bed of your room. If you have played open-world games you might know what I am talking about. You can use AR or VR to access the metaverse and enjoy aspects of the digital and physical worlds.
Companies that have hopped on the Metaverse bandwagon also envision some sort of new digital economy for it. A system where commodities can be made, sold and bought.
Quite a lot of celebrities like Snoop Dogg and global businesses like JP Morgan, Samsung, and HSBC have already picked up lands in the metaverse which they plan to develop for various purposes.
So just like in real life, you can invest in a lot of things on the metaverse and be proud owners of land and homes. Quite a lot of celebrities like Snoop Dogg and global businesses like JP Morgan, Samsung, and HSBC have already picked up lands in the metaverse which they plan to develop for various purposes. And it is safe to say that their investments didn’t go in vain as Decentraland and Sandbox, two of the biggest metaverse platforms whose average price for a small piece of land was $1,000 a year ago are now sitting on $13,000.
Now the prices of these pieces of land also depend on how well the virtual world has been made. A piece of land in real life might be high priced because of how close it is to certain geographical locations or what it provides as an experience when one lives there. In the metaverse, the locations won’t matter much because here all distances are fake. Perhaps that’s why celebrities are inspiring people to get land near them.
Rapper Snoop Dogg is building snoopverse, a replica of his California mansion where he will host members-only parties and even concerts on Sandbox, an Ethereum-based platform for creating and monetizing online hangout spaces. An unnamed NFT collector spent $450,000 to buy a plot of land next to Snoop Dogg’s house. Even back here at home, Singer Daler Mehndi has bought real estate on the Indian metaverse app called PartyNite and he has appropriately named the place “Balle Balle Land”, take that snoopverse.
Singer Daler Mehndi has bought real estate on the Indian metaverse app called PartyNite and he has appropriately named the place “Balle Balle Land”
PartyNite too allows users to sell and buy land, make their customizable avatars, hang out, and party with others. Balle Balle Land will have a paintball arena and a merchandise store for fans to buy Daler Mehndi merch. Now after all this, one would ask how will I actually benefit from buying anything in the metaverse? The simple answer is you will, quite a lot. See in Metaverse the ROI (return on investment) is much higher than the real world, sometimes even going up to 1000 percent in a short period of time. And secondly, Blockchain technology makes transactions in the metaverse pretty simple and transparent as each of them are recorded and this minimizes the chances of fraud, forced cancellation, and fake promises.
The sector is in a developing yet promising stage right now that’s why you will see so many people and companies getting in on it. At first impression, the idea of owning an intangible property might seem far-fetched, but according to trade experts, Metaverse might emerge as a fully operational economy in the near future with virtual living experience integrated into our daily lives as social networking is in today’ age.
Corporations are already capitalizing on what could be a trillion dollar opportunity and undoubtedly the potential of virtual lands can skyrocket and change the way we live, only if channeled correctly.