The Metaverse has received a lot of attention over the past year. This is because the metaverse is considered the next level of digitization. It is a mixture of augmented reality (AR), virtual reality (VR) and video technology.
Interest in Metaverse real estate has increased as Facebook announced it will change its name to Meta and focus on constructing its digital reality. Several celebrities and companies including Gucci, Snoop Dogg, Daler Mehndi, Warner Music Group and others have purchased properties in the Metaverse.
However, choosing the right virtual lot is influenced by many of the same considerations as choosing the right physical property: when choosing a platform and lot, location, usage and long-term potential are important factors to consider.
Metaverse is causing excitement in the DeFi market
In truth, Metaverse real estate—land or buildings in a virtual world—are nothing more than pixels on a computer screen, but their value increases. Virtual land can be used to create experiences for advertising, marketing, socializing and entertainment.
Company headquarters, billboards and casinos, where games can be played online by 3D avatars, are among the objects that will be built in this virtual environment. The value of each lot is determined by the experience it provides, as well as other considerations such as collectability, platform popularity, and market sentiment.
Decentraland is a wonderful example of the potential of real estate investing. In 2021, a 116-slot digital property in Decentraland was sold in bitcoin for a record $2.66 million. Decentraland had sales of $549 million in 2021. However, it is predicted that this sum will reach $2 billion by 2023.
Metaverse Real Estate has already established itself as a sizeable independent sector. You must be familiar with the Bitcoin and NFT situations where early investors made significant gains; Likewise, early risers will see promising returns in the virtual real estate industry.
How to buy virtual land in the metaverse
You can buy virtual land in the metaverse using cryptocurrency, specifically Ethereum. For example, SAND is the currency of gamified site The Sandbox while MANA is related to Decentraland. These coins are needed to purchase the Metaverse.
You also need virtual wallets that can store NFTs, like Metamask or Binance. NFTs are used to register the sale and ownership of a property once it has been acquired. The transfer takes a few seconds as it verifies that your digital wallet has sufficient funds to purchase the specified country, after which you are informed that you now legally own the country.
There are third party resellers such as nonfungible.com and opensea.io which are essentially real estate agents for the metaverse and can display virtual land properties and prices and help buyers with their searches.
Celebrities venture into the Metaverse
1. Snoop Dogg
Snoop Dogg creates the Snoopverse on The Sandbox, an Ethereum blockchain-based platform. The site he acquired is used for virtual concerts, art and car shows, pool parties, and shopping.
In addition, it will feature a computerized recreation of his massive California mansion. Finally, in December 2021, an NFT collector paid $450,000 to become Snoop Dogg’s neighbor in the metaverse by buying a digital lot in his virtual reality. Snoop welcomed the new owner on Twitter by asking, “Won’t you be my neighbor?”
Hotel heiress and reality TV personality Paris Hilton owns a Roblox virtual island called Paris World. The island includes a digital recreation of her California home and closet for people to purchase. “I think it’s important that people are not only in the physical world but also in the digital world,” Hilton told Bloomberg.
Visitors can view a digital reproduction of their Beverly Hills residence and dog mansion, stroll along a boardwalk, or explore the island on a jet ski. Of course, all of these activities require Robux, the game’s currency.
3. Sara Sampaio
Sara Sampaio, a former Victoria’s Secret model, bought a virtual private island on the sandbox platform for 25 Ethereum, which was $71,445 at the time.
Andrew Yang used the metaverse to promote his candidacy when running for political office. Yang was running for mayor of New York City while holding a press conference on the ZEPETO platform. The fact that the majority of ZEPETO users are members of Generation Z allowed Yang to reach young voters.
5. Stanislas Wawrinka
Exclusible, a well-known Metaverse and NFT marketplace, sold the Swiss tennis star a private virtual island on the sandbox platform. Wawrinka made the announcement on Twitter, explaining:
With my own premium island in @thesandboxgame, I’m ready to welcome my closest friends and dear community to the most amazing virtual experiences and events!
Stanislas Wawrinka 6. Jake Paul
Jake Paul, a boxer and businessman, has invested in the metaverse, specifically the virtual reality metaverse Blocktopia. Not only has Paul invested in the company, but he also owns digital estates around the world. He recently donated some of his land worth about $100,000.
7. Pooja Entertainment
Pooja Entertainment, owned by film producer Vashu Bhagnani, recently acquired a virtual property in the metaverse called Poojaverse. The Mumbai-based production company is the first Bollywood company to buy space in the Metaverse. It will use this virtual space to create viewer experiences.
Shawn Mendes, a Canadian singer, achieved early success on stage. He was one of five musicians whose album Handwritten topped the Billboard charts before he turned 18. Now he’s making waves in the Metaverse by collaborating with Genie, an avatar technology company, to create digital wearables.
A popular South Korean all-girl pop group uses the Metaverse to interact with their fans. The band organized a virtual fan meeting on ZEPETO, a website that allows people to create 3D replicas of themselves. In two weeks, 46 million fans attended the event. The success of the gathering has led to the creation of MAVE, an all-virtual K-pop group made up of four pieces of artificial intelligence. Release is planned for 2022.
10. Lady Gaga
The pioneering Lady Gaga has created a soundtrack pack for Beat Saber, a Metaverse-themed VR rhythm game. Players can “slice” beats flying towards them by wearing VR goggles. Green Day and Imagine Dragons, among others, have released songs for the popular game.