The digital world has been a large part of our lives for the past 10 years. Because so much of our time is spent on electronic devices, it was only a matter of time before we would try to “step inside” and explore this online reality further. Now, virtual concerts, fashion shows, private parties and gaming events, all hosted in the digital space\u2014metaverse\u2014seem like a usual part of our everyday life.<\/p>\n\n\n\n
The metaverse is in its full-blown developing phase, which makes for an incredibly exciting period. In a world where creativity has no constraints, this uncharted space holds a plethora of opportunities for the real-estate sector, as well.<\/p>\n\n\n\n
Although the virtual real estate market may have been seen as a novelty at first, it has grown spectacularly. To illustrate, Sandbox\u2019s top-selling plot, LAND #48766, was acquired for $57,171. Decentraland\u2019s top seller, EST #1965, got purchased for $758,250.<\/p>\n\n\n\n
In 2021, Janine Yorio\u2019s virtual real estate company Republic Realm sold 100 virtual private islands for $15,000, later selling the same islands for $300,000 each. The incredible demand is redefining concepts of what was considered plausible. Moreover, it shows that there are no standard rules with which the metaverse market can be defined. This adds to the excitement of operating in unchartered territory and empowers developers to build something from the ground up, including the virtual property market.<\/p>\n\n\n\n
For brands looking ahead, future-proofing one\u2019s commercial presence in the main sectors of the metaverse, such as Decentraland and Sandbox, relies on owning a plot of land. Nike, Samsung, Atari, and PricewaterhouseCoopers are already invested, representing the wide-ranging thrust of commercial interest. We are seeing companies reinvent themselves for an engaging virtual representation, as well as opening digital stores and hosting events.<\/p>\n\n\n\n
The reason why virtual real estate is so highly sought after is that having a guaranteed spot as a native in a world that is going to evolve and expand for years to come is a considerable advantage. Therefore, even though currently the market is bearish, it should be a temporary slowdown, as the land available for purchase is still limited, meaning the scarcity factor is still strong. <\/p>\n\n\n\n
Furthermore, some of the biggest companies in the world continue to invest in AR, VR, haptic feedback tech and the metaverse itself, thus this journey still has a lot of surprises in store. The better the quality of the metaverse experience becomes, the more sought-after the virtual real estate in it will be.<\/p>\n\n\n\n
When the internet first came around, some were skeptical of its use cases. The emergence of Web3, NFTs and the metaverse points to the signs of a new digital revolution. Although these concepts may present a learning curve to overcome, we are on the brink of entering a new world that will drastically change how we live our day-to-day lives and which realty\u2014online or IRL\u2014we call “home”. <\/p>\n","protected":false},"excerpt":{"rendered":"
The digital world has been a large part of our lives for the past 10 years. Because so much of our time is spent on electronic devices, it was only a matter of time before we would try to “step inside” and explore this online reality further. Now, virtual concerts, fashion shows, private parties and<\/p>\n","protected":false},"author":551,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Curious about the metaverse and virtual real estate? Our new blog post by @CryptohouseC explains why we're on the brink of a digital revolution: ","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[215],"tags":[7795,41866,41862,40999,42536,42535,7529,42537],"ppma_author":[49229],"jetpack_publicize_connections":[],"yoast_head":"\n