The metaverse has received a lot of attention in the last year. This is due to the metaverse being regarded as the next step in digitalization. This is a hybrid of augmented reality (AR), virtual reality (VR), and video technology.
Interest in metaverse real estate has increased when Facebook declared it would change its name to Meta and focus on constructing its digital reality. Several celebrities and corporations, including Gucci, Snoop Dogg, Daler Mehndi, Warner Music Group, and others, have already purchased real estate in the metaverse.
However, selecting the right virtual land is influenced by many of the same considerations as selecting the right real-world real estate: When selecting a platform and a parcel, location, utilization, and long-term potential are all important factors to consider.
Metaverse creates a frenzy in the DeFi market
In truth, metaverse real estate — land or structures in a virtual world – is nothing more than pixels on a computer screen, but its value is increasing. Virtual land can be used to create experiences for advertising, marketing, socializing, and entertainment.
Corporate headquarters, billboards, and casinos where games can be played online by 3D avatars are among the properties being constructed in this virtual environment. Each plot of land’s value is determined by the experience it gives, as well as other considerations such as collectability, platform popularity, and market sentiment.
Decentraland is a wonderful example of the potential of real estate investment. In 2021, a 116-parcel tract of digital land in Decentraland sold for a record $2.66 million in bitcoin. Decentraland made $549 million in sales in 2021. However, that sum is predicted to approach $2 billion by 2023.
Metaverse real estate has already established itself as a sizable independent sector. You must be familiar with the Bitcoin and NFT situations where early investors received significant profits; similarly, early birds will reap promising returns in the virtual real estate industry.
How to buy virtual land in the metaverse
You can purchase virtual land in the metaverse with cryptocurrency, particularly Ethereum. For example, SAND is the currency of the gamified site The Sandbox, while MANA is related to Decentraland. These coins are required to purchase the metaverse.
You will also need virtual wallets capable of storing NFTs, such as Metamask or Binance. NFTs are used to register the sale and ownership of a piece of land once it has been acquired. The transfer will take a few seconds as it verifies if your digital wallet has sufficient funds to purchase the specified land, following which it will be communicated that you now legally own the land.
There are third-party resellers, such as nonfungible.com and opensea.io, that are essentially real estate agents for the metaverse and can display the properties and pricing of virtual land and assist purchasers in finding them.
Celebrities venture into the metaverse
1. Snoop Dogg
Snoop Dogg is creating the Snoopverse on The Sandbox, an Ethereum blockchain-based platform. The site he purchased will be utilized for virtual concerts, art and automobile exhibitions, pool parties, and shopping.
Additionally, it will contain a computerized recreation of his enormous California mansion. Finally, an NFT collector paid $450,000 in December 2021 to become Snoop Dogg’s next-door neighbor in the metaverse by purchasing a digital parcel of land in his virtual reality. Snoop greeted the new owner on Twitter by asking, “Won’t you be my neighbor?”
2. Paris Hilton
The hotel heiress and reality television personality Paris Hilton owns a Roblox virtual island named Paris World. The island contains a digital replica of her California residence and closet, which people can purchase. “I think it’s important for people to not only be in the physical world but also to be in the digital world,” Hilton told Bloomberg.
Visitors can view a digital reproduction of her Beverly Hills residence, complete with a dog mansion, stroll along a promenade, or tour the island via jet ski. Robux, the game’s currency, is obviously required for all these activities.
3. Sara Sampaio
Sara Sampaio, a former Victoria’s Secret model, purchased a virtual private island on the Sandbox platform for 25 Ethereum, which was $71,445 at the time.
4. Andrew Yang
Andrew Yang used the metaverse to promote his candidacy when he ran for political office. Yang ran for mayor of New York City while holding a press conference on the ZEPETO platform. The fact that the majority of ZEPETO’s users are members of Generation Z allowed Yang to reach out to young voters.
5. Stanislas Wawrinka
Exclusible, a prominent metaverse and NFT marketplace, sold the Swiss tennis star a private virtual island on the Sandbox platform. Wawrinka made the announcement on Twitter, stating:
With my own premium island in @thesandboxgame, I am 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, notably the virtual reality metaverse Blocktopia. Not only did Paul invest in the company, but he also owns digital estate throughout the world. Recently, he donated a section of his land worth approximately $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 firm is the first Bollywood company to purchase space in the metaverse. It will use this virtual space to create spectator experiences.
8. Shawn Mendes
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 years old. Now, he is making waves in the metaverse by collaborating with Genie, an avatar technology business, to develop digital wearables.
A popular South Korean all-girl pop group uses the metaverse to interact with their fans. The band organized a virtual fan gathering on ZEPETO, a website that allows people to construct 3D replicas of themselves. In two weeks, 46 million fans attended the event. The success of the meeting has prompted the formation of MAVE, an entirely virtual k-pop group comprised of four artificial bits of intelligence. It is scheduled for release in 2022.
10. Lady Gaga
The pioneering Lady Gaga created a soundtrack pack for Beat Saber, a metaverse-themed VR rhythm game. Players can “slash” beats that come flying at them by wearing VR glasses. Green Day and Imagine Dragons, among others, have released songs for the popular game.