Property in the metaverse is an extremely fast-growing market and is only going to continue to grow exponentially in years to come, with a 400% growth in investment since October 2021, and a total of $500m spent on digital property in 2021 (with estimations that it could double in 2022). People will be more in touch than ever; you could live hundreds of miles from friends and yet still be neighbours. This is the power of the metaverse and what is going to be the future of connection.
Whilst the relationship between real estate and NFTs is young, it is fast growing too, but what exactly is real estate in the metaverse and why is it becoming so popular?
The internet we know today allows for online shopping, social media, online banking, gaming and much more; however, the metaverse brings every experience you know to be independent of each other whilst simulating the togetherness of real life, including where you live. Real estate in the metaverse acts as much as a home does in real life. It is a base from which you can socialise, store virtual items, watch films and much more. However, in the virtual world, customisation and usage opportunities are limitless and no longer bound by logistics or physics, you can alter your home and its features however you would like.
Injecting culture into the metaverse will be a natural progression of an increase in inhabitants. The world we live in today is blessed with a rich range of culture and diversity and real estate in the metaverse is a step towards replicating this within the digital world. More virtual property owners will lead to a variety in language, religion, cuisine, art, music and more which can be embraced within this new digital era.
Whilst real estate in the metaverse is an NFT, it is more personal and tangible than a typical piece of digital art, making it a more secure first-time investment into the Metaverse. Much like real-world art, NFTs are very hard to place a definitive value on, but property has many different factors that contribute to its evaluation. For example, its location, size and how you customise it all contribute to its worth. Also, much like in real life you can use your digital property to host and entertain friends and family. With plots being sold in Metaverse spaces for millions it is evident that virtual property is a rapidly expanding market!
BrandLab360 is bringing MetaTown to the forefront of web 3.0, and you can now secure your place in metaverse history as a founding member of a virtual world like no other.
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