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The “virtual universe,” fueled by bitcoin, is unquestionably the trendiest enticement for investors trying to acquire metaverse real estate.
Virtual worlds are envisioned as locations where anyone may visit and socialize with their friends via a monitor or virtual reality headset.
While the concept of virtual lands may be novel to many, those familiar with games like The Sims, Farmville, and Clash of Clans find it unsurprising.
Virtual lands are truly digital plots of land that exist in a three-dimensional online area – one that users may log into and experience an immersive world via their online avatars using a monitor or virtual reality headset.
Individuals and larger organizations have recently offered millions of dollars for a piece of property, $2.4 million to be exact.
Total crypto market cap at $1.746 trillion in the daily chart | Source: TradingView.com
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Millions of dollars are invested in virtual territories by investors who believe the future is digital.
These companies anticipate that millions of people will flock to virtual properties and invest in virtual land for sale with the expectation of a potential return on investment.
This strategy is quite similar to real estate investments in the real world, in which investors acquire land in emerging areas with the intention of reselling it later at a profit.
Metaverse Real Estate Doesn’t Come Cheap
Real estate in the virtual realm is an expensive business, much like it is in the real world, where prices are determined by location, population, demand-supply ratio and other factors.
When demand for a plot in the metaverse in a particular area increases, prices automatically go up.
According to a survey published by crypto asset manager Grayscale, digital asset inventories are on track to surpass $1 trillion.
Investors desire to accumulate virtual land in the same way they do equities and traditional real estate.
Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA) and Enjin (ENJ) are just a handful of the major metaverse initiatives that have attracted real estate .
Millions Of Dollars Poured Into Virtual Lands
Virtual land has a comparable value proposition to actual estate. High-value properties are frequently located near businesses and activities, which attract renters.
Metaverse Group, an NFT-based real estate corporation, committed $2.43 million in November 2021 to enter the digital fashion market.
Microsoft invested $68.7 billion in Activision Blizzard early this year, one of the top gaming companies in the world, as part of a push for its metaverse real estate program.
Apple Inc, too, is getting involved, with Chief Executive Officer Tim Cook saying that the trillion-dollar company sees “significant opportunity in this market and is investing accordingly.”
Related Article | Meta CEO Dives Deep Into The Metaverse With AI Language Translator – Will It Attract People?
Featured image from CNBC, chart from TradingView.com