Last year, the Metaverse received a lot of attention. This is because the Metaverse is seen as the next step in digitization. It is a hybrid of augmented reality (AR), virtual reality (VR) and video technology.
Interest in Metaverse real estate skyrocketed when Facebook announced it would change its name to Meta and focus on building its own digital reality. Several celebrities and companies have purchased properties in the Metaverse, including Gucci, Snoop Dogg, Daler Mehndi, and Warner Music Group.
However, choosing the right virtual land is subject to many of the same considerations as choosing the right real-world property. Location, use, and long-term potential are all important factors to consider when choosing a platform and parcel. .
The Metaverse Brings Craze to the DeFi Market
In reality, Metaverse real estate (land or structures in the virtual world) is just a pixel on your computer screen, but its value is growing. Virtual land can be used to create advertising, marketing, social and entertainment experiences.
Headquarters, billboards, and a casino where 3D avatars can play online games are just some of the properties being built in this virtual environment. Each plot of land value is determined by the experience it offers, as well as other considerations such as collectibility, platform popularity, and market sentiment.
Decentraland is a great example of what real estate investing can do. In 2021, Decentraland’s 116 parcels of digital land were sold for a record $2.66 million in Bitcoin. Decentraland projects $549 million in sales for him in 2021. However, this amount he is projected to reach $2 billion by 2023.
Metaverse Real Estate has already established itself as a large independent division. You should be familiar with the Bitcoin and NFT landscape where early investors made big profits. Similarly, in the virtual real estate industry, getting up early offers promising benefits.
How to buy virtual land in the metaverse
You can buy virtual land in the Metaverse with cryptocurrencies, specifically Ethereum. For example, SAND is the currency of the gamified site The Sandbox, and MANA belongs to Decentraland. These coins are required to purchase the Metaverse.
We also need a virtual wallet that can store NFTs such as MetaMask and Binance. NFTs are used to register the sale and ownership of acquired land. The transfer takes a few seconds to verify that you have enough funds in your digital wallet to purchase the specified land. We will then notify you that you are the legal owner of the land.
There are third party resellers such as nonfungible.com and opensea.io which are essentially metaverse realtors that can display virtual land properties and values and help buyers find them .
Celebrities step into the metaverse
1. Snoop Dogg
Snoop Dogg builds Snoopverse on the Ethereum blockchain-based platform Sandbox. The sites he purchases are used for virtual his concerts, art and car exhibitions, his pool parties, and shopping.
It also features a computer re-creation of his massive California mansion. Finally, the NFT collector became Snoop Dogg’s neighbor in the Metaverse by paying $450,000 in December 2021 to purchase a digital parcel of land in his virtual reality. Snoop greeted the new owner on Twitter, asking, “Will you be my next-door neighbor?”
2. Paris Hilton
Hotel heiress and reality TV personality Paris Hilton owns a Roblox virtual island called Paris World. On the island is a digital replica of his California residence and closet available for public purchase. “I think it’s important that people engage with the digital world as well as the physical world,” Hilton told Bloomberg.
Visitors can view digital replicas of Beverly Hills residences complete with dog mansions, stroll the boardwalk, and tour the island on jet skis. The game’s currency, Robux, is obviously required for all these activities.
3. Sarah Sampayo
Former Victoria’s Secret model Sara Sampaio bought a virtual private island on the sandbox platform for 25 Ethereum. This was $71,445 at the time.
4. Andrew Yang
When Andrew Yang ran for election, he used the Metaverse to promote his candidacy. Mr. Yang held a press conference on the ZEPETO platform as he ran for mayor of New York City. The fact that the majority of ZEPETO’s users are members of Generation Z helped Yang reach younger voters.
5. Stanislas Wawrinka
Xclusive, a leading metaverse and NFT marketplace, has sold a private virtual island on its sandbox platform to a Swiss tennis star. Wawrinka announced on Twitter:
My very own premium island from @thesandboxgame, ready to welcome your closest friends and beloved community to the best virtual experiences and events.
6. Jake Paul
Boxer and businessman Jake Paul is investing in the Metaverse, specifically the virtual reality Metaverse Blocktopia. Not only has Paul invested in the company, he also owns digital assets around the world. Recently, he donated a piece of land worth about $100,000 to charity.
7. Pooja Entertainment
Pooja Entertainment, owned by filmmaker Vashu Bhagani, recently acquired a virtual property in the metaverse called Poojaverse. The Mumbai-based production company is the first Bollywood company to purchase space in the Metaverse. Use this virtual space to create your audience experience.
8. Shawn Mendes
Canadian singer Shawn Mendes found early success on stage. He was one of his five musicians whose album ‘Handwritten’ topped his Billboard charts before he turned 18. Today, he’s making waves in the metaverse, working with Genie, an avatar technology business that develops digital wearables.
9. Black Pink
Popular Korean girl pop groups are using the Metaverse to engage with their fans. The band hosted a virtual fan gathering on ZEPETO, his website where people can create a 3D replica of him of themselves. In two weeks he had 46 million fans attend the event. The success of this conference inspired the formation of MAVE, a fully virtual K-pop group composed of four artificial intelligences. It is scheduled to be released in 2022.
10. Lady Gaga
Lady Gaga has created a soundtrack pack for the Metaverse-themed VR rhythm game Beat Saber. Players can “slash” incoming beats by wearing VR glasses. Green Day and Imagine Dragons have released songs from popular games.