Preparing-For-A-Virtual-Real-Estate-Boom-In-The-Metaverse

Metaverse, a network of 3D virtual worlds, is gearing up for a virtual real estate boom, with
investors paying millions for digital currency investors Greyscale predicts the global market
for value goods and services will grow to $1 trillion a year. Real-life luxury retailers such as
Louis Vitton and Burberry have entered Metaverse in an attempt to capitalize on the
Metaverse gold rush by selling NFTs of their products and renting ad space in virtual worlds.
Nike also announced the creation of a virtual Nike Park, laying the groundwork for entry into
the virtual world, while Under Armour and GAP have started selling NFTs of their products in
the online world. 

Metaverse already exists, with virtual gaming platforms like The Sandbox and virtual worlds
like Decentraland. In each virtual world, there are cities where users can view their avatars in
stores, where they can use cryptocurrencies to buy digital goods and chat with their friends'
avatars in real life. In these virtual worlds, real people interact as cartoon characters called
avatars, similar to real-time multiplayer video games. The Metaverse is a combination of
spatial computing and the Internet, where 3D user avatars can interact with each other,
virtual 3D objects, and digital humans in an immersive sensory experience very similar to
real-world interactions. 

The Metaverse is essentially a 3D version of the Internet, and once technology catches up with
the concept, more and more people are expected to spend more and more time in the
Metaverse. The Metaverse is the next wave of Web3, changing the way we communicate, work,
play video games, and interact. With what we hope is an increasingly open metaverse, users
will one day be able to move digital assets and NFTs in and out of virtual worlds. The
Metaverse is a virtual space that combines social networks, online games, augmented reality
(AR), virtual reality (VR), and cryptocurrencies. 

Several investment firms are acquiring digital land in virtual world "cities" where players can
simulate shopping or attend real-world events like concerts. Another popular virtual world is
Sandbox, where Republic Realm's virtual real estate development firm Janine Yorios spent a
record $4.3 million on a virtual piece of land. Metaverse developer Republic Realm has bought
land in the sandbox world for $4.3 million in the largest virtual real estate sale to date. It's not
even the most expensive virtual world land purchase in recent months -- that honor goes to
Republic Realm, a virtual real estate company that spent $4.3 million in a sandbox virtual
world created by classic video game company Atari Purchased a "land".

In a digital world called Decentraland, land deals in the metaverse were worth $110 million,
the report said, while in another virtual world, The Sandbox, they reached $350 million. The
following four graphs show the average daily real estate sale prices compared to the average
of four metaverse platforms offering discrete virtual real estate land sales. We already know
that The Sandbox has all the most expensive virtual property purchases on its platform, so it's
not surprising that it has many instances of daily sale prices that are well above the metaverse
real estate average on the same date. While investors and corporations currently dominate
virtual real estate, not all metaverse real estate is likely to be worth millions of dollars. 

There is a real gold rush going on in the Metaverse today, with young people and celebrities
like Snoop Dogg investing millions of dollars in virtual real estate. Even some of the founders
of these metaverses warn against inflated prices for plots of land in their virtual social worlds.
While casual users of virtual social worlds may be put off by extremely high land prices, Carr
says that doesn't necessarily mean they'll be completely excluded from the metaverse. While
there is a wealth of data available to investors if they know where to look, it is still difficult to
buy virtual land in the metaverse. 

Therefore, it is important to consider how the digital world competes with the brick-andmortar real estate industry, and whether the former is now the preferred way for investors to
generate returns. While you can’t immediately connect centuries-old industries like real estate
with current blockchain technology advancements, the potential to modernize the industry
and increase efficiency is strong, even looming. In fact, real estate prices in some of the most
popular virtual worlds have risen by 400-500% in recent months, reflecting how frenetic the
competition for virtual land has become. Demand for virtual land in Metaverse has
skyrocketed, with the industry recording a record $5 million in Metaverse real estate
transactions in just 7 days in the last week of November 2021 alone.

The market for virtual land in the four metaverses of Decentraland, Somnium Space,
Cryptovoxels and Somnium Space Sandbox will exceed €440 million in 2021 and is expected
to double in 2022. Facebook rebranded its holding company Meta 2021 in October, and people
are spending millions buying pixelated land in virtual worlds, even if it doesn't exist yet.
Adidas has also purchased land there "to express our admiration for the opportunities it
offers" and Warner Music Group is developing a virtual concert hall. Since there isn't as much
past sales data here as there is for The Sandbox and Decentraland, buyers can reasonably
assume that an average or slightly below average price based on general real estate prices in
the metaverse will give them a reasonable value. 

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