Real Estate In Metaverse
By Vishakha Thakur
Metaverse real estate is one of the most intriguing things you will ever come across. It’s real estate that is virtual, where parcels of land are sold. For a very long time, people have been working on it and creating entire universes. When Facebook said it would change its name to Meta and concentrate on creating its virtual world, interest in metaverse real estate rose. Gucci, Snoop Dogg, Daler Mehndi, Warner Music Group, and other well-known brands and companies have already purchased real estate in the metaverse.
According to various reports, the metaverse real estate market is expected to grow by $5.37 billion by 2026.Companies have been heavily investing in virtual land properties due to the positive outlook for metaverse growth.
How to Buy a Metaverse Property?
Purchasing a metaverse property works similarly to purchasing an NFT. Your ownership deed is a one-of-a-kind piece of code on a blockchain. This code validates your ownership or rights to that piece of digital real estate.
Where to Buy?
The majority of metaverse real estate is owned by the Big Four. Decentraland, Sandbox, Somnium Space, and Cryptovoxels are among the major players in the metaverse economy. These platforms own a total of 268,645 parcels, many of which are among the most expensive on the market.
Sandbox
Sandbox currently dominates the metaverse real estate, owning approximately 62% of the entire market.
Decentraland
Decentraland is a 3D virtual reality platform based on the Ethereum blockchain.
Cryptovoxels
If you’ve played Minecraft, you’ll feel right at home at Cryptovoxels
Somnium
Somnium Space is a blockchain virtual reality metaverse created entirely by its users
In major metaverse platforms, the average price of a parcel has risen from $1,265 to $12,684. Only about 25,000 individual crypto wallets contribute to Metaverse real estate investments.
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