This year, the trading volume of NFTs reached $10.67 billion, with more people willing to spend large sums of money on art that will never actually hang on their walls or adorn their homes (except artist Beeple’s newest piece, which lives in a 3D box the buyer can put wherever he chooses). Virtual land is now being sold for millions of dollars on the internet. Even though you’ll never walk on it, it seems like genuine land in a metaverse-like way.
As the Metaverse continues to attract users into its virtual world, now everyone is here to experience this next big thing. As many companies are entering Metaverse, Real Estate has also put its hands on it. Now, in Metaverse, you can buy and sell virtual lands as you do in real life.
From the launch of the Metaverse, all the users as, especially the young youth, is very excited to take the Metaverse’s realm experience, with this will also be able to purchase a virtual land in Metaverse as we do in our natural world and can make a House, Coffee shop, or a big shopping mall on it as they want to do so.
The parcel of land in the Metaverse is a piece of virtual real estate represented by a Non – Fungible – Token (NFT). As Metaverse uses cryptocurrency in cash exchange, you will also need to purchase the virtual land using cryptocurrency. The cryptocurrency uses blockchain for its transactions, every parcel of the land is stored on the blockchain, so it is easy to be verified. They are also known as NFT Land; these parcels are either available in virtual real estate projects or can even be bought on third-party platforms like Open Sea.
Like real estate for buying land, the reasons may differ in Virtual land as many people use it for entertainment purposes and some for profit. However, some people often buy Virtual land for investment because NFT land is scarce.
Metaverse users quickly buy up parcels in virtual projects, causing their prices to increase even further. So, a user buying up land in the Metaverse can then sell it for a tidy profit.
The user can also rent his land or host virtual events and earn money. The user can also invite his friends on his ground and have fun playing on it or construct various things using digital assets.
- Metaverse is creating a boom among the youth of the world.
- Will Metaverse be the future?