The virtual world of the Metaverse has been around for quite some time now and it's beginning to boom

[CryptoMund]

https://cryptomund com/posts/The-virtual-world-of-the-Metaverse-has-been-around-for-quite-some-time-now-and-its-beginning-to-boom-p245

When you think about the idea of spending thousands or even millions on something that doesn’t exist, it sounds kind-of absurd.



Virtual real estate is quickly becoming a hot new investment opportunity. There's been significant investments in recent months, with PwC being among the latest to dive into this market and purchase land within The Sandbox for their own purposes-a virtual gaming world. They did not disclose how much they paid but it’s clear that people who know what value there is will be investing heavily soon enough.



It seems that one person recently bought a plot of land in the Snoopverse - an entire virtual world created and developed by rap artist, Snoop Dogg. The purchase was made for 450k USD which is undoubtedly quite expensive but not unheard-of given his celebrity status with many people bidding on these sorts of things happening all over Facebook lately.



Meanwhile, the Metaverse Group has reportedly bought land in Decentraland for $2.43m - another virtual platform that is focused on creating an economy of sorts within its own digital world.



The metaverse is an evolving digital space that will soon be home to more than just Facebook. Companies like Nike and Microsoft have announced their intentions for entering this new industry, which has already seen many successful startups arise from it such as Meta - a social media platform rebranded into “Meta” back in October 2021 following criticism over how much power CEO Mark Zuckerberg had when he ran both companies at once without adequate oversight or distinctly separate leadership roles between them.



The metaverse is a vision of the future where real and digital worlds are linked together by technologies such as VR or AR. This immersive environment will be accessible through various types of headsets, glasses/homes Oprah Winfrey has been wearing for her recently announced TV show "The Queen's Court." In 2022 we'll all have access to this amazing new tech that lets us explore our surroundings in ways never before possible.



The future of socializing, playing and learning is now available in a virtual space that has been created by the metaverse. When users enter this new world they will be able to interact with others on their behalf as digital avatars who live within it just like ourselves.



The idea of a metaverse is not new. In fact, it's been around for decades and can be found in virtual gaming platforms like The Sandbox or Decentraland where individuals create their own worlds within which to play games without any limitations on creativity whatsoever. A website operating within our broader 2D world wide web may seem insignificant at first glance but its importance becomes more apparent when you realize that this same technology will soon allow people access even deeper levels than before-to explore different imaginary landscapes alongside one another while never leaving home (or school).



Importantly, as in the real world it'll be possible to buy things with your virtual money. Real estate is one such item that can currently only be purchased using Bitcoins or another cryptocurrency; but soon you'll also have access to a whole range of other items like cars and furniture.



In the metaverse, transactions are monetized using cryptocurrency. Other than cryptocurrencies and non-fungible tokens (NFTs), other methods for exchanging value within this digital world is through user generated content or intellectual property rights that have been registered with registering authorities on either side of it's virtual borders.



The idea of an NFT is intriguing. A digital asset that can be anything from art to real estate, and even virtual worlds! You might think this would just give people more things they don't need but it actually has some benefits for society as well - for instance by allowing them access into previously inaccessible markets or giving those without funds their own slice in developing countries where land ownership rules still apply differently depending on how much you have paid off over time. The power behind these new forms may help change the way we live now.



The concept of “scarcity value” in economics says that the harder it is to get something, especially a good or service with limited supplies. For example: Decentraland has 90 thousand pieces/areas which are 50x50 feet each- so there will only be around 360 copies available.



With the value of virtual real estate going up, it's no surprise that there are more examples where big money can be made. In June 2021 an online fund called Republic Realm reportedly spent over USD 900K on one NFT plot in Decentraland - the most expensive purchase ever made with these digital assets! According to the DappRadar site which tracks sales data for both land and non-land properties within their platform; this event marks what they call “a new high water mark" when considering how much someone paid per square meter or pixel across all available locations.



But then in November 2021, the Metaverse Group bought their plot of land for USD 2.4m - smaller than Republic Realm's previous purchase at 116 parcels compared to 259 lands purchased previously. The size comparison between these two purchases shows just how much progress has been made since our last article on this subject matter.



Land in virtual worlds is becoming more valuable as prices for purchase and sale tick up. In February 2021, Axie Infinity (another gaming world) reported that they sold nine land parcels worth USD 1.5m before one parcel went at an impressive price of 2+ millions dollars.



The real estate market in the metaverse has seen some growth, but it's still very much speculation. No one can be certain if this boom is just another great thing or will burst like any bubble at some point down the line - but there’s no doubt about how exciting these developments sound.



The future of metaverse real estate

The internet is a world where anything can happen and many people wouldn't think twice about trading one virtual property for another. Some companies offer financial incentives as well, which makes it even more interesting.



The Metaverse Group has purchased a property in Decentraland’s fashion sector, which they plan on using for hosting digital events and selling virtual clothing. This could be another potential area of growth within the metaverses themselves.



Investment in metaverse real estate could be an attractive option for investors and companies. But what about those who want to invest without having any risk associated with physical property? Virtual land offers its own unique benefits, such as not worrying about inclement weather or unwanted visitors (unless someone shoots them).



The world of online games is not unlike the real world, with some similarities and differences. While virtual property can't provide physical shelter like homes in our more traditional society do-it does have many parallels: For example you could buy land or choose a house already built that appeals to your taste; make it yours by adding things such as furniture (digital) objects etc., invite visitors over for tea if they're available.



The idea of a metaverse, or digital world that seamlessly blends with our current lives is not as far-fetched anymore. The technology has already developed to an extent where it can be used for everyday tasks like work and play; in fact many people are beginning to use these technologies more often than ever before because they offer such great convenience.



The idea of gaming overlap with your “real” life is not new, but it seems like developers are finally catching on. It was just a matter of time before they started creating games that could be both fun and educational at the same time. I can't help feeling this vision will become reality soon enough - maybe even sooner than we think.

[WalletInvestor]

In my opinion the metaverse has a lot in store for us for the future. However, lately I've heard this term used more like a buzzword than a simple collective noun for different technologies.