Metaverse News

Metaverse Real Estate Is Now Being Sold For Cryptocurrency

If you’re interested and have the money, you can now buy up digital tracts of land in the metaverse. There are several companies, including Meta, who are building their own virtual realms where they hope people will soon gather (using their digital avatars) to play games, buy products, and interact with ads. The emerging real estate market anticipates a future in which digital property owners can work with brands that want a presence in the various iterations of the metaverse.

“Imagine if you came to New York when it was farmland, and you had the option to get a block of SoHo,” said Michael Gord, Co-Founder of Metaverse Group. “If someone wants to buy a block of real estate in SoHo today, it’s priceless, it’s not on the market. That same experience is going to happen in the metaverse.”

Metaverse Group, which operates a virtual world called Decentraland, is one of the first companies to get into the digital real estate business. Recently, Metaverse Group’s parent company, Token.com, announced that a “116 parcel estate in the heart of the Fashion Street district within Decentraland” sold for the equivalent of about $2.5 million — a record! The new owner of this estate near Fashion Street could presumably profit if Louis Vuitton wants to open a store there: They could effectively be the brand’s virtual landlord. This Decentraland deal did not, strictly speaking, involve real money. The digital estate sold for 618,000 mana, a type of cryptocurrency used in Decentraland.

In addition to Decentraland, you can now buy digital land in metaverses with names like Somnium Space, the Sandbox, and Upland. Spotselfie, which currently operates an augmented reality app, will soon let you buy virtual real estate that’s associated with GPS coordinates in the real world through a new feature called Spotland. The idea is that by using tokens issued by Spotselfie — these are effectively cryptocurrency that’s specific to this metaverse, much like the mana used in Decentraland — you’ll buy the rights to a radius around a GPS coordinate, and then if Spotselfie decides to sell ads at that location, you get a cut. The big difference here is that Spotselfie’s metaverse is designed for augmented reality, not virtual reality. To see the metaverse, you just point your phone’s camera at the real-world location, and the Spotland software overlays a digital world onto your screen, ads and all.

(All information was provided by Vox)

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