Ownership of land parcels is given through LAND NFTs with the specific coordinates on the grid and a reference to parcel details. These partnerships have given it more appeal both as a creative space and as an investment platform.ĭecentraland is a 3D VR platform built on the Ethereum blockchain. In the past few years, the Sandbox has forged strategic partnerships with game companies like Atari, investors like Square Enix, brands like Shaun the Sheep, and celebrities like Snoop Dogg. They can also monetize these experiences using NFTs and SAND, the utility token of Sandbox.
They buy LAND and build experiences on them. Sandbox players and creators buy, sell, and trade voxel creations. In this UGC-voxel platform, everything is built by the community for the community. There are family homes, commercial spaces, art galleries, and hangout spots of different sizes. You can buy or rent virtual spaces for various use. LAND here currently costs an average of $11,000 with premium lots selling between 20 to 30 thousand dollars. Sandbox currently dominates the metaverse real estate, owning approximately 62% of the entire market. These platforms own a total of 268,645 parcels, which are among the highest priced ones on the market. These are the major players in the metaverse economy and include Decentraland, Sandbox, Somnium Space, and Cryptovoxels. The majority of metaverse real estate is owned by the Big Four. So make sure you transact with reliable ones. Unlike in the real world though, metaverse brokers don’t need licenses and are under no regulations. Like real-world properties, you can also purchase metaverse land through brokers and property managers. You’ll need to link your digital wallet to the platform to buy land and other assets. Then, head to the virtual metaverse platform and sign up to create an account. Some platforms use specific cryptocurrencies for their transactions, so you might want to check them out before signing up for a new wallet. So to start your metaverse real estate portfolio, you’ll need to have your own digital crypto wallet.
Virtual real estate code#
This code is what certifies your ownership or rights over that piece of digital land. Your deed of ownership is a unique piece of code on a blockchain. Purchasing a metaverse property works pretty much the same way as buying an NFT.
For real estate investors, these parcels of digitized land offer a lucrative opportunity. Brands can use their virtual properties to advertise services, organize virtual product launches, and provide unique customer experiences. Creators can monetize the content of their property by charging for access or trading their NFTs. Individuals can use their digitized land to play games and socialize. Metaverse real estate gives users a place to connect online with other people.
As its popularity continues to grow, the value of metaverse real estate is forecasted to have a CAGR of 31.2% from 2022 to 2028. In fact, there has been a metaverse real estate boom in the last quarter of 2021 after Facebook changed its name to META and indicated a focused interest in the metaverse. With the rise of the metaverse, digital real estate is expected to grow and expand as well.
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