Monday, January 24, 2022

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    Investors are paying millions of dollars for virtual land in the Metaverse

    It’s no secret that the real estate market is skyrocketing, but Covid’s pandemic is creating another lesser-known land rush. In fact, some investors are paying millions of dollars on lots of land, not New York or Beverly Hills. In fact, the plot does not physically exist here on Earth.

    Rather, the land is online and in a series of virtual worlds that tech insiders call the Metaverse. Since Facebook announced that it’s all-in to virtual reality, plot prices have skyrocketed by 500% in recent months, changing the company name to: Meta platform.

    “Metaverse is the next iteration of social media,” said Andrew Kiguel, CEO of Toronto-based, which invests in Metaverse’s real estate and non-fungible token-related digital assets.

    [Digital real estate] Prices have risen from 400% to 500% in the last few months.

    Andrew Kigel CEO

    “You can go to carnivals, music concerts, museums,” Kigel said.

    In these virtual worlds, real people interact as cartoon-like characters called avatars, much like real-time multiplayer video games. Today, people can access these worlds from a regular computer screen, but Meta and other companies are building a 360-degree immersive world that can be accessed through virtual reality goggles such as Meta’s Oculus. I have a vision.

    Recent reports According to crypto asset managers, Grayscale estimates that the digital world could grow into a $ 1 trillion business in the near future.

    Here, including major artists Justin Bieber, Ariana Grande When DJ Marshmello, Running as your own avatar.flat Paris Hilton DJed a New Year’s Eve party on my virtual island.

    Kigel’s company has recently fallen Land patch for almost $ 2.5 million Decentraland — One of several popular Metaverse worlds. “Prices have risen 400% to 500% in recent months,” Kigel said.

    Another hot metaverse world is Sandbox, which was set by Janine Yorio’s virtual real estate developer Republic Realm. $ 4.3 million for virtual land lots..

    The digital world is as important to some as the real world.

    Oren Alexander

    Real estate broker

    Yorio tells CNBC that her company sold 100 virtual private islands last year for $ 15,000 each. “Today, they each sell for about $ 300,000, which happens to be the same as the average home price in the United States,” she said.

    Dangerous investment

    [It’s] Very, very dangerous. You only need to invest the capital that you are ready to lose.

    Janine Yorio

    Republic Realm CEO

    “I think it’s absolutely important who your neighbor is,” Yorio said. “It applies to almost anything, right? It’s like a club and I want to be around people who share similar interests.”

    Buying virtual land is very easy — Directly from the platform or through the developer. Investors build their land and make it interactive. “You can decorate it, you can change it, you can fix it,” says Yorio. “It’s a code.”

    However, Yorio warns that investing in digital real estate is a risky business.

    “”[It’s] Very, very dangerous. You should invest only the capital you are ready to lose, “Yorio told CNBC. It is also blockchain based. And, as we all know, cryptography is very unstable. But it’s also very rewarding. “

    Mark Stap, professor and director of real estate theory and practice at Arizona State University, agrees. “I didn’t put money in this that I didn’t mind losing. I certainly didn’t,” says Stapp. “If it keeps going, it’s probably going to be a bubble. You’re buying something that isn’t tied to reality.”

    Investors are paying millions of dollars for virtual land in the Metaverse

    Source link Investors are paying millions of dollars for virtual land in the Metaverse

    The post Investors are paying millions of dollars for virtual land in the Metaverse appeared first on Eminetra.

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