Mark Zuckerberg may claim that the Metaverse is the future — but to others, that future has already begun. Science fiction writer Neal Stephenson coined the term "metaverse" in his 1994 novel Snow Crash. In the novel, the main character Hiro Protagonist travels through the virtual world.
Since 2003, millions of people have also worked, played and socialized in the Metaverse of Second Life online. While the game had its heyday in the first decade of the 2000s and featured some blocky graphics, it was a far cry from the modern metaverse visions proposed by the likes of Meta and Microsoft, but it's about people living in virtual metaverses. The idea of interacting is not new.
Currently, Decentraland is arguably the most famous modern metaverse, inspiring users around the world to buy and sell digital real estate, explore, interact and play games. The Decentraland Foundation was established in 2015, and the project had an initial coin offering (ICO) in 2017, netting around $26 million at the time. While Decentraland has a wide scope and many features, the platform has attracted the attention of many to the lucrative and growing digital real estate industry.
On Nov. 25, the media reported that non-fungible token (NFT)-based real estate firm Metaverse Group purchased a piece of “land” in Decentraland for $2.43 million to help with plans to enter the digital fashion industry.
In the next few years, it is becoming more and more obvious that commercial real estate in the metaverse will play a huge role in the global real estate industry. In the fall of 2021, Tokens.com signed a letter of intent to purchase a 50% stake in the digital real estate portfolio owned by Metaverse Group.
The popularity of buying and selling digital real estate means that companies like Metaverse Group do much of the work associated with buying, selling and marketing like traditional real estate firms. With prices rising and buyers frenzy for virtual land, some are skeptical that investing in digital real estate will prove to be a prudent approach.
However, despite the high prices, interest in Metaverse real estate continues to grow, especially as the coronavirus pandemic pushes more people online, making them more inclined to socialize virtually. Those interested in Metaverse real estate also face competition from celebrities who are not shy about touting their digital real estate activities.
In late September, The Sandbox announced a partnership with legendary rapper Snoop Dogg to build his mansion and NFT collection in that metaverse. Over the next month, Paris Hilton struck partnerships with Decentraland and Genies, becoming one of the main artists at the first Metaverse Festival held at the end of October.
Aside from Meta (formerly Facebook) and Microsoft, other companies that haven't shied away from the attention and interest in the Metaverse are also eager to get in on the action.
Like traditional real estate, which retains value even in tough economic times, Metaverse real estate continues to thrive despite the ups and downs of Bitcoin and other cryptocurrencies.
The popularity of NFTs, combined with growing interest in the online environment, contrasts sharply with the limited amount of land in virtual worlds within the Metaverse — which keeps prices high.
Investment firms are even starting to venture into the metaverse and continue to learn how to get involved. High prices, popularity and the ease of buying and selling virtual land (compared to traditional real estate) mean Metaverse will be more than just a buzzword. Like the domain name wars in the early days of the internet, as more and more people enter the metaverse, savvy investors and buyers snapping up properties in prime locations will look very smart.
As the Metaverse continues to grow and expand — so will digital real estate. Savvy buyers and investors would be smart to get ahead of the curve, and they also think the Metaverse real estate boom is here to stay.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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