thecoinrepublic.com
- Many counter the opinion of Mark Zukerberg who believes the Metaverse is the future, they say the future has already started.
- The well-known modern-day metaverse is Decentraland. It has a worldwide network of users that hype them to buy and sell digital real estate, interact, explore and play games.
- Commercial real estate will also play an important role in the real estate business on the global level in the upcoming years. In 2021, Tokens.com for purchasing a 50% share in Metaverse Group’s digital real estate portfolio signed a letter of intent.
Even though Mark Zuckerberg claims that the Metaverse is the future, others believe that the future has already begun.
In his 1994 novel Snow Crash, Neal Stephenson, science fiction author, invented the term “metaverse.” Hiro Protagonist, the main character, navigates through the virtual world within the pages.
Decentraland is currently the most well-known modern-day metaverse, with a global network of users motivating them to buy and sell digital real estate, explore, interact, and play games.
The Decentraland Foundation was founded in 2015, and its initial coin offering (ICO) in 2017 raised about $26 million. While Decentraland is large and has much to offer, it has attracted a lot of attention to the profitable and rapidly rising digital real estate market.
According to media sources, the non-fungible token (NFT)-based Metaverse Group real estate company bought a block of Decentraland “land” for $2.43 million on Nov. 25 to aid with intentions to enter the digital fashion industry.
ALSO READ – INTERNATIONAL WOMEN’S DAY AT THE UN TO HAVE THE LATEST NFT COLLECTION
Is Metaverse Monetization A Threat To The Real-estate Industry?
It’s becoming quite evident that commercial real estate in the metaverse will play a significant role in the global real estate business in the coming years. Tokens.com signed a letter of intent in fall 2021 to purchase a 50% share in Metaverse Group’s digital real estate portfolio.
The Metaverse Group plans to advertise the offers as the first REIT for digital real estate. A public listing, according to the Metaverse Group, can happen in the year 2022 or 2023.
In September, the Sandbox announced a collaboration with famed rapper Snoop Dogg to build up his residence and NFT collection in the metaverse.
Paris Hilton partnered with Decentraland and Genies the following month to perform as one of the key artists at the first Metaverse Festival, which took place in late October.
Other corporations, including Meta, formerly Facebook, and Microsoft, have noticed the attention and interest in the Metaverse and are keen to join in.
Metaverse assets, like traditional real estate, continue to thrive despite the ebbs and flows of Bitcoin (BTC) and other cryptocurrencies.
Even investment firms are dipping their toes in the Metaverse and learning more about how they may participate. The Metaverse will be much more than the hype because of its high values, popularity, and ease of purchasing and selling virtual land contrary to traditional real estate.
As more individuals enter the metaverse, skilled investors and buyers who purchase homes in good areas will have a good reputation, similar to the domain name scramble in the early days of the internet.
Digital real estate will develop and extend as the Metaverse grows and expands. Buyers and investors who are ahead of the curve should believe that the metaverse real estate boom will continue.