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Buying property in the metaverse

On Behalf of | Feb 22, 2022 | Emerging Business

For many, buying property means purchasing a physical location, and you could walk or drive to get there. Now that the virtual world is getting more elaborate and complex, people are starting to look at properties in the metaverse.

A few years ago, you may think of buying virtual property as another way of saying you are purchasing a URL. Now, buying virtual property has a very different meaning.

Here’s what you should know about buying property in the metaverse.

Several platforms with lots for sale

As this new technological world emerges, several platforms offer their own metaverse property sales brand, including Meta and Sandbox. Users can create their own virtual lives within these platforms, complete with hobbies and land.

Within the last few months, the values of virtual properties have skyrocketed. People are paying thousands, even millions, of dollars to have virtual property near celebrities like Snoop Dogg.

In addition to properties, there are also events like concerts and festivals taking place in the metaverse. Users can (for a premium) see celebrity avatars perform and experience virtual shows.

Is it worth it?

Whether these will be worthwhile long-term investments is uncertain. For the moment, buying property in the metaverse seems to be even more volatile than investments like cryptocurrency and NFTs.

 

Although there could be opportunities to flip a virtual property to the right buyer, there is also the potential that this bubble could burst very quickly, leaving users with literally nothing to show for their investment.