O, Pioneers! For those looking to find uncharted territories, there are lands still to be discovered. Namely, real estate sold via the metaverse. If you’re confused, you’re not alone. Exploring land on the metaverse first requires a firm grasp of what the metaverse is. One problem: The definition is constantly evolving.
One explanation is that the metaverse is a digital world that’s parallel to the real world—something akin to cyberspace—encapsulating virtual reality, artificial intelligence, games, and mobile technology. In a VICE article, venture capitalist Matthew Ball suggested considering the metaverse a 3D version of the internet and computing. Andrew Kiguel, CEO of Tokens.com, calls it the next iteration of social media where users can meet and interact in a 360-degree immersive world.
So what’s the value proposition of such a new concept? Metaverse real estate sales reportedly hit $500 million in 2021 and industry experts expect it to double this year, according to CNBC. Some brands already in the market include Atari, McDonald’s, Death Row Records, Adidas, and Samsung. Metaverse real estate development companies are selling everything from virtual private islands (originally $15,000 each) to land next to celebrities’ virtual mansions ($450,000 to be rapper Snoop Dogg’s neighbor).
Fund That Flip compiled information about how to get started in real estate investment in the metaverse, and why you may want to. Information was sourced from news articles, tutorials, and explainers from experts in the crypto and investment space.