The metaverse has already generated a huge amount of hype, with many people claiming that it's the future of entertainment and gaming. However, what about the business opportunities that it represents? These can be seen most clearly by the fact that many major businesses are buying virtual real estate, but what does this really mean?
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Takeaways
The metaverse virtual real estate race is on
What is the biggest sale in this space
Find out about potential opportunities
Platforms like Decentraland and The Sandbox are among the leading places where virtual land can be bought. These are metaverse gaming sites. This simply means that they offer an immersive, virtual reality setting. Players can explore the online world, play games and maybe even make money.
Some people simply buy virtual land for fun, but often the chance to make money is part of their decision. For example, Paris Hilton announced earlier this year that she will be buying digital land to host virtual parties. Yet, the statement also mentioned interacting with fans and selling digital goods. It therefore seems to be a business decision rather than simply for pleasure.
Snoop Dogg is another celebrity who bought land in the metaverse. This later tempted someone to pay almost half a million dollars to be his neighbor. It isn't clear whether that person was thinking of making money from the deal. Since Snoop is said to be planning a place to hold parties and concerts online. Therefore, having a plot of land next to his property sounds like it could be a good investment.
To date, the biggest metaverse land sale reported is the $5 million spent by Curzio Research to build their virtual headquarters on the TCG World platform. This company actually bought 19 pieces of land AND it was described as a strategic partnership. There seems to be more to this deal than a straightforward real estate purchase. Perhaps they see it as a chance to make money from the metaverse in the long term and in other ways.
This leads to the issue of how companies will be able to physically charge for digital products. Some platforms are offering their own cryptocurrency that can be used to pay for goods and services. Not everyone wants to use digital tokens. As a result the rise of virtual credit cards is also among the other useful alternatives to consider. While they're currently used for purposes such as controlling business travel and expense claims efficiently, they also provide the flexibility needed for an active economy in the metaverse.
The next question we need to ask is how these corporations expect to make money from their metaverse investments. In some cases, they may be hoping that the real estate rises in value so that they can re-sell it. However, many of them will see that owning digital land could be the gateway to selling other digital assets and products.
Non-fungible tokens (NFTs) are unique digital assets that can be bought or sold. Imagine a company setting up a metaverse art gallery and selling digital pieces of art, or opening a store to sell pieces of clothing for avatars. The options are virtually limitless. Any metaverse real estate investment right now could lead to multiple earning possibilities in the future, as the metaverse becomes more populated.
The metaverse is growing. Expect to see more big land sales are made. This is something that's at an early stage and already shows a huge amount of growth potential.
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