Everyone knows how crazy the real estate market is in Texas right now. The idea of buying up real estate in a digital space – known as the metaverse – might seem equally so, but it’s a reality.
What is the metaverse?
The metaverse is the broad term used to describe digital spaces that exist as a sort of virtual reality. These metaverses work similarly to a video game environment, where people and corporations can build it up as they desire.
Each metaverse is split into “plots,” like plots of land. Corporations and individuals can then buy up these plots and receive a non-fungible token (NFT) as proof of their purchase.
What happens after you buy real estate in the metaverse?
Once people buy up plots of land in the metaverse, they can build it up however they want. Corporations and brands can use their space in the metaverse to advertise their products, which is what happens a lot.
Individuals might buy a plot of metaverse to display other digital assets or have a community spot for other people to exist with them within the metaverse. Right now the metaverse isn’t widely used, but people are investing in the future potential.
How do you buy space in the metaverse?
You have to purchase space in the metaverse with cryptocurrency, depending on which metaverse you’re buying real estate in. Some companies have even begun to offer mortgages for virtual space in the metaverse, while corporations are buying it up as advertising space.
Should you buy space in the metaverse?
People might feel really conflicted about investing money into the metaverse or any sort of NFTs. While some see it as the future, others think it’s a scam.
It’s important to look at all of your options before you commit to purchasing anything within the metaverse. If you do decide to buy real estate, you should treat it as close to a real-life transaction as possible.