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e-location e-location e-location: Digital frontier metaverse is hot property

It is believed that the metaverse will be the no.1 social network in the world. It will also be where e-real estate sells fast and furious

A virtual yacht built in the metaverse for the online game The Sandbox was recently sold for $650,000 Tokens.com, a blockchain company focused on NFTs and metaverse real estate, acquired 50% of Metaverse Group SuperWorld, a virtual real estate platform, offers 64.8 billion plots of land, each for sale as an NFT

Those who played the video games like Fortnite, Animal Crossing, and the Roblox universe can claim they had exposure to metaverse realms.

It is believed that the metaverse will be the no.1 social network in the world. It will also be where e-real estate sells fast and furious.

The new real estate market

The latest hot real-estate market is in the metaverse, where gamers are flocking and digital property sales are setting new records.

A growing number of investment firms are acquiring digital land in worlds such as the Sandbox and Decentraland, where players simulate real-life pursuits, from shopping to attending a concert. They are betting that individuals and companies will spend money to use or buy virtual homes and retail space and that the value of properties will increase as more people join the metaverse worlds.

The metaverse hype

Justin Bieber performed at a live concert recently, but the show wasn’t in a stadium or an arena. The concert was held in the metaverse. Global fans of the singer watched his avatar sing songs from his hit album “Justice.” Investors were also watching looking to snap up concert venues, shopping malls, and other properties in the metaverse.

A virtual yacht built in the metaverse for the online game The Sandbox was recently sold for $650,000 (149 ETH), making it the most expensive item ever sold on the platform, Business Insider reported. 

The mega yacht dubbed Metaflower would be a prized possession in the real world. It features a DJ booth, helicopter landing pads, and a hot tub among the few listed amenities, and has three decks to entertain your guests.  

Interest in this digital universe took off when Mark Zuckerberg recently announced that Facebook would be known as Meta. The global market for goods and services in the metaverse will soon be worth $1 trillion, according to the digital currency investor Grayscale.

Money in these digital worlds is cryptocurrency, as finance in the metaverse is powered by the blockchain. Anyone entering a virtual world can buy or trade art, music, and even homes as nonfungible tokens, or NFTs.

Trending: Real estate deals

In recent months, the volume of transactions for commercial real estate in the metaverse has ramped up.

In October, Tokens.com, a blockchain technology company focused on NFTs and metaverse real estate, acquired 50% of Metaverse Group, one of the world’s first virtual real estate companies, for about $1.7 million. Metaverse Group is based in Toronto but has virtual headquarters in a world called Decentraland in Crypto Valley, which is the metaverse’s answer to Silicon Valley. Decentraland also has districts for shopping, fashion, and the arts.

Since that acquisition, Tokens.com has broken digital ground on a tower in Decentraland. Louis Vuitton, Gucci, Burberry, and other luxury brands have already entered the metaverse via NFTs, a move that makes company executives optimistic that the Tokens.com tower will soon generate revenue from leases and advertising for brands like these.

The Metaverse Group has a real estate investment trust, and it plans to build a portfolio of properties in Decentraland as well as other realms including Somnium SpaceSandbox, and Upland. The internet may be infinite, but virtual real estate is not — Decentraland, for example, is 90,000 parcels of land, each roughly 50 feet by 50 feet.  

Tokens.com closed a large land deal in Decentraland’s fashion district for roughly $2.5 million. The company, which says the real estate transaction was the largest in metaverse history, plans to develop the area into a virtual commerce hub for luxury fashion brands, à la Rodeo Drive or Fifth Avenue.

SuperWorld, a virtual real estate platform mapped over the entire face of the globe, offers 64.8 billion plots of land, each for sale as an NFT.  

Republic Realm, a digital real estate investment firm, reportedly purchased a non-fungible token, or NFT, for nearly $1 million last June, representing a plot on Decentraland. The plot comprised 259 parcels or around 16 acres of digital land, and the purchase price was slightly higher than the average home price in Manhattan

Axie Infinity is a play-to-earn gaming platform and recently it said one of its Genesis Land plots had just sold for more than $2.3 million at the time.     

Ian Culley, a cryptocurrency analyst, evaluated the Decentraland price trend and set a target of $8.80 for the next leg up. 

Michaël van de Poppe, a cryptocurrency analyst and YouTuber, predicted that the MANA price could drop to $3.20 and present opportunities for long-term trades. The analyst recommends looking for scalping opportunities and expects Decentraland price to recover.