Becoming a landlord in a virtual universe might seem like a ridiculous concept, something that only happens in books and movies. Yet, land in the virtual world does exist and users are currently using real money to buy Metaverse real estate. Of course, gamers and crypto enthusiasts will be excited to be given a chance to own a parcel of land in the Metaverse real estate, but there are still many who are reluctant to dip their feet into Metaverse real estate.
You have probably heard about the change of Facebook’s name to Meta; this event brought the concept of Metaverse to the forefront of mainstream media. However, Metaverse did not just emerge. In fact, discussion on the Metaverse has been going on for quite some time.
What Is the Metaverse?
Microsoft, through its Mesh project, is creating a Metaverse designed to facilitate team collaboration. The aforementioned changing of Facebook’s name to Meta, coupled with the proposed $10 billion investment into the Metaverse by the company, has recently increased attention from the public towards the Metaverse. Despite this, it is difficult to pin down the exact definition of the concept.
The word Metaverse was coined in 1992 by Neal Stephenson in his novel titled “Snow Crash”. The Metaverse is the scaled version of the internet and often referred to as web3, the future of the internet. Metaverse is seen by some as the way the internet shall evolve to allow people to interact and carry out real world activities virtually. Simply put, the Metaverse seeks to seamlessly merge the real world with the virtual world.
The Metaverse encompasses virtual reality, augmented reality, and the real world with a goal to provide digital 3D spaces that people can own and rent space in, amongst other commodities. The Metaverse is the fusion of augmented reality, virtual reality, and economy in an immersive environment which is enjoyable and profitable to people. Additionally, it is impossible to discuss the Metaverse without also discussing NFTs, also known as non-fungible tokens. This is because access to the Metaverse virtual world is deeply connected to NFTs and the blockchain. People are represented with avatars on the Metaverse and purchase and access NFTs to buy and sell commodities, mostly digital land spaces.
Although the application of Metaverse is relatively new, it will evolve to become a chain of interconnected Metaverses where people can play, transact and earn, but most importantly own, lease, and rent virtual real estate.
Why Should You Buy Metaverse Real Estate?
You might be wondering why you need to buy land in the virtual world when you cannot physically live there. Metaverse real estate surpasses buying land just for the sake of building an apartment complex to live in. It is in itself a form of investment. You can build a virtual shopping mall, monuments, and concerts venues that can be rented to generate a consistent stream of income. Early adopters of cryptocurrency are cashing out right now and the same applies to those who own Metaverse real estate. Other reasons you must absolutely buy Metaverse real estate include the following:
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- The Metaverse has garnered attention from commercial brands:
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It’s not just Facebook and Microsoft that understand the benefit of investing in this new, but evolving, virtual world. Fortune-500 fashion brands like Nike and Gucci are also getting involved in the Metaverse frenzy. Nike recently acquired RTFKT, a company specializing in the manufacturing of virtual sneakers in the Metaverse. It has also partnered with the gaming company Roblox. Their aim is to sell virtual, branded sneakers and apparel in the Metaverse. Other commercial brands like Coca-Cola, Marriot, Taco Bell, Dolce & Gabbana, and even Hyundai are creating their own NFTs and stepping into the Metaverse world.
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- It is the future of social interaction and interoperability:
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Since many brands now snap up land in the Metaverse, there will be many Metaverses in the future that will interoperate, in order to offer everything and anything that an individual consumer could want. Although it might cost a significant amount of money to be one of the owners of plots of land in the Metaverse, it will likely be worthwhile in the long run, as the amount of virtual land decreases and value and demand increases. The investment becomes worth it because you can make your money back by leasing or selling the space. Better still, you can sell ads in your virtual universe and earn a profit.
What Coins Can You Use to Buy Metaverse Real Estate?
Before you can buy Metaverse real estate, you need a Metaverse coin wallet and Metaverse coin. As more people become aware of Metaverse real estate and its associated benefits, Metaverse platforms like Sandbox and Decentraland are gaining millions of dollars in profit from virtual universe ownership. Some of the top coins to buy Metaverse real estate include:
1) MANA (from Decentraland)
MANA is the native token of Decentraland and it is one of the most popular Metaverse coins that is gaining traction. MANA is one of the top earners in the Metaverse world according to DappRadar. MANA is used to buy plots of land on Decentraland and it has a limited supply of 2.2 billion coins. Decentraland recently sold a plot of land for $2.43 million, which is equivalent to 618,000 MANA. You can get MANA on such exchanges like Binance, Huobi, and Coinbase.
2) SAND (Sandbox)
Sandbox is a virtual universe built on the Ethereum blockchain for users to maximize their gaming experience. SAND is the native cryptocurrency of Sandbox. Snoop Dog has already created an empire on Sandbox, known as the Snoopverse, and it is attracting many investors. Recently, a collector bought $450,000 worth of land to become Snoop Dog’s neighbor on Sandbox. This, coupled with a favorable SAND coin price prediction, has made SAND one of the best coins to use when buying Metaverse real estate. You can get SAND on major exchanges like Gemini and Binance.
3) AXS (Axie Infinity)
As the native coin of Axie Infinity, players of the game can use AXS to buy NFTs in the Metaverse. You can buy AXS on digital marketplaces like Gemini and Coinbase or earn it by raising digital pets known as Axies on the ecosystem. Many gamers have reported making lots of money from Axie Infinity, as the platform is beyond owning and leasing land plots but a more immersive gaming experience focused on the play-to-earn gaming style. Furthermore, the number of users has surged by 5,000% due to its increase in popularity among investors.
4) CUBE (Somnium Space)
Somnium Space is a virtual reality application with CUBE as its native token. Somnium Space allows users to create and trade virtual universes, as well as NFTs, using CUBE. You can customize your avatar, buy and develop land parcels, all the while enjoying the virtual reality experience. Somnium Space’s CUBE reached its all-time high with a 74% rise in November and has consistently witnessed higher patronage in the acquisition of its land PARCELs.
5) Cryptovoxels
Along with the coins mentioned above, Cryptovoxels is one of the most profitable Metaverses to build a virtual universe in. Crptovoxels prides itself as a user-owned virtual world. Based on the Ethereum Blockchain, Cryptovoxels was created to allow users to simply build and design their virtual universe to suit their tastes. Initially, COLR was the platform’s native cryptocurrency developed to add colors to blocks. However, the platform does not currently have a native coin and Ethereum can be used to buy parcels on the ecosystem.
Wrapping Up
Metaverse real estate might seem like a bubble due to the attention surrounding it and since it is relatively new. You may be right to be skeptical, as there have been many failed cryptocurrency projects in recent times. However, the Metaverse is not just a project; it is a way to blur the lines between the virtual and the real world and it is here to stay. Get a Metaverse coin wallet and grab plots of land today before it is too late.
Featured Image: Megapixl
