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Metaverse News: Virtual real estate is as valuable as physical real estate

By Kajoli Anand Puri | Published on 24 Nov 2021
HIGHLIGHTS
  • A parcel of land was sold in Decentraland for Rs 17 Crore recently

  • In June, a different buyer purchased land worth around 6.7 Crore to build a mall

  • Land in Decentraland is sold in the form of NFTs

Metaverse News: Virtual real estate is as valuable as physical real estate
Metaverse News: Virtual real estate is as valuable as physical real estate

Now that we’re getting closer to a reality where virtual lives can be as rich as ‘real’ ones, virtual real estate is, for lack of a better term, poppin’ off the charts. Recently, a plot of land in Decentraland (which is an online world) sold for a cool USD 2.4 million (or Rs 17 Crore ). Decentraland is a world where you can walk around, interact with other people’s avatars, visit buildings, and presumably live your entire life as the technology continues to evolve. With Facebook developing haptic sensors that will let you feel items you touch in the metaverse, the next phase of human colonisation may not be Mars - it might just be the internet. 

Metaverse News: Virtual real estate is as valuable as physical real estate

Why are people buying land in Decentraland?

Of course, we’re still a bit further away from Ready Player One becoming a reality. As of now, people are buying land in this virtual world as a speculative investment. The parcel of land that sold for USD 2.4 million was purchased by the Metaverse Group, a subsidiary of Tokens.com. It has been purchased in an area called Fashion Street, where one can attend digital fashion events and buy clothes for one’s avatars.

This isn’t the first time virtual real estate has been sold in Decentraland - in June, a buyer purchased a plot of land with the intention to build a shopping mall. This was priced at around USD $913,228 (roughly Rs. 6.7 crore). 

What is Decentraland?

What is Decentraland?

Land and other investment assets are sold in the form of Non Fungible Tokens (NFTs) and fall under the umbrella of crypto assets, making them a worthwhile investment particularly now that Meta has plans to speed up the creation of the Metaverse. MANA, which is the digital currency used in Decentraland, however, is rather volatile when compared to other cryptocurrency coins, and may suit investors with a high risk appetite. 

Also Read: El Salvador plans world's first Bitcoin city, to be powered by a Volcano and funded by Bitcoin bonds

Kajoli Anand Puri
Kajoli Anand Puri

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About Me: Kajoli is a tech-enthusiast with a soft-spot for smart kitchen and home appliances. She loves exploring gadgets and gizmos that are designed to make life simpler, but also secretly fears a world run by AI. Oh wait, we’re already there. Read More

Tags:
metaverse virtual real estate plot decentraland virtual reality crypto crypto coin cryptocurrency bitcoin
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