Imagine someone paying $6000 to buy just one 16 x 16 meter square of land. And that too a virtual land in the metaverse that doesn’t exist physically. It might sound crazy, but this is happening in the world of metaverse. So, in this post I am here to debunk Why Metaverse Virtual Land is selling for millions?
Metaverse Virtual land is selling for millions due to its unlimited way you can use, increase in prices and traffic daily, scarcity, investment opportunity, etc. There are many more reasons which you need no know in details.
In this blog post, I will explain why the craze of virtual land in metaverse is such a craze in the market. In addition, I will also list amount of land available in some of the major metaverse platform.
- VIRTUAL LAND
- CRAZE OF BUYING VIRTUAL LAND
- WHY METAVERSE VIRTUAL LAND IS SELLING FOR MILLIONS?
- UNLIMITED USES OF METAVERSE VIRTUAL LAND
- METAVERSE VIRTUAL LAND IS AN INVESTMENT
- METAVERSE VIRTUAL LAND IS LIMITED
- TRAFFIC POTENTIAL IN METAVERSE
- METAVERSE VIRTUAL LAND IS AN NFT
- PRICES OF VIRTUAL LAND TO INCREASES STEADILY
- MAJOR BRAND RUSHING TO METAVERSE
- HASSLE FREE BUYING AND SELLING OF METAVERSE VIRTUAL LAND.
- FEAR OF MISSING OUT (FOMO)
Virtual land is a piece of real estate you can buy on any metaverse platform. Virtual land is an NFT and is added to your wallet. Virtual Land is like the next destination for digital ownership.
If you are not familiar with the metaverse, I will describe what a metaverse is in simple words. Metaverse is just a virtual reality where you can go to do anything like real life and experience things. If you want to know what metaverse is going to be and like ? You can find reference in a 2018 movie by Steven Spielberg called Ready Player One.
CRAZE OF BUYING VIRTUAL LAND
Many companies and individuals are buying metaverse virtual land. I will share some of the news that made it to the headlines about virtual land.
- Repulic Realm, a metaverse real estate firm, paid $4.3 million for plots of land in The Sandbox.
- The Metaverse Group, a company focused in metaverse economy, bought a land in decentraland for US$2.43 million
- An individual bought of land near Snoop Dogg virtual land in The Sandbox for US$450K
WHY METAVERSE VIRTUAL LAND IS SELLING FOR MILLIONS?
The people buying land in the metaverse know the value of virtual land and what the future holds. 1-2 years before virtual land was just a hoax or bubble to most of the people. But, at the end of 2021, it became the next big thing in technology. Virtual Land or Real Estate in metaverse will affect the future in many ways.
According to me, there are 7 big reasons why metaverse virtual land is selling for millions. I will explain them one by one in detail. The reason are listed below.
- Unlimited Uses of Metaverse Virtual Land
- Metaverse Virtual Land as an Investment
- Traffic potential in metaverse
- Metaverse Virtual Land is an NFT
- Prices of Virtual Land to increase Steadily
- Major Brand Rushing to buy virtual land
- Hassle Free Buying and Selling of Virtual Land
- Fear of Missing Out (FOMO)
UNLIMITED USES OF METAVERSE VIRTUAL LAND
Metaverse is the next big technology to come. Everyone is going to spend most of their time in the metaverse. They are going to do everything virtually here like shopping, playing, working, etc.
So, for all the activities, virtual infrastructure is going to boom. And for this purpose land is needed. If you buy a virtual land in metaverse, you will definitely benefit in the future.
I can imagine the following things you can do with the virtual land you buy in metaverse.
- Sell it for higher price
- Rent it to someone
- Build some infrastructure like mall, art gallery, house, etc
- Partnering with real world companies for advertising
You can do all the things with a virtual land in the metaverse similar to your physical land.
METAVERSE VIRTUAL LAND IS AN INVESTMENT
Owning a land in the metaverse is not just only for social status. You can monetize your virtual land in any creative way you can think of. This land will give a good amount of returns. It will be an investment.
How about partnering with a real world pizza franchise. You can literally set up a pizza shop in the metaverse where the users can order pizza with crypto and it will be delivered to them in real address.
METAVERSE VIRTUAL LAND IS LIMITED
Just like land in the physical world is limited, so is it in the metaverse. There are many metaverses as of now and many are being developed. But some of them are going to thrive in the future.
Major popular metaverse like decentraland, the sandbox, axie infinity, etc have virtual land but they are limited. This makes the metaverse virtual land more valuable. I am going to list the amount of land made available for the users in the major metaverses.
|Name of Metaverse
|Total Plots of Land
|Size of each plot
|16 x 16 meters
|96 x 96 meters
|9 x 19 meters
|200,600 and 1500 sq. meter
|512 x 512
But a burning question arises. How can you be sure that Metaverse developers will not make new land and make your land less valuable? This cannot happen if the metaverse is or will be controlled by its community. In decentraland, the users or token holders of Decentraland i.e MANA are part of DAO. DAO decides and controls the Decentraland.
TRAFFIC POTENTIAL IN METAVERSE
The active users in the metaverse platform increased to 20X times from 2020 to the end of 2021. Metaverse is dubbed as the next social media platform. Everyone is going to spend most of their time in the metaverse.
So, there will be a lot of users in the metaverse doing many things. You can build your virtual land in the metaverse to be the center place of the users. You can build an amusement park in your land and sell tickets in cryptocurrency, build shopping malls, etc. I have already explained the unlimited use case of metaverse virtual land before in this post.
As the traffic or users increases in the metaverse, your land will become more valuable and your income will skyrocket.
METAVERSE VIRTUAL LAND IS AN NFT
Every block of metaverse virtual land is represented by an NFT Token. This NFT will be added to your wallet. This NFT is like the registration paper of your land. You are the owner of that land and no one can claim the land that’s theirs. You are the absolute owner of the virtual land of metaverse and you can do anything with the land.
PRICES OF VIRTUAL LAND TO INCREASES STEADILY
The price of virtual land is increasing day by day. It will rise spontaneously in the time to come. Price of metaverse virtual land has increased a s much as 500% after Facebook changed its name to Meta.
Many artist like Justin Beiber, Ariana Grande, DJ Marshmello, etc are performing in metaverse.This have fueled the craze for metaverse.
MAJOR BRAND RUSHING TO METAVERSE
Many famous brands like Samsung, Nike, Gucci are rushing into metaverse to open their store or display their collections. This has made the land in the metaverse to reach its height. More brands are racing into the metaverse. This will even skyrocket the price of metaverse virtual land
- Samsung has opened its virtual store in Decentraland.
- Hyundai Motor COmpany launched Mobility Adventure, a metaverse space in Roblox. It highlighted Hyundai’s Motor products and future.
- Balenciaga launched its collection of clothes in Fortnite
- Nike has reported to hire a director of Metaverse.
HASSLE FREE BUYING AND SELLING OF METAVERSE VIRTUAL LAND.
If you wish to buy and sell any physical land. You have to throw a lot of work, there will be a lot of restrictions and it can take a lot of time.
But, in the metaverse you can transfer, sell or buy any metaverse virtual land seamlessly and instantly any time you wish and with anybody in the world.
You can buy Metaverse Virtual land form two places
- From the Metaverse platform itself
- Secondary NFT Marketplace like Opensea, Rarrible, Solsea,etc
FEAR OF MISSING OUT (FOMO)
After Facebook changed its name to Meta and announced that Facebook is going to be a metaverse company. The craze for metaverse spiked to the next level. Everyone became aware that the metaverse is going to be the next big technology.
Most of the people are buying metaverse digital land in the fear of missing out from the next big technology. Land in the metaverse is being treated as an investment opportunity. And I am bullish about it.
Metaverse Virtual Land is real and it is here to stay for decades to come. So, many companies and individuals are pouring their hard earned money into it. But, you have to wait and see which metaverse is going to thrive in the future.
Summing up, I have already explained in detail why metaverse virtual land is selling for millions. All the points have valid reasons and are going to give good returns to the buyers. Please comment and provide your suggestions. I will be coming up with a lot more information on virtual lands.