Digital real estate and the metaverse are closely related concepts. However, much like other crypto phenomena, media coverage hasn’t offered enough clarification. It’s important to understand the concept of metaverse real estate before making any digital land purchases, just like it is with any other investment. Because of its obvious value and use cases, metaverse real estate is easier to understand than simply artistic non-fungible tokens (NFTs).
In what way does real estate exist in the metaverse?
The phrase “digital real estate” may seem absurd to those who are new to the metaverse. Real estate and the concept of physical property are closely related. However, despite the fact that metaverse blockchain-based real estate isn’t physically present, it nonetheless offers the same, if not stronger, ownership rights over a piece of (digital) land. An entity that represents land ownership in a game, community, or other platform (NFT).
NFTs function much like property deeds in digital real estate since they are non-fungible (each one is unique) and can safely prove digital ownership. An NFT’s market value, which is generated from a variety of criteria, can be exchanged, purchased, and sold.
Your metaverse property can be in a prominent location with lots of online foot traffic. Thereby, making it an ideal location for advertising. The value of the land is further increased by staking advantages and other amenities. Your land’s value will depend on which metaverse platform you’re using.
Some metaverse platforms give you a lot of customizing options so you can design and organize your own environment, activities, and experiences. Examples include Netflix’s programming on Decentraland and The Snoopverse on The Sandbox.