Virtual real estate in the metaverse that’s sold in the form of non-fungible coins is growing in popularity.
You cannot physically visit any of these properties, however the allure of this type of investment lies in the assets being supported by forgery-proof certificates that are stored on the blockchain.
This trend has been getting the attention of those trying to deploy money into new methods of investing in real estate. Some investors are paying six figures for some of the virtual real estate, betting that they will make a fortune. Some predict triple-digit growth within the next 16 months.
Virtual real estate is not really a new idea. Metaverse Group was One of the first businesses that entered the space, which manages the virtual ‘Decentraland’ platform. However, ever since Facebook changed its name to Meta, the idea has gotten immense interest.
Real Estate in the NFT-based worlds of Decentraland, the sandbox and Axie Infinity are especially popular. Corresponding crypto prices of these projects have jumped as well, with Decentraland’s MANA coin up about 4,258% in the past year. Google results reveal search volumes for those terms jumped in just a short period, with public interest increasing only in recent months.
Sales of virtual land was great at the start of Dec., with just four metaverse projects bringing in over $105 million in sales, according to DappRadar. Of those sales, the gaming platform Sandbox was in the lead with about $86.56 million in NFT sales and Decentraland came in second place.
The decision to pick which metaverse coin to buy depends on which platform you want to explore. Each of these virtual worlds have its own unique tokens allowing its users to purchase digital land.
To access the metaverse, you’ll most likely have to set up a crypto wallet to keep your digital assets in. This lets you convert fiat money into crypto via an online payment system. These coins can be found on some of the most popular cryptocurrency exchanges including Binance, Gemini and Coinbase.
The six most popular tokens you could use to purchase a plot of land in the metaverse are Ether, Axie Infinity, Sandbox, Decentraland, Gala, Enjin Coin.
Author: Steven Sinclaire