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Purchasing Real Estate in the Metaverse – Why it Matters

real estate in the Metaverse

Hello, and welcome to another post on the Metaverse! Today, we’ll be talking about real estate and why, if you’re ever planning to have a presence in the Metaverse, it matters right now. If you haven’t read our previous posts on this topic, be sure to check them out. You’ll learn a lot more than you think about what’s coming and what’s already there. Grab a warm drink and a blanket, and let’s get this party train rolling!

For purposes of this article, the word land will be used in reference to parcel (which is what a section of “land” is called in the Metaverse).

If you know anything about the Metaverse (if not, please refer to one of our earlier posts on this topic), you’ll know everything there exists on the blockchain. Land is no different. Because of this, the Metaverse has the potential, unlike the real world, to have infinite land available for purchase. They’ve instituted a scarcity clause for now, but who knows if that will hold up in the future. This is just one reason purchasing the land you want, where you want it, as soon as possible, is so very important.

Under twelve months ago, you could buy a small plot of land in Decentraland or the Sandbox for under $1k. That same plot of land today would cost you $13k. To make real estate more affordable for people, micro parcels (tiny bits of land) have been made available.

I bet you’re wondering right now: Why the heck would I want to invest in land that’s not even “real.”

Well, if you’re a homeowner or renter in the real world, you’ll understand. You want a home base, somewhere to call your own where you can have friends over, throw parties, or play games. There’s also the potential for renting out your property to people who want a place to call home or somewhere to hold a major event. Just like in the real world, location will matter above all else. If you’re planning to have a venue to host concerts and other large-gathering events, you want to be where people can see you easiest. Of course, you may want to invest so you have a business office right in the middle of the action.

Right now, there are several ways to buy Metaverse real estate, but as you probably guessed already, it’s all done with cryptocurrency. Ethereum, Sand, and Mana are all options, and opensea.io or nonfungible.com are currently serving as estate agents. You can buy, list, and negotiate there.

There’s even bigger news (shocking, right?). A startup in Canada called NTRY just launched their Metaverse real estate platform last week. They can take you on a virtual tour of Metaverse properties you might like to purchase, and the areas surrounding them, and all you need to be able to participate is a device that connects to the internet. You’ll be able to see several properties, even if they’re far apart, within a short time frame. Architects have detailed plans you can look at, so you’ll know exactly what you’re purchasing, too.

I know what you’re thinking now: How can I afford to buy virtual land when the price is so high already?

TerraZero is the answer. They’ve been providing loans for people to purchase Metaverse real estate since January of this year when they financed a $45k purchase in Decentraland. Of course, there’s been a Metaverse REIT on PancakeSwap since December of 2021, so the entry of TerraZero makes it easier than ever to get into investing or buying Metaverse real estate.

Lots of big-name companies have already invested in the new world, and those might be the people you’ll be paying rent to in the future if you don’t own your own space. Also, if you don’t purchase it now, a year from now it might just be unobtainable for the average person. Prices already increased thirteen times what they were just a year ago. It’s a hot market, and it stands to only grow hotter as time goes on.

I hear so many people talk about how the Metaverse is coming, and how it’ll change the world as we know it, but what those people fail to realize is that the Metaverse already exists. It’s there, and it’s growing faster than anyone thought possible. When Facebook changed their name to Meta, people thought they’d be bringing the Metaverse to life, when in reality, all they plan to do is make it more easily accessible for users and creators. It already exists. I’ve been there, and it’s amazing.

I suppose the big question you need to ask yourself now is: How much would I pay to “live” next door to Snoop Dogg?

That’s all for this post, and I hope you enjoyed reading that and learning about real estate in the Metaverse. All the news mentioned above can be found with a simple online search, but beware of the rabbit hole you might fall down (which is why there are no links to send you there—we may never see you again—haha). If you haven’t checked out our other articles, please do so. You’ll learn a lot, and you might get as excited as I am to see the Metaverse being used on a regular basis. See you next time!

Contributor

Jo Michaels

Marketing Coordinator

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