Several platforms, specifically, NFT gaming marketplaces like Sandbox and Decentraland, are already making it possible to own a piece of virtual land. In the future, it is expected that landowners will be able to commercialize their land, rent it out, or trade it for NFTs. the possibilities are endless.
How does Metaverse real estate work?
As of now, virtual land is primarily being used for gaming and socialization. These lands may be invaluable to progress in a game as seen in games like Axie Infinity. Apart from this, landowners can host events on their property. With concerts and conferences already being held in the metaverse, business in the virtual real estate sector may boom for this very reason.
NFT sports marketplaces, too, are keen to make use of virtual real estate. With this concept, fans may be able to interact with each other in virtual rooms. Stadiums are, of course, the biggest draw in the sports metaverse. Soon, it may be possible to immerse yourself in a sport from the comfort of your couch.
Real estate in the metaverse is already a thriving asset, especially in NFT gaming marketplaces. Celebrities like Snoop Dogg, too, have invested in virtual real estate calling attention to its scope. However, the future of virtual estate is quite uncertain and it would do well to thoroughly investigate your options before buying land in the metaverse.