The term metaverse first appeared in 1994, to reappear extensively recently to denote a virtual world that attracts many who are interested in the field of real estate in particular.
What is the meaning of the term “metaverse”?
The word is made up of two parts, the first being Meta meaning “beyond” and the second term “Verse” derived from “Universe” to have the overall meaning “beyond the world”.
The history of the virtual world
“Metaverse” is not a modern term, it was used decades ago, specifically in 1992 by the writer Neil Stevenson in his famous novel “Snow Crash”, and the technology of the virtual world was later used in the form of online games.
Nowadays, the term gained fame through the founder of Facebook, “Mark Zuckerberg”, who worked to create a virtual world parallel to the real world, which he named “Metaverse”.
Technology now allows people to exist through metaverses in a virtual life parallel to real life, and the matter is no longer limited to games but has expanded to the possibility of traveling through digital platforms in which there are places of entertainment and workplaces, doing business as well as making purchases and sales, and more, the most popular tradings are the real estate. All the user has to do is to wear virtual reality headsets or log in through the phone and design their character to plunge into this world
Metaverse Real Estate
Metaverse real estate has witnessed a great demand thus became of equivalent importance to the real estate sector in the physical world. Major companies and many people have rushed to invest and buy metaverse properties. Recently, Tokens.com real estate company has purchased land in the platform Decentraland with an estimated worth of nearly $2.5 million, and celebrities have invested millions in metaverses such as American singer Snoop Dogg.
Cost of investing in Metaverses
The price that you will pay to buy a piece of metaverse property depends on the same factors that you will adopt if you are to buy a piece of land in the physical world such as location, area, view, available infrastructure in the region, and future investment opportunities.
For example, a piece of land was purchased in Decentraland in December 2017 for only $453, and the buyer sold it in August 2020 for an amount of $26 thousand, and you can imagine the amount of profit that was achieved during this short period!
These virtual lands are purchased by NFT technology “Non-fungible Token Technology”.
Is buying a property in metaverse an adventure?
As mentioned earlier, there are many examples of people who have made great profits in the world of metaverses by investing in metaverse property, with the possibility of obtaining greater profits over time, especially with the noticeable increase in prices witnessed in the real estate market in metaverses, but there are also great opportunities for loss, the metaphysical world is a digital world that may turn into a digital ghost at any time, with no guarantees of losses that individuals may incur!
In conclusion, the real tangible investment on the ground is the optimal and surest investment, as it brings the investor real profits that increase in value with time, and there is no room for adventure in the real world of investment on the contrary to investing in the world of metaverses.