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- Metaverse technology still under construction, and a huge chunk of the population does not realize its potential.
- Digital Real Estate is not so different from the physical world in which we live.
- A LAND was sold in SandBox for a whopping $4.3 million.
The Digital LAND
It’s a very low probability that someone has not heard of this Metaverse technology. After all, it is highly popularized in movies, sci-fi novels, podcasts, and even games. For those who still don’t know, Metaverse is in this universe where you live digitally. You can think of it as a virtual network of real persons on the platform as avatars. Don’t get too demoralized if you still don’t understand what it is because the truth is: No one does.
It is a technology still under construction, and a huge chunk of the population does not realize its potential.
Come to think of it, it is not so different from the physical world we live in. Just like we have real estate, Metaverse contains these properties too. Interestingly, these properties can be bought and sold easily in this virtual world, also known as the LAND.
This LAND represents what’s known as digital real estate. And if you think that’s weird, listen to this: Just like in the physical universe, some land values in some locations are costlier or less expensive than others.
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What’s The Difference Between Real and Virtual Land
If you want to know, how much can a person pay for land that doesn’t exist? Well, you should know that currently, Sandbox and Decentraland, two of the most famous Metaverse we have in this world right now, hold land far more expensive than the real world.
A LAND was sold in SandBox for a whopping $4.3 million. Can you believe it!
Even Decentraland has a few plots that sold multiple millions of dollars.
Some of the greatest differences between real and digital real estates are:
- Scarcity
As we know, physical space is limited by the Atomic Law: Matter can neither be created nor destroyed. But in Metaverse, there is no physical matter in the first place. This leads to unlimited real estate provided virtually.
- Limited Data Available
Metaverse is still just in the beginning stage and needs to be developed a lot. Whereas physical real estate is something we have been dealing with for millions of years.
- Risk of being Closed
Because Metaverse doesn’t exist in reality, there is always a chance that the whole world will get closed down. This is because it is controlled by a company that can go bankrupt or struggles with financial issues.
Anyway, Metaverse is a very powerful industry. The majority of the world believes it will shape our reality in a massive and impactful way. Let’s see where it will lead us.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
