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Virtual real estate refers to the ownership of digital land or property within virtual worlds, often called metaverses. These properties are purchased with cryptocurrency and exist solely online. Well-known brands such as Adidas, HSBC, and J.P. Morgan have invested in virtual real estate. Popular platforms for buying virtual land include Decentraland and The Sandbox, where users can buy, sell, and develop virtual properties.
Virtual real estate can be monetized through various means, such as leasing for events, selling, or creating digital art galleries. Transactions are secured by non-fungible tokens (NFTs) on blockchain technology, ensuring authenticity and ownership. Despite the potential for profit, the market remains volatile due to the fluctuating value of cryptocurrencies. Investors are advised to proceed with caution, as the industry grows alongside the expanding metaverse economy.[1][2]
Despite the growing popularity of virtual real estate, it remains a speculative and volatile market of virtual economy. Cryptocurrency, which is commonly used for transactions, is known for its price fluctuations. As such, potential investors are advised to invest cautiously and be prepared for potential losses. Nevertheless, the increasing involvement of major companies, the rise in virtual event hosting, and the growing number of social activities within the metaverse indicate that virtual real estate may become an integral part of the future digital economy[3]
References
edit- ^ "Commercial Real Estate Industry Adjusts to Metaverse Real Estate". natlawreview.com. Retrieved 2024-09-19.
- ^ Frank, Robert (2022-02-01). "Metaverse real estate sales top $500 million, and are projected to double this year". CNBC. Retrieved 2024-09-19.
- ^ Weiss, Cody (2021-05-07). "How blockchain will change real estate - Blog". HonestDoor. Retrieved 2024-09-19.