There’s a land rush happening in virtual spaces, where developers are grabbing up real estate to build immersive, digital shopping districts they’re pitching as the future of e-commerce.
Gamers have traded pixelated property and other digital assets for years. Now the activity has been turbocharged by the growth of unique digital artefacts known as non-fungible tokens (nfts), and by the hype around the metaverse—a emerging virtual market which could, depending on whom you ask, ultimately generate revenues of between $1trn and $30trn.
“I feel very, very confident about this,” Kiguel told USA TODAY. “I think we’re going to see a quick appreciation and monetize renting that land and space very soon.”
Andrew Kiguel, Tokens.com co-founder and CEO, joins ‘Crypto Night in America’ to discuss investing in the metaverse real estate.
The sale of virtual real estate within the metaverse platforms, which include the buying and selling of lands, buildings, and virtual stores through companies relying on blockchain technology, is on the rise.
Investment firms are getting in early on digital land, betting values will rise as many people join in.
The metaverse or virtual universe is yet to be fully developed, but has already become a hotspot of deal activities. Brands, individuals and influencers are increasingly involved in the development of the metaverse where people can do everything from shopping to even attending events or concerts through their digital avatars.
Transactions for properties in digital realms are jumping, guided by the same principle in the physical world: location, location, location.
It’s not just Facebook: The metaverse has piqued interest from entities ranging from sportswear giant Adidas to Barbados’ Ministry of Foreign Affairs.
The latest hot real-estate market isn’t on the scenic coasts or in balmy Sunbelt cities. It’s in the metaverse, where gamers are flocking and digital property sales are setting new records.
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