What is really behind the land buying boom on the metaverse? The starting point is apparently the digital world – better known as the metaverse. And here it starts. Apparently there is not only the worlds invented by social media. Everyone wants to create new digital worlds that, in the end, can no longer be distinguished from real life.
And that also applies to the purchase of virtual properties: on the Sandbox, digital properties are currently changing hands for millions. And trading is not done with play money. The companies pay millions for a piece of land in the Sandbox. According to the crypto network Dapp, real estate for more than 100 million dollars has been sold on the largest Metaverse sites in just one week. You don’t understand the world anymore.
Real estate was not built with the intention of creating living space, but to resell it more expensively through an increase in value. Experts believe that we may see very similar scenarios in the virtual real estate market. There are already examples of this: a first attempt was made with Second Life to build a metaverse. Even then, many companies had spent real money on virtual properties and businesses. But in the end, the dream of the great future world was quickly shattered. Nobody wanted to live in the virtual world, on virtual land, in virtual homes.
Metaverse Is Too Expensive
However, there is one difference between the Metaverse and the land market: While land cannot be increased for farmers and investors, the virtual world could actually be expanded endlessly. The study by the finance platforms confirm that the situation is also important in the digital world. There it says: “As with estate and land, the macro and micro place also counts in the metaverse”. In the real world, that means: do you prefer to live in the country, in the big city or next to famous people. It also remains unclear how the land market will be handled. Is virtual land simply added so that more land area is available? However, the biggest problem is already the virtual land prices.
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