The Metaverse housing market is nothing fancy (although it sounds that way). Virtual houses or parcels are just pixels on a computer screen. However, that doesn’t discourage virtual real-estate investors from parting with a portion of their income to secure virtual land. Why?
Virtual reale state can be used to create online billboards, casinos, advertising or for online gaming. You may ask what’s so good about virtual real-estate and why should I be interested in it.
It depends on what you will be using this piece of land for. The value of each online real-estate parcel depends on the experience it provides to the user. The better the experience, the more expensive the parcel will be. (just like in real life, no?)
For example, Decentraland, the virtual real estate hub, sells pixeled land for $3500 a parcel. Moreover, the metaverse housing market on Decentraland has accumulated millions of dollars in revenue. They sold a 116-parcel plot for $2.49 million in 2021. Mind you, the millions here are in cryptocurrencies but that could easily translate into dollars if you want to pull out early in the investment stage.
Thus, if you have some tokens gathering dust in your virtual pocket, you can create a profile on Decentraland’s website, and start your online real-estate investment.
The advantages of investing in the metaverse housing market
Many Decentraland users secure virtual land to expand their gaming experience or boost their business.
Say you have a fashion business. Buying a plot on Decentraland is going to provide you with a virtual space to showcase your company’s clothes and accessories in 3D format. That, in turn, will create a better shopping experience for your clients who will probably choose your brand over others because they have already interacted with it online. Your clients and their virtual experience with the brand will bring more clients and create a stronger, more appealing brand. Which leads to more sales.
Decentraland boasts about selling virtual parcels that total $514 million in 2021. This proves that the virtual world still has a lot of appeal when it comes to interacting with a brand and buying its products.
A metaverse experience will probably set your business apart from other fashion companies that can barely present themselves on a website.
Another example of companies that use Decentraland to increase their brand authority is restaurant businesses in Dubai. Plenty of restaurants in the United Arab Emirates have created virtual buildings on Decentraland to take online orders. These orders are delivered in the real world by food-delivery drivers.
Future developments in the Metaverse real estate market
In the future, the metaverse real estate world will create innovative things that will blow anyone’s mind, like:
VR headsets
These headsets are mostly used in gaming to expand the 3D world experience
Language Tools
These tools will provide instant translations of the 3D environment once you’re in Decentraland as a user
Haptic Gloves
This is a future addition to the metaverse real estate market that will be provided by Facebook (or Meta, as it’s currently known). This haptic glove will allow users to experience the metaverse through their touch. For example, with the glove, you can play the guitar in the metaverse.
If the haptic glove becomes a real thing in the metaverse, we could have a virtual guitar session with an avatar of Steve Vai for example who could give us a guitar lesson in his music studio. This digital experience is worth millions of dollars for some sophisticated investors out there. Which is kind of the point of the virtual real estate market.
Author’s Bio
Marlena Bontas is a freelance writer with a passion for health, technology and mental wellbeing. She has an MA in Psychology from the University of Helsinki and is currently travelling. Write her at @MarlenaEeva on Twitter.