Celebrities and early speculators are buying up land that doesn’t even exist in the real world. Metaverse real estate is a concept that most people find mind-boggling.
So, what exactly is the metaverse, you ask?
The metaverse, according to experts, is the next step in the evolution of the internet. Play games, meet friends, attend meetings, and even attend virtual concerts on this virtual reality platform. A surge in demand for metaverse real estate began after Facebook announced it would change its name to Meta and focus on building a digital world.
According to MetaMetrics Solutions, real estate sales in the metaverse will top $500 million in 2021 and more than double in 2022.
Virtual land purchasers must pay a fee
According to nonfungible.com, the average value of a real estate parcel in The Sandbox metaverse platform was $2,620 in mid-October. After Facebook’s announcement, the price jumped to $11,042 within a month.