What is Metaverse Real estate? Indian Virtual Land Becomes Real Deal
Metaverse real estate is one of the most exciting things that we've been dealing with for some time. It's real estate that is virtual, where parcels of land are sold. And, it's less new than you think. People have been working on it and building whole worlds for a very long time."
It's less new than you think. People have been working on it and building whole worlds for a very long time.
— Mark E. Rose, Chairman and CEO, Avison Youn
Virtual land can be built upon to create experiences that lend themselves to advertising, marketing, socialising and entertainment. The type of properties that are being built in this virtual environment includes corporate headquarters, billboards and casinos where games can be played online by 3D avatars. The value of each plot of land depends on the experience it provides, as well as other factors, such as collectability, platform popularity and market sentiment.
It’s not the land itself that’s important, it’s the experience you build on top of that land,” explains Hamilton. “Just like in the real world, different parts of the Decentraland, different parts of the city, are more in demand than others – like where all the nightclubs are, or where all the casinos are – if you can park your experience there, it’s much more valuable than somewhere else on the map.”
Real estate developers and companies with technology think that more Indians will want to buy virtual property on the metaverse platform. Some companies have already made plans for virtual cities. When singer Daler Mehndi said he would buy virtual land, investors got excited, said executives in the industry.
“This is something that will always be interesting. “Anyone can make a platform and sell virtual land, but the price will depend on how good the virtual world is,” said Ashish Agarwal, co-founder of Lepasa, making virtual cities.
Over 416 sq. km, the company wants to build 15–20 different cities. Each city will have a different theme.
Experts said that digital real estate looks promising. People who have invested in cryptocurrency will invest in virtual land.“People want to get away from reality more and more, and real estate in the metaverse is a great way to do that. Technology can always play a big part in making transactions go more smoothly and keeping customers’ needs in mind. “It can never replace the basic idea of home,” said Ankit Kansal, managing director of 360 Realtors