Metaverse real estate sold with cryptocurrency

Metaverse real estate sold with cryptocurrency

The metaverse is getting hotter. Not as hot as tasty food or  Finnish saunas. This fictitious virtual world is heating up with the real estate market. Because lately he's been alone.

If you have enough money and courage, you can now buy  digital  land on the metaverse. Of course, there is no single metaverse. Just as websites are part of the great World Wide Web,  Meta (née Facebook) and many other companies are creating their own virtual worlds where soon people will  gather as  digital avatars to play games, buy things and make purchases. interact. with advertisements.

The emerging real estate market for these 3D spaces in virtual reality, including everything from virtual concert venues and shopping malls to homes and monuments heralds a future where digital asset owners can collaborate with brands that want to exist in the various iterations of the metaverse. do. . ... 
 

One of the first companies to enter the digital real estate business is the Metaverse Group, which operates a virtual world called Decentraland. Last week, Metaverse Group's parent company, Token.com, announced that "116 properties in the heart of Decentraland's Fashion Street" had been sold for  about $2.5 million. The new owner of this property next to Fashion Street could benefit if Louis Vuitton wants to open a store there. He could actually be the  virtual homeowner of the brand. 
 

Technically, this transaction with Decentraland  did not involve real money. The digital asset was sold for 618,000 mana, a kind of cryptocurrency used by Decentraland. Loudly speaking, "mana" is actually very similar to the first syllable "Monopoly money". "Imagine coming to New York when  you had the opportunity to get a block of Soho when it was farmland," Michael Gord, co-founder of 
 Metaverse Group, recently told The New York Times. “If someone wants to buy a block of real estate in Soho today, it is not on the market and is priceless. It's the same in the metaverse." 
 

All of this sounds a little crazy. Who is going to  pay real money for a right to a part of the virtual world that doesn't fully exist  and doesn't even exist in the real world? Well, if you've been paying  attention to the NFT craze or the  boom in cryptocurrencies in recent years, expect that many are investing millions of dollars in digital assets and others will want to pay  more  in the future. ...these land grabs in the metaverse occur under  similar assumptions. But what makes the metaverse real estate boom even more tempting is the idea that owning digital land allows you  to rent or make money through advertising. 
 

The concept of metaverse in its most basic form is not very different from the early days of the Internet. Since the late 1980s, Common Programming Language for the Internet (HTML) has allowed people to create websites that either host content or provide services to users, and eventually, when a website has attracted enough of these users,  site owners can sell advertisements. Or you could  charge a fee.

Fees to cash everything out. The main difference, of course, is that the internet is designed for free, while the metaverse seems to be designed to be owned by large corporations. For example, just before  Facebook announced it would change its name to Meta,  Mark Zuckerberg told investors that the company expects to spend more than $10 billion on the Metaverse project this year alone. It is difficult for anyone to compete with that amount of money. 
 

But many companies are working on it. In addition to Decentraland, you can now buy digital land on the metaverse under names like Somnium Space,  Sandbox, and Upland. A company called Spotselfie, which is currently running an augmented reality app, will soon use a new feature called Spotland that will allow you to purchase virtual properties linked to real GPS coordinates.

Basically, just like the mana used in Decentraland, you use Spotselfie-issued tokens to buy the rights to a radius around your GPS coordinates using cryptocurrencies specific to this metaverse, and then if Spotselfie decides to sell your ads there. place, you get a discount. The main difference here is that Spotselfie's metaverse is designed for augmented reality, not virtual reality. To view the metaverse, simply point your phone camera at the real world and Spotland overlays the  digital world, advertisements, and everything else on your screen. 
 

This could be the future. If  mixed reality glasses become a reality (some analysts think  Apple will launch mixed reality glasses in 2022), we can walk around gazing at the huge clash between the real world and the digital world. And while many companies are struggling to claim their rights, it's unclear who exactly  will own the space. For example, Spotselfie co-founder Ray Shingler hopes  his technology will bring the democratic spirit of Web 1.0  to the early metaverse by giving users the ability to buy now. 
 

Schingler told Recode, "You're trying to figure out a way for the user to actually get something  and  actually control the metaverse while they're in the app." "Because if we don't get it under control quickly, we'll either lose to Facebook or lose to our twin brother," he said. (He mentions Cameron and Tyler Winklevoss, who recently raised $400 million in funding for the metaverse project.) 
 But if  the metaverse is truly the  answer to the 21st century web, you can buy your work now. But hurry up. The market is almost hot.