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Millionaire investments within the Metaverse
To many it may sound absurd spending thousands and even millions of dollars on "land" in a virtual world.
This is what has happened within the metaverse, where many companies have invested very high amounts to acquire virtual land within this digital world.
The first to invest in the metaverse have been:
Price Waterhouse Coopers, a business consulting company, is one of the companies that has invested the most in the real estate market of The Sandbox, a virtual platform where participants can make friends, go to concerts or play games.
A few days ago a person bought a plot for $450,000 within the Snoopverse, a virtual world created by Snoop Dogg within The Sandbox.
In addition, various sources indicate that the PwC company paid a huge amount for land within the metaverse, although the full amount was not disclosed.
A company focused on the metaverse economics called the Metaverse Group, paid $2.43 million for a space within Decentralad.
Big companies like Nike and Microsoft have already announced that they will make their investments soon.
What the virtual world implies
In October 2021, Facebook announced the name change of its company to Meta.
The Metaverse represents a dream of an interconnected 3D virtual world, where the real and digital universe are coordinated with each other through virtual reality (VR) and augmented reality (AR).
Access will be through applications for smartphones, virtual reality glasses or augmented reality.
Using previously created avatars, users will be able to communicate with each other and develop many activities, in addition to creating content.
The main idea of the metaverse is that it becomes a cooperative virtual space where we can mix, play, work and learn. Like The Sandbox and Decentraland, there are already many worlds and games developed within this world.
Just as the internet is part of a worldwide network, individual metaverses will be part of a main connected universe. As in real life, it is currently possible to make purchases within the metaverse, such as homes, land, or vehicles.
Payment methods
Transactions within the metaverse will be made through cryptocurrencies and NFT (Non-Fungible Token), the latter being the main currency within the digital world. Being a unique asset, the NFT will serve to monetize and make payments.
Although an NFT can be a video, an image or some 3D object, it is also true that virtual properties can have a very high value.
In OpenSea, the platform used to buy and sell NFT, virtual houses and land have been added within the metaverse.
Currently, Decentraland is made up of 90,000 “parcels of land” approximately 15.5 meters each and their value is currently increasing.
Republic Realm, a digital real estate company, in mid-2021 spent approximately $900,000 on a parcel in Decentraland, according to portals that are dedicated to tracking the movements of NFTs, it was the largest purchase of a parcel in Decentraland.
The reason for the investments
Leaving aside economic motivations, there is great doubt worldwide about what companies and people will do or can do with these virtual properties.
The Metaverse Group, made the purchase of its plots in the fashionable area of Decentraland, according to the buyer the space will be useful for mass fashion events, as well as the sale of clothing for users to buy for their avatars.
Although these spaces are dominated by large companies and investors, not all the "digital parcels" of the metaverse will cost millions. A virtual field can offer, apart from economic benefits, many activities in it.
Saving the differences, when a house is purchased in physical form, apart from the economic benefits that the owner may perceive by placing it for rent, it gives you the opportunity to live and carry out all the day-to-day activities.
Although virtual properties do not offer you physical shelter, you will be able to: build in them, buy land to expand your home or buy another home, personalize your home with objects of your liking and receive or visit friends to their digital properties within the metaverse.
Although it seems a very distant vision and something absurd, a few years ago the whole world doubted the ability to connect people through the internet, and currently 88% of the world's population has access to social networks.
Experts assure that the metaverse will become a fully operational economy in the coming years, just as they predict that it will be a digital necessity synchronized with our lives, such as social networks, email or digital communication.
