Farmers know what land is worth. Because they have to work with it. And in reality, land is scarce and expensive. But now you can also buy soil on the virtual world. Virtual. Agricultural products cannot be produced with it. Despite this, land prices are unimaginably high. And the boom is just getting started, experts believe.
But what is actually behind the land-buying boom on the metaverse? The starting point is apparently the online meta-world, better known as the metaverse. And here it starts. Everyone wants to create new digital worlds that, in the end, can no longer be distinguished from actual life.
And that also applies to the purchase of virtual properties: On metaverse, digital properties are currently changing hands for a lot of money. And trading is not done with play money. The public companies just paid 5 million for a piece of land in The Sandbox for example. Earlier, some digital money firm tokens spent 2.5 million on a property on a platform. According to the crypto network Dapp, real estate for more than 100 million dollars has been sold on the largest Metaverse platforms in just one week. You don’t understand the world anymore. However, investors apparently believe that this time it will work. So that Decentraland and others don’t do the same thing as in Asia’s ghost towns or in second life, real crypto finances have to develop – so the theory goes on. Because without people spending a lot of time and money in the Metaverse, the virtual estate world will not work and the money is wasted. The purchase of virtual land is therefore an idea on the future – with a very uncertain outcome.
But it still has to do with the real estate and land industry. In real life too, land prices not only rise because agricultural products can be produced or homes and parks can be built on the land. Rather, a good part of the money in the real world flows into the real estate industry for speculative reasons. This is shown by the example of Asia, as well as the permanently rising land prices in Europe.
Farmers Can’t Buy Again – Metaverse Is Too Expensive
However, there is one difference between the Metaverse and the land market: While real land cannot be increased for farmers and investors, the virtual world could actually be expanded endlessly. But apparently everyone there also wants to live in country homes.
The study by the monetary portals confirm that the situation is also important in the virtual world. There it says: “As with real estate and land, the macro and micro place also counts in the metaverse”. In the actual world, that means: do you prefer to live in the country, in the big city or next to famous people. It also remains unclear how the land sector will be handled. Is virtual land simply added so that more land area is available? However, the biggest issue is already the virtual land prices.
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