As the metaverse becomes more and more mainstream, people are scrambling to participate in any way they can. The metaverse is thought to become (and already is becoming) the next big thing for enthused investors that aren’t afraid to dip their toe in a bit of risk, since it promises to be a popular place for users of all ages and backgrounds to gather and participate in events like concerts, shows, art galleries, and many other experiences. If you are unsure of what the metaverse actually is, I urge you to read our previous blog for more context.
Purchasing land is the most obvious way to join the metaverse as an investor. While it is not the same as buying a physical home or building to rent or to live in, depending on the widespread popularity of the metaverse, investing now can be an extremely lucrative decision. Think of the 4.5 billion people who use the internet regularly, if only 1/2 of those people started participating in the metaverse in the future and were interested in buying land, your investment could grow substantially. As with any investment, there are risks and potential losses at play, so it is vital to stay informed and evaluate your options before making a decision.
The two most popular-and-populated- metaverses are Decentraland, which started in 2017, and Sandbox, which was launched two years later in 2019. There are new virtual lands being created almost every month, so those are not the only option when it comes to investing. But how exactly do you purchase land? This is where cryptocurrency comes into play. Your first step is to buy the cryptocurrency associated with your chosen metaverse and then transfer your crypto to a crypto wallet. There are several options available, such as MetaMask or the Trust Wallet, but make sure to check whether the wallet supports the cryptocurrency that you will use to buy virtual land. Next, you choose the metaverse you’d like to purchase land in, or if you’d rather buy through a third party, OpenSea is the most popular platform to use. OpenSea allows you to shop around without constantly switching between platforms. There you can compare prices, amenities, and assess value based on the virtual neighborhood the plot is in, much like you would on a real estate listing platform like StreetEasy or an MLS system.The growth of blockchain ledgers has generated new metaverses that make it relatively easy for people to buy land. The digital property deeds or non-fungible tokens (NFTs), that represent ownership are recorded on blockchains, allowing them to be sold again in the future. Your NFT is basically proof of purchase.
Anyone can decide to invest on their own, but there are also virtual real estate firms making large land purchases within different metaverses. In November, Metaverse Group, a virtual real estate firm located in the real-life city of Toronto, spent $2.5 million on 116 blocks of virtual land in Decentraland's fashion district. Their reasoning being that if more people join the metaverse, the value of parcels in Decentraland will rise and allow for popular brands and companies to start producing advertisements, kind of like a digital version of Times Square. Metaverse Groups co-owner stated “We're doing something similar but at an earlier stage. We're pre-purchasing advertising space." Much like purchasing a billboard decades ago in Times Square, the monetary gain the Metaverse Group will see in the coming years will grow.
One way you can participate in the virtual land boom is to create a metaverse for your business and sell land to investors. This may sound like a daunting, scary task, but it is not impossible. At View Labs, we create custom-designed virtual experiences that utilize our core technologies: 360° Video, 360 Meet, AVR, and Interactive Video. We develop virtual spaces that allow you to expand your business into the metaverse, resulting in extended brand presence and new revenue streams. If you are interested in learning more, do not hesitate to reach out for a consultation where we can assess the option of expanding your business into the metaverse together.
The other way— and this is very exciting news— is to purchase land in View Labs’ very own metaverse. With our founding enterprise partners, we are building a metaverse based on content and e-commerce. The world will be overflowing with visual appeal and immersive entertainment. 96,000 plots of land will be available for purchase, and instead of only allowing cryptocurrency transactions, we will allow users to purchase land with USD. To learn more about our Metaverse project, or to find out how you can be a part of it, contact us directly.