INSUBCONTINENT EXCLUSIVE:
Real people interact with each other in these virtual worlds as cartoon-like characters called avatarsWhile the overall crypto market is on
a downward trajectory this year, there is a part of it that is continuing its bull run
Investors have maintained their faith in the virtual real estate sector, buying and selling properties in the so-called Metaverse
People are paying huge money to buy a property that they can't actually touch, feel or visit
Yet, there has been a growing interest in owning something that isn't real
Buying even a small plot, say of 1,000 square feet, can go for as much as $2,00,000 (roughly Rs
1.52 crores) in the virtual world.The digital real estate craze has gained so much momentum that even mainstream investors and real estate
companies are now getting into the business
Experts say the interest in purchasing the Metaverse land is increasing because it carries the concept of intrinsic value from the real
world.Real people interact with each other in these virtual worlds as cartoon-like characters called avatars
players in the segment include Sandbox, Decentraland, Cryptovoxels, and Somnium
Real estate sales on the platforms had reached $501 million in 2021 and analysts believe it is likely to cross $1 billion this year
Rap legend Snoop Dogg has already announced a partnership with Sandbox
The partnership will allow the rapper to invite fans into his virtual mansion for either to take part in a pool party, view his collection
of NFT art and cars, as well as play with his dogs.The location appears to be the key that is driving this real estate world
When entering the Metaverse, people tend to visit areas that have a large crowd
Thus, these areas command a higher price
A person recently paid as high as $4,50,000 (roughly Rs
3.43 crores) to be Soon Dogg's neighbour in the virtual world
There is no way that person can find a place next to the rapper's home in the real world for that money
So, the promise of an exclusive experience is another factor that's driving this craze.
