The New York Times reported that “…real estate investing in the metaverse still is highly speculative, and no one knows for sure whether this boom is the next big thing or the next big bubble.” The November 30, 2021 article entitled “Investors Snap Up Metaverse Real Estate in a Virtual Land Boom” included these comments:
Technologists believe the metaverse will grow into a fully functioning economy in a few short years and offer a synchronous digital experience that will be as integrated into our lives as email and social networking are today.
Money in these digital worlds is cryptocurrency, as finance in the metaverse is powered by the blockchain — a digitally distributed public ledger that eliminates the need for a third party, like a bank.
Anyone entering a virtual world can buy or trade art, music and even homes as nonfungible tokens, or NFTs, which are blockchain-based collectibles that are digital representations of real-world items.
The NFT serves as proof of ownership and is not interchangeable.
And in recent months, the volume of transactions for commercial real estate in the metaverse has ramped up.
This will be interesting to follow…so please stay tune about the Metaverse!