Heard people talking about what they own in the metaverse but have no idea what’s possible? In this blog we will simply explain it.
A Simple Explanation Of What You Can Own In The Metaverse
Land and real estate are the big ticket items in the metaverse and you can buy, sell and lease it. But you can also buy and trade cryptocurrencies and NFTs as well as a near endless list of real world and virtual items.
Currency in the Metaverse
To own and buy anything in the metaverse, you’ll need currency.
Blockchain cryptocurrencies – these are your standard decentralized cryptocurrencies like Ether which is used on the Ethereum blockchain, which hosts many metaverses.
Non-blockchain cryptocurrencies – these are essentially tokens that are peculiar to specific metaverses. Decentraland uses MANA. The Sandbox uses SAND. Meta is planning to introduce the “Zuck Buck” which will be exclusive to its platform.
Fiat currencies – you’ll probably use some USD to buy cryptocurrencies to use in the metaverse. Although you might be lucky and find some platforms still accepting them for basic transactions.
Buying Real Estate In The Metaverse
Real estate in the metaverse is selling like the first big rush on Bitcoin and NFTs. Land in the metaverse is sold as “parcels”. And it is selling like crazy. There are more than 600,000 parcels of land in the 10 biggest virtual worlds with already $1.9b worth of sales. The biggest to date was $5m in TCG World made by Frank Curzio’s publishing company Curzio Research. Someone else reportedly recently shelled out $450,000 to be Snoop Dogg’s next door neighbor in the metaverse. The average parcel price in February, 2022 was $16,300, although by June, that had fallen 80% to just $3,300. The challenge right now, just like in the real world, is where to buy? In the real world, we use historical metrics to judge the value of land. But none exist in the metaverse. There’s no guarantee that you could buy the right real estate, but on a platform which ultimately does not flourish or even exist in the future.
What Else Can You Own In The Metaverse?
Just like the real world, the virtual world offers and needs all the same infrastructure. The space is there for anyone to become a developer or real estate tycoon.
Office space – will be needed so people can work together in the same facility .. from home.
Event spaces – whether it’s to host functions, fairs, concerts or sporting events, event spaces could be big money spinners.
Educational facilities – schools and universities will need facilities, making remote learning seem less remote.
Virtual billboards – like Times Square on every corner, virtual billboards will be the metaverse’s answer to pop-up advertising.
What Else Can You Buy In The Metaverse?
Blockchain staples like cryptocurrencies and NFTs are there to be bought and traded in the metaverse but there are so many other potential applications. Shopping will go to the next level. The trick is, you’ll be able to buy both real and virtual goods in the metaverse. Go shopping online for the week’s groceries or have food delivered to you UberEats style. You’re probably already doing this in Web2 now. You could go shopping for those designer brand shoes you want, try them on, buy them with cryptocurrency and have them delivered straight to your door. Or, you could also go shopping for some virtual shoes, so your avatar is keeping up with the latest trends. The same applies to cars – test drive your new wheels online. Or buy a virtual car if you prefer – although most people in the metaverse prefer to teleport! Maybe teleport to the latest show. Concerts will be a big part of the metaverse and already are. But just like in the real world, you’ll need to buy a ticket!
Want To Know More About What You Can Own In Metaverse?
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