Gaming has now reached newer dimensions, as elements of the metaverse, NFT, and other aspects of virtual tech are being explored to add fun and monetary elements. With the metaverse becoming a part of the augmented reality that tech companies are bringing to create the next stage of blockchain MMO. The metaverse world now has some well-known takers, including many tech giants trying to engage this element into their work scope. It will add to what they are already providing to their clients.
Pricing of virtual lands
The creation of digital lands that metaverse real estate represents virtual spaces that can be programmed and allow the buyers practically a place to conduct all kinds of activities. Buying virtual land may be as similar to buying a real one. The price is decided by the size, and landmarks, like well-known corporations or properties owned by celebrities, often cause the rates to rise.
A forecast for virtual real estate shows a great upswing with a 31% growth rate in the next 5-6 years. The reason for the virtual world to be upbeat is how the metaverse has become part of pop culture in the past few years. The price value of the virtual property may also be above the market value due to the potential use cases. The land that is being bought happens to be at VR street. The land gets to be priced more due to the option of being in the limelight more. Since it can grab eyeballs easily, it can be commercialized by the buyer to get more display opportunities.
Sizes and purchase criteria
Here, the platform’s popularity can elevate the prices so that the platform that the users widely use can get better prices for their land in the metaverse. The buyer can convert the space into anything they want, such as the NFT marketplace. The virtual spaces are created for an immersive experience, and spatial computing allows the 3D Avatar interaction. These digital assets can be monetized at a point in time. Every size of the land is available and is referred to as parcel sizes such as extra-large, medium, and small properties that could be on the waterfront or roadside is the buyer’s choice.
Purchasing virtual spaces can be possible using cryptocurrencies. The land is saved as an NFT, which is the buyer’s asset that can be saved on the blockchain and later, if the buyer wishes, can exchange it for another item. They can also be part of NFT games, such as the Ethereum-based game Illuvium: Zero. , Shibu Inu Metaverse, Decentraland, etc.
Investment in digital assets
Purchasing virtual lands is worth billions of dollars, and each has its price and method of buying specified. Some of the lands get auctioned, and some require basic coding skills or use popular crypto trading platforms. The parcels of virtual spaces rake up more money when big corporations invest in them, and celebrities happen to own some of the NFTs leveraging the metaverse real estate prices.
Various kinds of metaverse virtual lands can be used for specified purposes, such as art galleries, hangout spots, family homes, and commercial spaces. And these ’experiences’ can be monetized by the seller. The buyer has the freedom to sell, trade, and buy along with the experiences because the readers must be reminded that this virtual reality is all about the immersive experience, as mentioned earlier.