Real estate is booming, not necessarily in Manhattan or Florida. but in a virtual world known as the metaverse. This 3D world contains a wide variety of digital assets for sale, one of which is metaverse real estate.
Metaverse real estate contains several digital platforms, each of which has its own currency and culture. Some of the most popular platforms for virtual real estate investors include Decentraland, The Sandbox and Somnium Space. Real deeds in the form of non-fungible tokens (NFTs) secure virtual real estate ownership. Upon buying digital real estate, your purchase is recorded on the blockchain and the NFT is transferred to your digital wallet.
What is metaverse real estate?
Digital land consists of a large unoccupied space. The size of a digital land parcel depends on the platform you choose. In Decentraland, a parcel measures the equivalent of 52 feet by 52 feet, while in the Sandbox it consists of 315 feet by 315 feet.In the metaverse you can also find virtual estates for sale. Estates are properties that contain virtual land in addition to another asset. The asset may be a building, a silo, a sign, or more parcels of land. These items, which are combined into one unit and bound in a NFT deed, are considered single properties.
The ELAND Protocol is designed to access the Etherland marketplace and mobile applications for virtual lands. ELAND is the native utility token used to:access the Etherland platform, buy LAND ID NFTs on the Etherland Marketplace, and receive a Carbon Credit Reward for tokenized real estates.
The Etherland marketplace constitutes the NFT market for all minted real estate NFTs. Due to the fact that each NFT represents an actual place, owners of the token have the right to monetize it. Each NFT is worth a certain amount of Eland. Based on the price set in the marketplace, purchasers pay NFT owners an agreed upon sum to buy the asset.
The MANA token is the in-game currency of Decentraland which also serves as the platform’s cryptocurrency. MANA is an ERC-20 token that enables users to buy or trade land and pay for assets or services within the metaverse.
MANA is the second-largest gaming crypto after Axie Infinity. On January 1st, 2021 MANA was valued at about $0.08. Within a year it was trading at over $5. However, as of January 2022, the token has consolidated at just over $3.
MANA and SAND are currently considered the leading cryptocurrencies in the metaverse because they are the units of currency most often used to purchase metaverse real estate in Decentraland and The Sandbox.
The Sandbox is software based on Ethereum that operates a decentralized virtual gaming world. The Sandbox is a game in which players can buy digital plots of land, called LAND, and create experiences upon them to share with other users.
SAND tokens are used for various transactions that are part of the game. In addition to LAND purchase, SAND is utilized to interact with user-generated content, and it can be staked to take part in the governance of the DAO. Developers are able to innovate within the Sandbox’s platform by designing the animation and interactions taking place on their virtual real estate.
Since October 2021, The Sandbox has gained over 1120%, while Mana gained around 323%.
Investing in real estate in the metaverse
Is it safe to invest in metaverse real estate? Like any other crypto-related investment, be sure to study current virtual real estate trends and developments carefully. Learn as much as you can about the various platforms before making even the smallest investment.
Take into account that many people investing in this space are interested in growing their long-term NFT holdings. It is likely that investors believe that the value of crypto real estate will grow over time, which could make it a solid investment for the future.