Why you should buy land in the Metaverse
The metaverse is one of the most popular concepts in technology right now. The metaverse is a notion of a more immersive, digital future where users may utilize avatars to explore diverse, online 3D worlds using virtual reality as the next generation of the internet.
Singer Daler Mehndi purchased land in this virtual world and named it Balle Balle. He bought his land to build a store, host concerts, and parties, and gain much profit. The Daler Mehndi Store, which will sell products as Non-Fungible Tokens or NFTs, will open shortly on this virtual property.
If you want to buy land and want to gain profit from it then your income from the virtual land will be taxed in the real world.
However, technological trends and developing technologies are not the only things that are changing, people are also changing their perspectives on what to expect from these technologies.
The metaverse refers to a digital world where people will meet to work, play, and hang out. It is a concept for the next phase of the internet’s growth. Some of those online places will be immersive 3D experiences that will need the use of unique eyewear. Others will take place on a computer monitor.
Some of the best Metaverse market places are Upland, Decentraland, Sandbox, Axie Infinity, Gala Games, STEPN, and many more, and are all working on new methods to interact online. In the following years, you’ll hear a lot more about the metaverse.
Worldwide, the daily average screen time of a person is 6 hours and 57 minutes for internet-connected activities, as per news/research reports. Thus, companies are spending billions of dollars to create a virtual world that can give users better and more engaging experiences during this screen time.
Companies will need virtual space to display their goods or to conduct events. The virtual land will be in that space. The worldwide metaverse real estate market is predicted to increase at a CAGR of 31.2 per cent between 2022 and 2028, according to an international market research analysis.
Most Metaverse, like actual land, will have a finite amount of land. Rarity and scarcity, according to economic theory, lead to value appreciation.
NFT follows the same logic. Nike released 20,000 virtual shoes, 98 of which were limited edition, making them collectables. A pair of virtual Nike shoes sold for $130,000. Metaverse markets integrate virtual reality, blockchain, and Non-Fungible Token (NFT) technologies to build a virtual area and sell items.
The Decentraland Metaverse’s lands are measured in tiles, which are the lowest measurable unit and cannot be broken down anymore. Each tile has its own address (Block Id) and geolocation (Longitude/Latitude), making it non-fungible.
Fungible refers to anything that can be replaced. Fungibility is a quality of a thing or commodity that allows it to be replaced by a similar item. If you swap one cryptocurrency for another or fiat cash, you will end up with the same amount of money.
Finally, to conclude the way one should think about Metaverse Land.
In today’s day and age how if someone wants to start an online business or any commercial activity you need a website and for that you need to first head over to a domain reseller who will sell you these domains.
Similar to this, once a 3D Internet takes over you will need Metaverse Land in order to set up your 3D shop or store with a unique experience and to conduct commercial activity. Metaverse land would be the domain name URL of Web 3.0 which people will either have to already own, buy in the secondary marketplace, or rent in the future. Depending on the Metaverse, the digital footfall (or rather active users), how popular that metaverse is, and lastly if the amount of available land is limited.
You be the arbiter of the truth – our readers of The Metaverse Street Journal!