The metaverse — a growing number of immersive virtual online worlds where users live and play — has become a hot topic of real estate speculation. Investors are betting on it being an integral part of a possible paradigm shift in how we use the internet.
According to consultancy firm McKinsey, corporations, venture capitalists and private equity invested $120 billion in the metaverse between January and May 2022, more than double the $57 billion invested in 2021.
The real estate market in the metaverse is projected to pass $5 billion by 2026. This is the prediction of the latest metaverse report by Technavio, a global market research firm.
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What is a metaverse real estate NFT?
In real life, we use deeds and titles to prove ownership of the land we own. In the metaverse, we use blockchain technology (ledger) to keep track of ownership records in the form of an NFT, or non-fungible token. This refers to an asset that has a unique code and metadata with no other asset holding equal value. Assets are bought and sold with cryptocurrencies using blockchain technology, ensuring the transaction is incredibly secure and ownership cannot be counterfeited.
By purchasing a metaverse real estate NFT plot, you are purchasing a one-of-a-kind asset that is unique to you and you alone. Unlike cookie-cutter homes that exist in every neighborhood, your metaverse plot is unlike any other. This allows you to develop and use the plot as you please and is only limited by your imagination.
Metaverse Real Estate Market to Grow Exponentially
As the metaverse becomes a more living, tangible breathing world, more and more people will be interested in becoming part of its social ecosystem. The real estate market in the metaverse is affected by this popularity. A recent study produced by Technavio, a global market research firm, predicts exponential growth in the value of this market.
The report, which also studies other factors related to this new market, estimates that the value of virtual real estate will grow by $5.36 billion by 2026. This expansion will be fueled by two factors. First, the metaverse will gradually move towards a more mixed reality experience, giving more value to these platforms in which visitors can inhabit, taking annotations and decoding tags for different application-specific purposes.
The second reason has to do with the popularity of cryptocurrencies, which will make this kind of property more approachable and easy to purchase in order to sell or rent, allowing its owners to obtain a passive income.