However, people’s curiosity about it grew since Facebook’s rebranding. The real estate investment firm digital Republic Realm published a comprehensive report on the metaverse’s land sales activity in 2021. The report shows that in November 2021, property sales on the largest Metaverse platforms totaled $187 million, more than double total sales in November 2020. But the general theme is that the metaverse is a virtual world in which users can do what they do in the physical world, such as work, buy and sell goods, and socialize with friends.
Metaverse platforms allow people to further explore digital real estate assets and autonomous economies. The high level of interaction and user experience in the metaverse provides a healthy environment for the virtual economy to flourish. Blockchain technology and the cryptocurrency market will be boosted through regular activity in the metaverse.
For gaming, this brings me a completely new segment of cryptography-GameFi. This category includes all the technological tools that allow content creators to design the experiences that users are looking for. Nowadays, some platforms like Roblox already allow the creation of content without specific coding knowledge. The metaverse should make it possible to develop this concept on a much larger scale using specific tools such as geospatial mapping, 3D drawing, NFTs, etc. Listed companies in a relatively good position to play an important role include Autodesk, Dassault Systèmes, Matterport, Facebook, Nintendo, Roblox or Unity Software. In 2021, property sales on the four major Metaverse platforms-Sandbox, Decentraland, Cryptovoxels and Somnium-reached $501 million, CNBC said, citing a report from METAMETRIC Solutions, a company that deals with metaverse data.
About six months later, the same company bought 792 lots in Sandbox, yet another metaverse, from the video game company Atari for $ 4.23 million. Many of the first buyers of virtual real estate invest double-on the platforms themselves and through personal plays like DAO that buy and develop new land, so their optimism is ultimately selfish. The most popular asset class in recent months has probably been the metaverse, but many investors still have no idea what it is.
Technologists say the metaverse is the next level of the Internet. It is a virtual reality platform where people can play games, connect with friends, attend meetings and even go to virtual concerts. Since Facebook announced it would change its name to Meta and focus on building its own digital world, interest in Metaverse real estate has skyrocketed.
For people, it could mean earning income by playing games or selling products. All metaverses have seen huge interest from users, increasing revenue from the sale of assets around the world, and land prices doubled from an average of $6,000 per plot in mid-2021 to $12,000 per plot by the end of the year, according to a report from Republic Realm. And as DappRadar explained, virtual land NFTs are one of the most attractive aspects of the blockchain-based metaverse because they allow owners to create experiences, stimulating creativity and imagination, while embracing decentralization. They also unlock a monetization aspect, as these virtual plots can be leased to third parties or simply serve as a profitable investment. There is still a lot to know about the viability of the metaverse despite the hype and rush of virtual real estate investors.
Microsoft is preparing to deploy Mesh for Microsoft Teams, a combination of its mixed reality mesh platform and Teams remote collaboration software. Ideally, virtual land platforms incorporate privacy and security of data into products and services, but that is less likely when the legal regulation is not well anchored. NFTs may contain illegal or offensive content and damage the reputation of the users of a platform. Virtual land investors should evaluate the privacy and data security policies and practices of the platforms. With the integration and connection of different systems and platforms, data security concerns will increase, leading to an even greater vulnerability to hackers, fraud and misconduct.
The technology needed to experience the metaverse is far from being accessible to all users, and the developers of the metaverse platforms have not yet launched any more concrete action to maintain the privacy and security of their users. Meta, ushering in the future of the Internet with the Metaverse. Metaverse platforms at that time were just small communities of investors and gamers.
Part of the reason is that “the Metaverse” has no definition whatsoever. Essentially, it’s an online world that’s a mix of virtual reality, social media, and augmented reality, often powered by cryptography. This virtual world has been used by gamers and developers for years, but is rapidly evolving into an online parallel universe where real financial transactions can take place. Also, pop artists like Ariana Grande and Lil Nas X have held virtual concerts in the metaverse, attracting millions of fans from all over the world. The metaverse economy also opens up new investments in real estate. Some investors have paid millions of dollars for “digital land” on metaverse platforms like The Sandbox, hoping to live alongside celebrities like rapper Snoop Dogg.
The Metaverse is an immersive world that combines virtual reality and augmented reality, where users are represented by avatars and wander through virtual spaces. It consists of a variety of platforms and environments that can be explored, experimented and developed. Online social games such as Second Life, Fortnite and Minecraft are among the first wave of successful games of the Metaverse. Now, Meta and Microsoft See the Metaverse metaverse as a place to play, live and work. Proponents argue that NFTs and DeFi will unlock a new market in the Metaverse for scarce digital assets, such as virtual lands, purchased with cryptocurrencies and creative funding. Support for this concept from cryptocurrency users and investors, technology companies and venture capitalists increased in 2021 and was linked to the increase in NFT sales and the rebranding of Facebook to meta.