Who Owns the Metaverse Land
Nowadays, it appears that almost anything is available.
What about digital real estate, though? When you hear the phrase “virtual world,” you know it’s referring to the metaverse. But isn’t there also a real state in the metaverse? It sounds a little unusual, but also exciting. Here’s a look at who owns the metaverse and how it works.
The metaverse is still a relatively new concept. Investments in it are fraught with danger. As with any other investment or business venture, you must conduct thorough research before deciding to accept risks.
We give you a comprehensive overview of metaverse real estate and who owns metaverse land.
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Who Owns the Metaverse Land
The Big Four own the vast majority of metaverse land.
Some of the key players in the metaverse economy include Decentraland, Sandbox, Somnium Space, and Cryptovoxels. These platforms own 268,645 parcels, including some of the most expensive on the market.
Using the Ethereum network, a 3D VR platform called Decentraland was created. Land parcel ownership is indicated by LAND NFTs that include the specific grid coordinates and a link to the parcel’s specifics. To purchase LAND, users must first acquire MANA tokens, which can also be used to purchase in-world goods and services.
In the virtual world of Decentraland, districts are grouped together and each one contains a specific type of material. These areas are open to users for interaction, viewing content, and sharing. These districts provide more targeted traffic to creators and brands, allowing them to reach more niche consumers with their content.
Sandbox now controls the majority of metaverse real estate, accounting for approximately 62% of the market. LAND here currently costs an average of $11,000, with quality lots selling for between $20,000 and $30,000. You can buy or rent virtual rooms for a variety of purposes. There are a variety of family homes, businesses, art galleries, and hangout spots.
The UGC-voxel platform was built by the community for the community. Sandbox developers and gamers buy, sell, and trade voxel works. They buy LAND and build experiences on it. They can also profit from these experiences by exchanging NFTs for SAND, Sandbox’s utility token.
Cryptovoxels will be familiar to anyone who has played Minecraft. In this virtual world, you purchase land and build structures with monochromatic blocks. To personalize your designs, add colors and other elements that you can purchase with native $COLR tokens. The platform also includes chat, avatar, and editing tools.
Creators and corporations can purchase digitized land on which to build galleries and shops displaying carefully selected offerings. A lot at Cryptovoxels now costs $5,000 on average, but costs can exceed $10,000 depending on the size and location of the property. Land ownership, like in other virtual worlds, is permanently recorded on the Ethereum blockchain.
Somnium Space, a blockchain virtual reality metaverse, was entirely created by users. Users can access the 3D virtual world via computers and mobile devices, resulting in rich VR experiences.
The virtual area is divided into small, medium, and extra-large sections. Choose from the waterfront or roadside estates to create your own sanctuary. By importing items such as avatars, you can monetize your digital assets.
In-game items and real estate in Somnium are tokenized. To authenticate and record ownership, the Solana and Ethereum blockchains are used. A parcel in Somnium Space costs an average of $11,500. The most expensive lot in February 2022 sold for $43,100. If you want to buy a package but don’t have the funds
Metaverse Real Estate Investing
You can purchase metaverse property in the same way that you would an NFT. Properties are bought and sold on a digital platform called the “metaverse,” which combines augmented reality and virtual reality to create a virtual environment. A metaverse platform connects the digital and physical worlds, according to the idea. Sandbox, for example, is a metaverse platform that manifests as a game and a virtual environment. Unlike traditional video games, where players must simply progress through all of the levels to complete the game, Sandbox allows players to stake a claim to the entire planet. Plots of “land” are bought, sold, and traded.
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What Is the Value of Property in the Metaverse?
Virtual real estate values fluctuate according to demand, but they have been on the rise so far. Decentraland, one of the “big four” metaverse real estate owners, held its first auction in 2017, with a plot of land costing only $20. By 2021, they were selling for $6,000, and by the beginning of 2022, their price had risen to around $15,000. The size of a parcel in the Metaverse is determined by the pixel count of a plot, which is 106 yards by 106 yards.
As more people use the platform, the price of a metaverse property may continue to rise indefinitely. There will be exceptions to the rule that the majority of homes cost between $6,000 and $100,000. For example, one of the largest purchases was a $450,000 purchase of a