The next Fifth Avenue?
“Creators of virtual worlds and the contents within are monetizing things that have not previously existed.”
Virtual Monopoly?
PeopleImages / Getty Images
Virtual real estate is part of a growing interest in the metaverse, a virtual online environment.
Facebook recentlychanged its name to Metato reflect its focus on developing virtual reality products for this new online space.
One area thats hot right now is a throw in of metaverse that uses blockchain like Decentraland.
Viaframe / Getty Images
Cryptocurrency speculators are snapping up virtual land in blockchain environments.
In Decentraland, the currency of choice is a cryptocurrency called MANA.
The real estate purchase was in the heart of the Fashion Street district within Decentraland.
Stroll Down a Virtual Road
The future looks bright for virtual land grabs, some observers say.
“In the short term, the Metaverse will most definitely give retail a boost,” Mermelstein said.
Monetizing virtual real estate is no different than a virtual car or virtual clothes.
“With virtual real estate, the formula has been redesigned.
If you’re going to buy virtual land, choose carefully, experts say.
There’s an old saying in the real estate world that it’s all about location.
Viaframe / Getty Images
“The status symbol of today may be worthless tomorrow,” he added.
