Like traditional real estate which often maintains value even during tough economic times, metaverse properties continue to boom despite ebbs and flows in crypto. Now traditional investors are noticing, says a real estate specialist
Mark Zuckerberg might claim the Metaverse is the future — but in the eyes of others, the future has already begun. Science fiction author Neal Stephenson coined the term “Metaverse” back in his 1994 novel,. Within the pages, the main character, Hiro Protagonist, navigates through the virtual world.
Since 2003, millions have also worked, played and socialized in the Metaverse within the online Second Life world. While the game, with a heyday in the first decade of the 2000s and featuring some blocky graphics is a far cry from the modernCurrently, Decentraland is arguably, incentivizing a global network of users to buy and sell digital real estate, explore, interact and play games.
It’s becoming increasingly clear that commercial real estate in the metaverse is going to play a huge part in the global real estate industry in the years to come. In fall 2021, Tokens.coma letter of intent to buy a 50% stake in a digital real estate portfolio owned by Metaverse Group, which then plans to market the offerings as the first REIT for digital real estate. The Metaverse Group believes that a public listing could come in 2022 or 2023.
The popularity of buying and selling digital property means companies like the Metaverse Group work, for the most part, on the same type of tasks related to buying, selling and marketing as a traditional real estate company. As prices rise and buyers seem frenzied over virtual land — some express skepticism that investing in digital real estate will prove to be prudent down the road.
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