The dawn of the metaverse is officially upon us, which means immersive gaming, socializing, and property sales are now virtually available. Our reality is going digital through Web3. The concept of valuing assets in the digital world is still mind-boggling to most. How does one actually own non-tangible real estate, and what is its purpose of it? Technically speaking, digital real estate, also known as virtual lands, serves as a place for individuals to coexist in the metaverse.. Digital identities can build restaurants, homes, recreational areas and everything else here, just as we do in reality. Speaking in real estate terms, there are multiple revenue streams in digital real estate. Firstly, investors can purchase a plot of land and build with limited boundaries. For example, Snoop Dogg is currently developing a “Snoopverse”, his own virtual world in the metaverse, on Sandbox, which he claims is “the future of virtual hangouts, NFT drops, and exclusive concerts,”.Although intangible, property in the metaverse can definitely be profitable. In June 2021, a piece of land sold for more than $900,000 in Decentraland, one of the metaverses’ most popular digital real estate platforms. So how exactly does one become a property developer in the metaverse? Unlike traditional real estate, appraisals are unjustified, thanks to the blockchain, but there are still opportunities to negotiate on price. Most digital real estate platforms al...
