According to research, about $2 billion (£1.75 billion) has been spent on virtual land in the last 12 months as individuals and businesses compete to establish themselves in the metaverse.
However, it will take some time until the metaverse unifies into a unified virtual reality setting. People and businesses are eager to embrace the metaverse even though it will be years before it becomes a single online space where people can do everything from living and playing to working and shopping.
“Display my work”
The avatar created by artist Angie Taylor does not resemble the traditional land tycoon thanks to her enormous dark red Mohican and perpetual cigarette. She belongs to a growing group of people, nevertheless, who are laying claim to brand-new virtual worlds.
“I bought it for showcasing my work, but also for conducting metaverse events that would promote my art, as well as other people’s art.”
Taylor has already established two online marketplaces for the purchase of her artwork. In her gallery, which is housed on her plot in the Voxels universe, she exhibits her peculiar digital artwork.
The size of Angie’s plots is comparable to a small family home (if you compare them to the size of her avatar). The tallest structure has three floors and a roof terrace with a white and blue painted road crossing. Black stripes, as well as a pink taxi that is always driving back and forth for amusement.
But from the air, you can truly appreciate the size of this planet.
“Hold down the F key and you can fly up to see my neighborhood.”
Thousands of identical boxes of land stretching to the horizon can be seen over her gallery.
One of the many virtual worlds that identify as metaverses is voxels. People frequently refer to “the metaverse” as if there were just one, which is perplexing. Companies are selling land and experiences in their versions until one platform begins to dominate or these separate worlds come together.
According to metaverse analysts DappRadar, $1.93 billion in cryptocurrencies has been used to purchase virtual land in the last year alone, with $22 million of that amount going toward purchasing around 3,000 Voxel pieces of land. Because Voxels is based on the Ethereum cryptocurrency system, which, like all virtual currencies, logs and publishes every transaction on a public blockchain, DappRadar can keep an eye on this.
Real Estate Investing in the Metaverse
The four steps to purchasing property in the metaverse. These are the four stages you must do to buy metaverse real estate.
1. Start a transaction
Open an exchange to add local money and purchase cryptocurrency. Don’t be scared if this is your first time utilizing an exchange; videos and detailed instructions are provided on how to fund your exchange. Exchanges you may trust include Binance, Gemini, Kucoin, and Coinbase.
2. Establish a virtual wallet
Make a cryptocurrency wallet that will enable you to buy the property you’re interested in. The most well-known is MetaMask for the Chrome browser, but you can also choose Fortmatic or Coinbase Wallet.
3. Study area
Choose the platform you’d want to use to buy real estate, then sign up by linking your wallet. Currently, The Sandbox is a well-liked platform where companies, brands, and celebrities like Snoop Dogg and Paris Hilton have their territory; alternative platforms include Decentraland, Voxels, Worldwide Webb, and Traverse.
4. To purchase NFTs, open a marketplace account.
You’ll frequently need to buy land on the secondary market. Before you go shopping, it’s a good idea to register an OpenSea.io account by connecting your Chrome browser wallet.
The metaverse corporation presently supports a wide range of blockchain gaming initiatives and metaverse businesses, like Sky Mavis, the makers of Axie Infinity.
It raised an additional $110 million in September 2022 to fund projects and goods related to the metaverse.
Additional Businesses Investing in the Metaverse
Nike invested substantially in the metaverse in 2021, founding Nikeland on Roblox and becoming one of the most well-known companies to do so. Nickel had been visited by nearly 21 million people as of September 2022, indicating that creating a virtual realm inside of Roblox was a wise choice.
The partnership between Walmart and Roblox has resulted in the creation of two metaverse experiences: Walmart Land and Walmart’s Universe of Play. This strategy is similar to that of Nike.
With the promise of a virtual music festival, games, and virtual goods that resemble those that shoppers will find in Walmart shops, the retail company established itself as an official metaverse company.
Adidas has entered the metaverse with its first NFT items, which were unveiled in December 2021, even if there isn’t an actual “Adidas land.”
30,000 NFTs were sold within a few hours after going on sale, netting the firm somewhere about $22 million.
How To Purchase Metaverse Coin
It’s simple to figure out how to purchase metaverse cryptocurrency. It necessitates having a fundamental understanding of how cryptocurrency exchanges work. You can purchase metaverse coins by following these simple steps even if you’ve never used a cryptocurrency exchange before:
Step 1: Register with a cryptocurrency exchange (Coinbase, Binance, etc.)
Step 2: Verify your payment information
Step 3: Choose the metaverse token you wish to purchase, check the price on the market, and click “buy.
Who is the Metaverse’s owner?
Mark Zuckerberg, the CEO, and founder of Facebook is the owner of the Facebook Metaverse.
Is Metaverse an actual business?
The word “Metaverse” gained popularity when Facebook announced intentions to invest at least $10 billion in the concept that year and changed its corporate name to Meta in October 2021. Along with Meta, other major technology players including Google, Microsoft, Nvidia, and Qualcomm are investing billions of dollars in the idea.
How many businesses operate in the Metaverse?
According to a report on the metaverse by market researcher Newzoo, during a year, the number of companies working on the metaverse increased from 200 in July 2021 to more than 500 at this time.