Virtual real estate, or land in the metaverse, sold in the form of non-replaceable tokens, is growing in popularity.
You cannot physically visit these properties, but the appeal of this investment is that these assets are secured by tamper-resistant certificates stored on the blockchain.
This trend has caught the attention of people looking to put money into new ways of investing in real estate. People are willing to spend six figures on it in the hopes of making a fortune. Some predict triple-digit growth over the next 16 months.
Virtual real estate is not really a new concept. One of the first companies to enter this space was Metaverse Group, which operates the virtual platform “Decentraland”. But ever since Facebook rebranded as Meta, the idea has sparked huge interest, with investors speculating about the ripple effect on the various metaverse games and their respective crypto tokens.
Homes in the NFT-based worlds of Axie Infinity, Decentraland and The Sandbox are especially popular. The prices of the corresponding cryptocurrencies of these projects have also skyrocketed, with Decentraland’s MANA token rising 4.258% over the past year. Google’s results show that search volumes for these terms have skyrocketed in a very short period of time, with public interest only sparking in recent months.
Virtual land sales exploded in early December, grossing more than $105 million for just four metaverse projects, according to DappRadar. Of that total, gaming platform Sandbox led with $86.56 million in NFT sales, while Decentraland came in second.
The decision on which metaverse token to buy depends on the platform you want to explore. Each virtual world has its own unique token that allows users to purchase digital land.
To access the metaverse, you will most likely need to create a cryptocurrency wallet to hold your digital assets. This allows you to convert fiat money into cryptocurrency via an online payment system. These tokens can be found on the most popular crypto exchanges – including Coinbase, Binance and Gemini – which walk you through a simple process.
Here are some of the most popular tokens you can use to buy a piece of land in the metaverse:
1. EtherSymbol: ETHYTD Revenue: 401% Market Capacity: $448 Billion
2. Axie Infinity Ticker: AXSYTD Yields: 18.016% Market Cap: $6.5 Billion
3. Sandbox Symbol: SANDYTD Yield: 16.853% Market Capacity: $5.6 Billion
4. Decentraland Symbol: MANAYTD Yield: 4.219% Market Capacity: $4.4 Billion
5. GalaSymbol: GALAYTD Revenue: 28.477% Market Capacity: $3.5 Billion
6. Enjin CoinSymbol: ENJYTD Yield: 1.971% Market Capacity: $2.5 Billion
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