People have been eager to obtain real estate and real property since the beginning of the pandemic. Interest rates had dropped significantly and there was a shortage of land and homes with very limited inventory for nearly two years.
The impact on supply and demand made property sales skyrocket across the nation. However, many people don’t realize that real property was not the only market where buyers were looking for property to launch their businesses. Companies as well as new entrepreneurs sought an opportunity in the metaverse to build their businesses.
The concept is virtual real estate.
The metaverse is a virtual world where you can live, work, play and conduct business in a virtual reality with land to build or promote your business. Some of the biggest and most popular businesses are looking to create experiences in the metaverse.
According to Roseon, a publication about the journey of crypto currency, Apple is working on an advanced gadget that can revolutionize the Metaverse experience and Google is building its own unique metaverse.
Microsoft is also in the race and aims to create its digital world, known as “Mesh.” Microsoft will incorporate this virtual experience directly into Microsoft teams.
Disney is also creating a Disney theme metaverse; it would extend Disney’s films and streaming service.
A consumer would literally be able to enter into a virtual world or platform in a telepathic manner with an avatar. They could go to a particular location and do something as real as shop in a store, visit an art gallery, make purchases or meet with family members. According to Roseon.
The metaverse is presumed to be the successor to the internet as it exists today.
Many individuals were out of work due to company layoffs, closures and cutbacks. This caused people and businesses to search for an alternative to working and conducting business inside buildings.
Metaverse was the answer as it allowed people to work from their homes.
There are now billions being spent in the frenzy for virtual land in the metaverse, according to Joe Tidy, a cyber reporter for BBC News.
“Researchers at metaverse analysts DappRadar say that $1.93 billion worth of cryptocurrency has been spent buying virtual land in the past year alone, with $22 million of that spent on about 3,000 parcels of land in Voxels,” Tidy reported.
One of the most popular worlds is the cartoony Decentraland. Launched in 2020, parcels of land there are selling for thousands, sometimes millions of dollars.
Samsung, UPS and Sotheby’s are among those who have bought land and built shops and visitor centers there, Tidy reported.
The notion that companies are making their way to metaverse and spending big bucks to get in on the action demonstrates that companies are positioning themselves for the future in how people will live, work, buy, and be entertained in a virtual world.
Big companies are not the only ones taking part in what the metaverse has to offer. Entrepreneurs are also taking a slice of the pie.
The LMichelleMedia Company, located in Tallahassee, is keen on the metaverse. L Michelle Salvant, CEO of LMichelleMedia, said, “There are several benefits to buying land in the metaverse: It gives the ability to extend your business and brand into the metaverse. As you know visibility for a business and brand is vital, so having a presence just gives you greater visibility to new types of customers and brand enthusiasm.”
Like any business owner the ability to have several streams of income is important, and LMichelleMedia is focused on doing that in a creative manner with the help of the metaverse.
“It gives you another outlet for monetization. With our company, we are focused on making wearables for avatars in the various worlds in the metaverse. This now becomes a new grable and cost-effective way to generate products and revenue,” LMichelle said. When you buy or own land, you can even sell it for more than you paid for it.”
It is clear that there is a new world to be discovered through the metaverse. People will now be connecting with each other in different ways as people and companies turn to a new way to work, live, connect and play. “Connections. There are people all around the word in the metaverse. Being in there exposes you to so many people that you might not otherwise met in real time,” L Michelle Salvant said.