The metaverse is getting hotter. Not hot, like a delicious meal or a Finnish sauna. This mostly fictional, virtual world is getting hot like a real estate market. Because lately, it is one.
If you have enough money and courage, you can now buy up digital tracts of land in the metaverse. Of course, there isn’t just one metaverse. There are countless companies, including Meta (née Facebook), that build their own virtual realms. They hope people will soon gather as their digital avatars to play games, buy things, and interact with ads.
The emerging real estate market for these three-dimensional spaces in virtual reality anticipates a future in which digital property owners can work with brands. They want a presence in the various iterations of the metaverse. It includes everything from virtual concert venues and shopping malls to houses and monuments.
One of the first companies to get into the digital real estate business is Metaverse Group. It operates a virtual world called Decentraland. Last week, Metaverse Group’s parent company, Token.com, announced a news. A “116 parcel estate in the heart of the Fashion Street district within Decentraland” sold for the equivalent of about $2.5 million — a record! The new owner of this estate near Fashion Street could presumably profit if Louis Vuitton wants to open a store there: They could effectively be the brand’s virtual landlord.