Metaverse In Real Estate Is Heating Up. Here's Where Everyone Can Buy Digital Tracts Of Land

The mostly fictional and digital world of metaverse in real estate will essentially let one can own a piece of digital land, and make money by leasing it out.

Metaverse In Real Estate Is Heating Up. Representative image/Getty

New Delhi: The battle in the metaverse space is heating up and companies worldwide are getting serious about it. Tech majors Facebook, Microsoft, SoftBank and sportswear giants like Nike are already betting big on metaverse. As we all know, social networking giant Facebook adopted a new moniker Meta in late October (Meta), based on sci-fi term metaverse and the latest to join the bandwagon are Chinese players like Tencent and Alibaba that are bullish on the global trend of metaverse in vogue. However, that's not all as metaverse is getting hotter in the real estate industry as well.

The mostly fictional and digital world of metaverse in real estate will essentially let one can own a piece of digital land, and make money by leasing it out or selling ads. All of them use their own cryptocurrency. We bring you a detailed list of companies that are betting big on metaverse in real estate.

* Decentraland, a digital-world platform by Metaverse Group based out of Toronto is among the first companies to invest in metaverse. Decentraland hosted a festival in metaverse and recently announced the next iteration of the festival will be even bigger. This year, the festival featured 80 virtual artists and had 50,000 attendees who claimed 11,204 NFTs, according to a report by Business Insider. Metaverse Group’s parent company, Token.com also made an announcement that a “116 parcel estate in the heart of the Fashion Street district within Decentraland” was sold for the equivalent of about $2.5 million.

* Spotselfie is the owner of augmented reality (AR) app, and it will soon let one buy virtual real estate which is linked with GPS coordinates in the real world. It will do so through a new feature named Spotland, says a report by Vox.

* Sandbox is another such firm that is acquiring digital lands in worlds where players simulate real-life scenarios. Currently available only on Windows, it will be available for Mac and other OS soon.