However, now due to the Covid-19 pandemic the lines between the physical and virtual realities have merged and the metaverse will become the future of real estate investment. It is a new form of real estate investment which is emerging now — digital land, a form of non-fungible tokens (NFTs), in the metaverse world such as Decentraland, Sandbox and Somnium. Several investors, individual and institutional, are now showing interest in digital real estate.
Land in metaverse
Land is nothing more than a block of data produced on a blockchain and represented by an NFT of that blockchain in the metaverse. Decentraland, for example, is based on the Ethereum blockchain. Such an investment is offered utilising NFT technology, which allows for public verification of its records, ensuring transparency. The metaverse is an intriguing concept that has the potential to open up doors in the future. Land on the metaverse can be valuable, as demand grows every day.
Metaverse the game changer
This story is from the 9 April 2022 edition of Businessworld.
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This story is from the 9 April 2022 edition of Businessworld.
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