The truth is that digital worlds can persist for some time, provided they have an invested community. Many people ask what happens if the world disappears and you’re left with an NFT to nothing. When discussing the future of real estate in a place that essentially isn’t real, it’s important to understand the history of digital worlds. You can do anything you want with it, including renting, selling, demolishing existing structures, building new structures, inviting the queen over for tea, or giving someone else the right to build on your lot.v (Not all worlds offer NFT-based real estate, but we’re not talking about those here.)Īs long as the world persists, your property will be secured with the NFT you hold.

The token is your deed and what you will give to the buyer if you sell the property. The information that proves you own the property is stored on the blockchain as an NFT. When you buy digital real estate, you get a deed of sorts. A property’s uniqueness may be due solely to its location on the map relative to other properties, streets, public gathering spaces, and popular attractions, or it could be due to unique resources the property possesses.

The property is wholly unique and therefore non-fungible, and it can’t be swapped like-for-like for anything else. This is why they’re bought and sold using NFTs. But, in the case of virtual real estate, there are several attributes that help to explain its value.įirst, the fact that each plot of virtual land is wholly unique is very important. Just as with real world real estate, digital real estate is valuable because people want it. Or, as mentioned above, you might simply want to build a bunch of rental units and rent those to companies that aren’t ready to buy metaverse real estate but want to test the waters or need help with development of their projects. For example, you might buy a parcel large enough to open an entertainment venue and book acts that would attract people who want to buy tickets. While some people are buying it to hold, many others are buying it with a purpose in mind. If you think back to the days of the beginning of the World Wide Web (WWW), it seemed silly to buy a website or a URL, but we know now that those things are often quite valuable for companies looking to reach their customers. There are many reasons to buy digital real estate. They’re using their virtual real estate for selling unique clothing items for avatars, using non-fungible tokens (NFTs) and opening up a whole new revenue stream.Ī lot of people wonder why anyone in their right mind would buy land in a world you can’t see, smell, hear, or touch. Many fashion brands have gotten very involved in the world of virtual apparel via the metaverse as well. Or, if you want to build something more interesting, you might create a shopping center where you can rent individual sections out to tenants to create passive income.īusiness owners are also taking advantage of what is possible in the metaverse by creating digital twins of their company headquarters for meetings with staff or clients, expanding their company’s footprint by creating interactive experiences based on their branding, or sponsoring special events that appeal to their target audiences. Right now, businesses and real estate investors are testing the waters to see just how far they can push the limits of digital real estate, but there are many common use cases that have already developed.įor example, you might open a digital billboard business on your virtual real estate, selling ad space to companies interested in testing the waters.

Virtual real estate