Real estate has always been in the spotlight, boasted by many as one of the best investments. The reason for this is that real estate is not vulnerable to short-term stock market fluctuations and its price appreciates long term while it generates rental income on a yearly basis. Especially if the real estate in question is in a prime location.
What is the hottest real estate market you ask?
Well, the latest hottest market isn’t on the tranquil coasts of exotic islands.
On the contrary, it’s in the metaverse, where players are rushing to buy digital property, LAND. Virtual land that is.
LAND is a virtual piece of property that exists on the Sandbox metaverse. Each parcel of LAND is unique, as is guaranteed by the ERC-721 NFT on the Ethereum blockchain.
Players then utilize different LAND parcels to build virtual experiences such as games and dioramas. In total the platform has 166,464 LANDs that collectively make up the Sandbox metaverse.
An ESTATE is a collection of multiple LANDs combined together.
A DISTRICT is a group of LANDs, a special type of ESTATE, owned by more than one person.
PwC Hong Kong, Adidas, Atari, Republic Realm and many others have already purchased LAND in Sandbox’s metaverse.
But what can you do with virtual land?
Well, a company may decide to sit on the vacant virtual land and wait for it to appreciate in price.
Does it resemble the logic in the real world?
Alternatively, they may develop it. They may hire architects to design homes, buildings, shopping malls and assign the task of building them to game developers.
Awesome right?
On another note, William Gee of PwC Hong Kong said that the acquisition of their virtual land will “create value through innovative business models” and introduce “new ways to engage with…customers and communities.”
Interesting right?
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