Sales of virtual properties have boomed in recent years. Brands like Adidas and JPMorgan, as well as ordinary people, are buying 'imaginary' land in the metaverse - despite market uncertainty. The trend is also giving rise to a new generation of digital architects.
Sales of virtual properties have boomed in recent years. Brands like Adidas and JPMorgan, as well as ordinary people, are buying"imaginary" land in the metaverse - despite market uncertainty. The trend is also giving rise to a new generation of digital architects.Please use Chrome browser for a more accessible video playerBut he can't physically walk on this land - and he can't live there or build a house on it.
Last year, transactions of virtual land reached $350m in The Sandbox, the largest platform for digital property, according to a report by the Centre for Finance, Technology and Entrepreneurship.A further $110m worth of transactions were made in Decentraland, the second-largest metaverse platform.The metaverse allows users to interact with others, play games, build art galleries and shops. Pic: Johnny McCamleyThe metaverse is not a single digital space.
"It's like any new investment, any new asset class. When I got into Bitcoin when it was $300 I was told it was extremely risky, the same with Ether at $4. I think getting a piece of land in Decentraland for $4,000 is an absolute bargain," he said. This can be risky when buying from a secondary market such as OpenSea, where purchases are made using cryptocurrency.Why are people building virtual property?Stavros Zachariades is a traditional architect working in south London, but began designing for the digital world over the pandemic after his brother Adonis founded Renovi, an NFT marketplace."The draw to the metaverse and building in the metaverse is [people and businesses] can show what they’re about," Mr Zachariades said.
He thinks the metaverse could open doors to those who lack connectivity in real life:"I was thinking about how accessibility can change, for example, somebody who doesn't have the same mobility can just be an equal in the metaverse. Why not?"With more demand for virtual properties, 'meta architects' are stepping forward to help design interactive digital spaces. Pic: Stavros ZachariadesBut many are warning these investments could flop.
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