Renting a home in metaverse. Possible?
Do you know that people are also buying virtual land these days using the money they have in their bank? Based on the article below, this was quoted too. “someone recently paid US$450,000 to be Snoop Dogg’s neighbour in a virtual world called the Sandbox.”
US$450,000 (RM1.91 million) is not a small amount of money yeah. Not even in US$ term or versus the typical salaries of Americans. For everyone’s information. “The average annual wage in 2019 in the US was $51,916.27, and the median annual wage was $34,248.45.” In other words, typical median salary per month is US$2,854. The one who paid such a price to stay next to Snoop Dogg virtually is not a typical American.
- Real estate in virtual worlds — sometimes called the metaverse — is going for millions of dollars in some cases.
- The most expensive spots are near where lots of users congregate — for instance, someone recently paid $450,000 to be Snoop Dogg’s neighbor in a virtual world called the Sandbox.
- But even proponents are warning would-be investors that this is risky business.
In the metaverse world, major artists including Justin Bieber, Ariana Grande and DJ Marshmello are performing as their own avatars. Janine Yorio’s virtual reat estate development company, Republic Realm spent a record US$4.3 million for a parcel of virtual land. She shared that her company sold 100 virtual islands for US$15,000 each last yeah and this yeah, they are selling for about US$300,000 each….
Mark Stapp, professor and director for real estate theory and practice at Arizona State University, agrees. “I would not put money into this that I didn’t care about losing. I certainly wouldn’t,” Stapp says. “If it continues the way it’s going, it is most likely going to be a bubble. You’re buying something that isn’t tied to reality.” Please read here for the full Article in cnbc.com
What if you still want to be staying next to a celebrity then?
It’s inevitable that most of the homes next to some celebrities who’s also in the virtual world would already be occupied by someone who’s willing to pay a premium to stay next door right? Well, what happens if we still want to stay next to the celebrity then? Perhaps we can find that person who bought the home next to the celebrity and we offer to pay them rental, right? Sign a tenancy agreement perhaps?
What would be the rental be then? It may just reflect the real world scenario. Demand vs Supply. If many people wanted and there’s just one home which is right next to the celebrity’s home, then the rental is likely to be high.
I have no idea how advanced and how fast real estate in the metaverse would become. What I am sure however if that people are willing to pay ever higher for such an opportunity to stay next to the celebrity, it also meant that in the future, some would be willing to pay rental too? Sometimes, it’s cheaper and still possible to do because it may not be possible to buy a home next to the celebrity in real life. What a REAL estate world.
I do not own any virtual property and have no intention to buy a home and stay next to any celebrity no matter how much I idolise the celebrity. Cheers.
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