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Back in the early days of the internet, few could have predicted how big it would become. However, the first visionaries who realised that websites would take over the world profited massively. People who bought up valuable domain names made a lot of money, and the same thing could soon happen with virtual reality.
According to the latest projections from Grand View Research, VR will be worth $435.36 billion by 2030. At this point, there could be sprawling VR worlds that users spend a lot of time in, filled with all sorts of digital buildings. It would make sense, then, to invest in virtual land where possible, as it could end up being worth a lot more in the future.
Real World Real Estate Already Going Digital
The emergence of virtual land for purchase is just the latest development in a rapidly evolving real estate industry. The whole sector has gone digital now, with plenty of modern upgrades to the market. For example, many homeowners are now eschewing traditional methods for house sales in favour of online estate agents.
All you have to do nowadays is type in “sell my house with We Buy Any Home” to Google, and you are transported to a page where you can fill in details and get a cash offer within minutes. On top of that, the sale can go through rapidly, and you can receive the money in seven days.
Estate agents are making use of tech upgrades to help sell their properties as well. Some use drones to take more varied pictures of houses, while others will offer live-streamed tours of properties, so people don’t need to travel for viewings.
What Is Digital Real Estate?
The concept of digital real estate may have seemed strange a few years ago, but now people are coming around to the idea. This has been thanks to the rise of cryptocurrencies and NFTs (Non-Fungible Tokens), which have made it possible to own digital assets easily.
When VR becomes mainstream, there will most likely be a range of metaverses in which people can spend their time. There are already a few platforms that provide a glimpse of this future, with Decentraland and The Sandbox among the best known of these.
People are already able to purchase land and properties in virtual spaces in the form of NFTs. It has the potential to work similarly to real world real estate and could appreciate in value over time, if the metaverse that it’s in becomes hugely popular. There’s also the opportunity to trade land and properties with other users. This may be a niche activity at the moment but, if VR becomes an essential household item, it could attract a vast amount of interest.
You’re probably now wondering whether you should start investing in virtual land. There’s an argument that it’s great to get in early, but it may still be too soon to know what’s going to blow up. In the future, though, buying digital real estate will most likely be viewed as a solid investment.
