Real estate in the metaverse has the same economic characteristics as in the real world. It can be bought and sold, borrowed and rented, advertised, and so on.
Despite the high risks of investments, the metaverses have already attracted many partners among well-known brands at the end of 2022. On the one hand, the red market of 2022 hurt activity; on the other hand, it “healed” the metaverse. Tech companies and start-ups have stepped up development to return attention to this area. At the same time, the number of crooks and scammers has decreased.
To date, some of the most popular metaverses are Decentraland, Spatial, and Sandbox.
How can you monetize real estate in the metaverse?
What attracts the metaverse is that it is much easier to buy land here than in the real world. Having plots of land in any metaverse, you get a wide range of tools for monetization.
- Resale: you can purchase virtual land and sell it after some time to make a difference;
- Renting: Owning a piece of land, you can earn money by renting it out. You can also build a building on this site and provide space for interested parties;
- Advertising: properties in popular locations or areas with heavy user traffic are attractive for advertising. You can build billboards or rent out the surface of your objects for advertising banners;
- Real Estate Brokerage: There has been a rise in firms that mediate virtual real estate. You can earn commission income by matching sellers and buyers or simply by providing real estate advice;
- Property management: Another exciting way to monetize is property management. You can manage the property of other users, monitor its effectiveness, and receive rewards for this;
- Real estate design: the need for 3D designers is not only not falling but is steadily growing. And designing objects in the metaverse is becoming an increasingly profitable business. Creating conceptual objects works like a good advertisement for your talents.
Prospects for virtual real estate
There is an increase in the activity of various projects related to the metaverse. This is not very noticeable to the layman because many projects are finalizing their products. But no doubt, as soon as the market starts to return to growth, we will see a lot of new things.
In one of our previous articles, we have already described the perspectives of the metaverse. For example, By 2030, more than 50% of events will likely occur in the metaverse. Consulting giant McKinsey predicts that the metaverse could grow to $5 trillion by 2030. By the way, this is equal to the volume of the entire Japanese economy at the end of 2022. We may soon see a new real estate boom in the metaverse.