In March, Gabe Sierra, a contractor whose family has been in the construction business for more than 30 years, will take offers for his latest creation: an 11,000 square foot mansion with seven bedrooms and a pool in Miami’s Pinecrest.
Much like real-world real estate, where pricing fluctuates according to the principle of supply and demand, metaverse real estate operates on a fixed scale. The internet itself may be boundless, but most virtual gaming universes have already been sliced and diced into a set number of parcels, meaning as the number of buyers increases, prices go up as well.– a digitally distributed public ledger that eliminates the need for a third party such as a bank.
“Land is becoming the infrastructure of the metaverse,” said Sandbox co-founder Sebastien Borget. “In this ecosystem, there are actors that are developing and offering services for people to find the right land, buy the right land and understand the value of that land.” “Buying a piece of real estate for a residential purpose in the metaverse is a kind of prestige,” said Kristi Waterworth, a journalist and contributing analyst for The Motley Fool who writes regularly on metaverse real estate.It is also a chance to bend the rules of physics.
T.J. Brisbois, 37, a real estate investor in Detroit, owns about a dozen land parcels in Motor City, but not on Earth — in the Detroit of Upland, a gaming portal mapped to the real world. He buys them, marks them up and resells them. He estimates he has made a 10 per cent return on his money since he started in 2022.“I didn’t really get it until I got into it, and I was willing to put in a few real-world dollars,” Mr Brisbois said.
The world is full of homeless & hungry persons whilst rich people are now also feeding their egos by purchasing pretend land & houses.