Metaverse is a collective vision of a future where the virtual world will imitate the real world, build on it, and improve it. The lines between the real and virtual world would not only grow thinner but actually disappear almost entirely. It’s a future where people will live, interact, play, consume entertainment, and lead multi-dimensional lives.
We’ve already seen this happen before. In the video game industry, it’s quite common for gamers to purchase virtual clothes, fashion accessories, and even hairstyles to style their game character. Gamers have shown the world that they are ready to spend money on fashion products to flaunt, even if they exist almost exclusively online. Metaverse only does this at a much bigger scale to a wider spectrum of products.
Decentraland (MANA) & The Sandbox (SAND) are doing this to real estate.
Decentraland (MANA) is the Home of Expensive Real Estate
Decentraland (MANA) is a blockchain-based virtual world built on Ethereum. Users of Decentraland can use the native token MANA to buy native NFTs called LAND. Each LAND NFT offers ownership rights to a specific parcel of land on Decentraland. Decentraland users are renting out their LANDs for tens of thousands of dollars. In return, the tenants can build whatever they want – a retail shop, cinema, gaming arcade, or something else.
Areas close to the center of the Decentraland world map, where most players spawn when they join the virtual world, are the most expensive. Some parcels of land have been sold for millions of dollars. As more players join Decentraland and the demand for LAND shoots up, its prices will continue to soar. Make no mistake, Decentraland is the next wave of the real estate boom. Eventually, Decentraland will become an elitist neighborhood or an overpriced entertainment destination like Las Vegas. Either that, or it will come crashing down, much like the real-world real estate did in 2008.
The Sandbox’s (SAND) Land Prices are Soaring
The Sandbox (SAND) is another crypto platform that offers virtual land parcels for users to buy. The Sandbox is a massively popular platform that allows users to both create and play games on it. Most games on The Sandbox are play-to-earn and allow users to earn by playing on the platform. Game developers can buy virtual parcels of land on The Sandbox to monetize their games. At one point, The Sandbox was so popular that world-renowned brands like Adidas and Atari purchased its land parcels.
As more players, brands, and game developers join The Sandbox, its land prices will rise sharply in the coming years, and become unaffordable for most of the population. Whether that’s a good thing or not is a matter of debate for much of the crypto community.
Snowfall Protocol (SNW) Can Bring Sense to Virtual Land Prices
Immovable assets like virtual land on Decentraland and The Sandbox are relics of the past. As cryptocurrencies shatter traditional boundaries and limitations, there’s no reason virtual lands should be exempted from this change. Currently, land parcels on Decentraland and The Sandbox cannot be moved to another blockchain. However, Snowfall Protocol (SNW) is changing that. By connecting Decentraland and The Sandbox with a cross-chain bridge, Snowfall Protocol (SNW) will allow the transfer of funds and NFTs (including land parcels) between different cryptos.
More importantly, Snowfall Protocol (SNW) will make it possible for users to move their assets freely between blockchains. So, users can always move to another virtual real estate crypto platform, when they don’t like the prices of a platform. Such freedom will prevent virtual real estate prices from spiraling out of control on platforms like Decentraland and The Sandbox.
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