However, it only recently gained popularity due to the business opportunities that arose, following Facebook’s announcement. The term itself, metaverse, has been around for many years. (It’s also often referred to as Web 3.0). ![]() Combining elements of virtual and augmented reality to simulate real-life experiences, it’s essentially the newest version of the internet. The metaverse can be best explained as an alternate digital reality where users go to work, participate in leisurely activities, and host digital identities. Virtually everyone on the internet has heard of the metaverse, but given its “newness,” few people understand how it actually works. What is the Metaverse?Īfter Facebook announced its plans to enter the metaverse, awareness about this new space has spread overwhelmingly fast. That’s where digital real estate comes into play. ![]() In the same way that these avatars need clothes to wear, they’ll also need places to visit in the metaverse. The first thing we’d need to understand is that as the metaverse unfolds, its users will start to develop identities inside of it (similar to what we see with avatars in video games). You might be wondering, what use could we possibly have for non-tangible real estate? Both are places on the internet where consumers can now buy and sell digital assets such as music, art, fashion products, and now-real estate.įor most of us, the concept of valuing assets in the digital world is still pretty new. ![]() It came upon us pretty quickly-digital real estate is up for grabs on virtual platforms such as Decentraland and OpenSea.
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