You can now own premium real estate in a neighbourhood where your next-door neighbour could be Shah Rukh Khan. Not just any venue, but one meticulously designed by the legendary actor himself.
What’s the catch? The plot of land can only be found in the digital realm of the metaverse!
This property, like any other tangible item you own, has a price—a very real and extravagant price—as well as stiff competition. Someone paid $450,000 to be Snoop Dogg’s neighbour in the Snoopverse last year.
Snoopverse, which was built in a virtual environment called The Sandbox last year, allows fans an exclusive look into Dogg’s life, contains a virtual version of his real estate, and is a location for virtual concerts, parties, and more.
Indians are expected to be more interested in purchasing virtual property on the metaverse platform, according to technology companies and real estate developers.
Some companies have already developed virtual communities, and an announcement by singer Daler Mehndi about purchasing virtual land sparked interest among investors, according to industry experts.
“This is something which will continue to attract interest. While anyone can create a platform and sell virtual land, the value will depend on how good the virtual world is,” said Ashish Agarwal, co-founder, Lepasa, which is creating virtual cities.
“The land on the metaverse can also be used by brands to build experience centres and retail space to showcase products. People, instead of downloading different games, can play all the games on the metaverse. This will increase the value of virtual land,” said Alok Joshi, co-founder, Lepasa.
The metaverse is a relatively new concept in real estate technology, after concepts such as augmented reality (AR) and virtual reality (VR).
The companies building virtual worlds divide it into smaller plots that are bought as non-fungible tokens (NFT). Some companies are also helping buyers with a registry that cannot be edited so that no one else can claim that plot.
A new land of opportunities
Famed Punjabi musician Daler Mehndi recently purchased a plot of metaverse property called Balle Balle Land, where he intends to organise concerts and interact with his followers.
Interestingly, Mehndi became India’s first musician to host a concert on the PartyNite metaverse platform on Republic Day this year.
Many celebrities and brands are starting to dabble in the metaverse, an immersive virtual universe that uses augmented reality, virtual reality, and blockchain to replicate the actual, physical world.
It is a digital space where individuals may virtually connect, attend meetings and concerts, gather special NFTs, and so on using their avatars—their online representations.