Some view Metaverse as a new frontier for owning real estate while others are wary of an uncertain future

NEW YORK — The next iteration of the Internet is here, and it’s called the Metaverse.

They are basically digital platforms with places where people can congregate and experience life in virtual reality.

Some see this as the new frontier with the ability to own real estate there.

The concept of owning real estate in the metaverse is both simple and surreal: you buy and own real estate, but it’s in a virtual world.

“It’s a bit like real estate in a digital video game-like form,” said Andrew Kiguel, CEO and Founder of Tokens.com.

Kiguel invests and builds web 3 businesses and owns “ownership” on a Decentraland platform.

“Decentraland has approximately 45,000 parcels available for development,” Kiguel told CBS2’s Chris Wragge. “There’s a fashion district, a gaming district, a museum district. There’s parks and rivers and all kinds of different areas.”

The rigs are designed to be used on any device, so no VR glasses are needed.

Experts say one of the primary purposes of owning real estate in the Metaverse right now is publicity and special events. One example is a virtual fashion show and shopping experience at a newly constructed Decentraland building.

The landlord could theoretically charge rent for the use of the space, thereby monetizing their investment. Kiguel says thousands of people attended this event and interest is growing overall.

“Last year, visitor traffic to Decentraland grew 3,300%,” he said.

Real estate purchases are made in cryptocurrency and prices vary by platform and package. Some cost the equivalent of tens of thousands of dollars.

On the Superworld platform, for example, there are 64 billion packages for sale, some of which cost as little as $200.

“What you are really buying is virtual land covering the surface of the Earth at any location on the planet,” said Hrish Lotlikar, co-founder and CEO of Superworld.

Lotlikar says the platform’s structure is essentially a virtual overlay of Earth, dividing it into blocks.

“People know where they live…know where they go on vacation, know where they have a business,” he said. “They come to Superworld, they buy these virtual real estate locations that correspond to places in the world that are particular to them.”

Speculation is that the more popular places will eventually rise in value, but as with any investment, there is risk.

Corby Pryor, Founder of the Metaverse Infrastructure Company, explains, “When you buy real estate in Metaverse, you are basically simply betting on the success of a platform and that your space within that platform will be used by many people. “

Pryor owns a property on another platform that he says he has no plans for at the moment and knows there may be an uncertain future.

“The downside is that your investment drops to zero,” he said.

“There’s only a certain space allotted, and if you want to be part of it, you have to join it,” said Metaverse creative coordinator Claudia Pryor.

Costa is one of a growing number of female leaders in this industry. She also owns Metaverse.

“I bought it as an investment, and I also helped a few of my friends who are up-and-coming fashion designers or artists to use it as an exhibition space, for example,” she said. declared.

She says it was a lot cheaper than having a storefront in SoHo, but value today and over the long term is relative, especially in an uncertain crypto market.

“The bursting of the bubble was a good thing, actually, because there was a lot of noise and a lot of things…that didn’t add value,” Pryor said.

Snoop Dogg and Justin Bieber were early investors in Metaverse real estate, and even in a virtual world, celebrity quarters will always be more expensive.