Saturday, January 28, 2023
  • The average price of a parcel of land in major metaverse platforms has increased from US$1265 to US$12684
  • Ubuntuland, Africa’s Metaverse, is a place of creativity, exponential technology and innovation to unlock Africa’s true potential by connecting its great continent to the heart of the digital economy
  • Through the Metaverse, one can live in the social world while in the comfort of their solitude

The world is becoming increasingly socially antisocial, and as oxymoronic as it sounds, it has come to pass with the realization of the Metaverse. Allow us to explain.

Through the Metaverse, one can live in the social world while in the comfort of their solitude. One can own property, market their brands, play games, host events such as fashion shows or art exhibitions, concerts, and socialize, among many other things.

Why there is so much excitement around the Metaverse real estate

The question that people have been asking more (after what the Metaverse is) is how they can purchase digital land on the Metaverse. Why is there a radiating excitement around the Metaverse real estate? Here is why! 

Between January 2021 and February 2022, the average price of a parcel of land in major metaverse platforms has increased from US$1265 to US$12684, according to Influencer Marketing Hub. McKinsey also reports that over US$120 billion has already been pumped into the Metaverse in 2022 compared to US$57 billion in 2021.

Recently, a piece of virtual land that borders that of the famous rapper Snoop Dogg sold for US$450,000 on the Sandbox platform. The rapper created the Snoopverse to create and monetize online hangout spaces and gaming experiences.

Big Companies and institutions that have invested in the Metaverse

It is not a guarantee that the Metaverse is a sure investment and is here to stay just because there are trucks of funds being pumped into the invention. However, Metaverse real estate is highly speculative and can be a life-changing form of investment and enjoyment.

Recently, big companies have moved to host events in the Metaverse.

Read: Blockchain and the metaverse: A symbiotic relationship with unending possibilities

JPMorgan in the Decentraland

In February, JPMorgan became the first United States bank to open a lounge (Onyx Lounge) in the Decentraland virtual world blockchain. The lounge provides a foundation for JPMorgan to capitalize on the growing interest in virtual plots.

The bank hopes for a future where one day, people will open an account in the virtual world, deposit their funds and purchase or mortgage a home in the virtual world.

Samsung hosts a Fashion Show

Through the Decentraland virtual world, Samsung 837x hosted the #RecycleUp fashion show. Visitors were able to witness models walk the runway wearing upcycled designs. Samsung is using the Metaverse to fuel its commitment to combating climate change through recycling.

Since 2012, they have collected and recycled over 1.2 billion pounds of e-waste in the United States.

HSBC purchases land in the Sandbox

In March 2022, HSBC, one of the largest banking and financial services institution in the United Kingdom, acquired a virtual real estate in the Sandbox. The company intends to use the piece of the Metaverse real estate to engage in brand new experiences that are inclusive, educational and accessible, especially with esports and gaming enthusiasts.

Facebook Rebranding

Facebook rebranded to Meta last year. Their projection of the Metaverse was explosive. Correspondingly, Zuckerberg and the team changed the name to capitalize on the developments with the technologies behind the Metaverse.

Read: NFTs and blockchain technology spell out an end to counterfeits in the fashion industry

Ubuntuland, Africa’s Metaverse

Ubuntuland, africa's metaverse.

Ubuntuland, africa’s metaverse. [Photo/ Africarare]

Closer to home here in Africa, we have the Ubuntuland in the Africarare Metaverse. It’s a place of creativity, exponential technology and innovation to unlock Africa’s true potential by connecting its great continent to the heart of the digital economy.

Individuals can even create or become part of a tribe or community in one of Ubuntuland’s virtual villages. The villages come in various sizes. The biggest village is a 24×24 (576 plots of land),  and the smallest is a 1×1 (Single plot of land).

The layout of Ubuntuland is inspired by traditional African architecture. It often employs circular enclosures to house communities and secure wealth.

With these huge moves in the Metaverse, there is doubt about the safety of their digital lands in the Metaverse real estate.

Is the Metaverse real estate more secure than physical real estate

A group of experts believe that the Metaverse will replace the real world. However, there is one question that is oddly frequent.  What is the assurance of safety in these times of scamming and ease of copying files?

The Metaverse uses NFTs to showcase ownership. 

Why NFTs

  1. NFTs show legitimate proof of ownership. They are non-fungible, and one cannot create a copy.
  2. NFTs are more scarce than real estate physical properties and consequently increase utility.
  3. The Metaverse eases trade in the virtual world. It reduces cost, time and personnel involved in transactions.
  4. There are digital property rights that govern property ownership in the virtual world.

Read: Beyond Art: Non-Fungible Tokens (NFTs) are proving their value in the world of crypto

As one purposes to own assets in the digital world, the aforementioned article should not be treated as financial advice or marketing for any particular brand. Investors are advised to research more independently to arrive at the desired conclusion.

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