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Real Estate In The Metaverse
Prices of virtual real estate jump 500%
Since Facebook changed its name to Meta in October 2021, prices of virtual real estate have jumped by as much as 500%. Consumers are paying millions of dollars to acquire plots of pixelated property in this virtual world, even though it doesn’t completely exist yet.
Immersive: The idea goes that people will spend more time in the Metaverse when the technology catches up to the concept (basically a 3D, immersive version of today’s Internet).
That’s if you believe Facebook CEO Mark Zuckerberg’s version of tomorrow’s digital world. He claims that the Metaverse is a place where people will be able to get experiences that they can only get (today) in the real world.
It’s big business already, with more than $500 million traded in Metaverse virtual land sales as at the end of January.
“ It’s a multi-trillion dollar industry”, says Epic Games CEO Tim Sweeney, who founded the business behind Metaverse game Fortnite. It’s “ essential” for firms like Epic, Roblox, Microsoft, and Facebook to make progress in the Metaverse during the next three years, he adds.
“Getting to 1 billion users is like a race. Whoever gets a billion users first is regarded to be the standard-setter.” Epic Games CEO, Tim Sweeney
