Virtual real estate may not let you stretch your legs, but it can certainly make you rich.
Metaverse Real Estate Boom: Why Investors Are Buying Virtual Land | WSJ
A company recently purchased a piece of land that doesn’t physically exist for $2.4 million worth of cryptocurrency. The real estate purchase was in Decentraland, an online environment where users can walk around, visit buildings, and meet people as avatars.
"Monetizing virtual real estate is no different than monetizing a virtual car or virtual clothing," Edward Mermelstein, a real estate attorney and consultant, told Lifewire in an email interview. "Creators of virtual worlds and their contents are monetizing things that didn't exist before."
Virtual real estate is part of a growing interest in the metaverse, a virtual online environment. Facebook recently changed its name to Meta to reflect its focus on developing virtual reality products for this new online space.
