A market for leasing virtual real estate is beginning to take shape, creating a new source of income for virtual landowners who buy up attractive spaces in the metaverse.
Although Decentraland is among the most popular blockchain-based virtual worlds, it’s far from the only of its breed: Somnium Space, SuperWorld, and the Sandbox are all variations on the same theme. Some have offered in-built rental functionality for years.
Sam Huber, CEO of LandVault, says the real money is in combining land rental with auxiliary services like virtual property design and development. His company, which aims to offer a simple “end-to-end” service for renters, is currently able to recoup the cost of purchasing a plot in as few as two months.
The idea that someone might be willing to pay to temporarily occupy a virtual piece of land is curious in itself, but even more interesting is what this says about the trajectory of these blockchain-powered virtual worlds and the social dynamics forming inside them. The development of sophisticated industries might be construed as a sign of the increasing maturity of virtual communities. But it could also be a sign of disease, says Rosedale, whose own 3D online world pioneered the concept of virtual real estate in the early 2000s.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shanghai Metaverse Pilot Introduces Digital Services in 20 Urban Locations – Metaverse Bitcoin NewsShanghai hopes this move will allow citizens to receive smarter services from city facilities implementing metaverse tech in several areas.
Read more »
Rising Interest Rates Hit Landlords Who Can’t Afford Hedging CostsThe cost of insuring commercial real-estate loans against a rise in interest rates has exploded over the past year, raising the prospect of a market selloff
Read more »
In Apple and Meta's fight for VR-AR dominance, an open metaverse may be collateral damagePowerful technology companies plunging into the metaverse puts the dream of a decentralized ecosystem in jeopardy.
Read more »
Bill Gates reveals the next big thing in tech, and it's not metaverseVR and Metaverse are revolutionary in their own ways but may not have enough firepower to bring about a paradigm shift in the tech industry.
Read more »
Seoul government opens city's metaverse project to publicThe future of city living is here! The Seoul government launches Metaverse Seoul, allowing residents to access city services and attractions online through a new digital experience.
Read more »