- Prices in metaverse property have fallen by almost 80%
- Investor finds it correct time to purchase property in metaverse
Mateverse is the new era of the real estate sector where property is bought and sold virtually, a parcel of land is sold. To buy or sell a land on metaverse can be done by wallet vai the use of NFTs.
How to buy a property in metaverse property –
- For buying or selling property in metaverse one should have mateverse wallet and some metaverse tokens in it like ETH
- One can buy ETH from various DeFi exchanges
- Once you have the token in the wallet, you can search for the land parcel whether it is available for sale or not and can place a bid for it.
- Whoever will place the highest bid will get the property and ETH will be transferred from buyer’s wallet to seller’s wallet.
The top metaverse property in the market is –
- Decentralaand
- Somnium
- Voxel
- The sandbox
- Otherdeeds
What are the factors that determine price of property –
- Supply and demand – it is an essential factor while determining price of the property, when demand is high and supply is low the price of the property will be high or vice-versa.
- Location – this factor is the same as it is in case of physical property, land in a desirable area or in a popular destination, will be expensive.
- Desirability – it is also one of the factors in determining the price of the property, desirable property, with specific features which makes it an extraordinary place will cost higher.
- Scarcity – availability of land, which is limited in metaverse, is also a factor in determining price.
- Development – development of the area and the basic infrastructure is developed will cost a higher price in the metaverse.
Factors that are determining price in the metaverse are almost the same as the factors of physical property in the real world, people look for them in the real world.
These top metaverse were trading high a year before, for buying small pieces of land in virtual space was so expensive that people spent millions of dollars to purchase land. For example the average price of a deal was around $2 million in the top 10 metaverse deals. But currently the price of the same property has fallen by 80%, for example the prices of land in decentraland has fallen by almost 90% within a year and the Sandbox the prices has fallen by almost 83%.
The Metaverse land cooperative Airdott, is saying that the pisces of the land in the digital real estate are falling because of the broader macroeconomic environment in the world.
As markets are at the bottom many experts believe that it is the right time to enter the market and with this theory many people are bullish on the market and investing in the market despite the fall trend in the market.
Elonk musk reacted to the price fall of mateverse property and on twitter said “nature is healing” with respect to properties in metaverse, he also called it a “marketing buzzword”. Elon Musk seems to be at peace with Disney’s metaverse division.
