Virtual real estate agencies are springing up. They are young, start-up companies getting in ahead of the boom in virtual real estate. Sites such as Tiliaverse offer a virtual reality map based on the real world. You can go anywhere you like (perhaps to your family house) and buy it. This is known as purchasing Non-Fungible Tokens (NFTs). What are they? Well, that’s a long story, but essentially, they are part of the whole blockchain cryptocurrency universe. Non-fungible means a unique digital identifier. They are recorded on the blockchain, which certifies authenticity and authorship. Then you can buy or sell them. Why would you want virtual real estate? The same reason people buy actual real estate – to develop and sell it. If you build a shop in the metaverse, you must own the space. You might build a virtual café so that you can hang out with your friends.
Ultimately, you can consider the purchase of NFTs, or virtual real estate, as an asset. It isn’t the type you can store in a safe or carry around with you, but it’s there. The possibilities for the metaverse are endless – from gaming or buying and selling to whatever can be imagined and realized. Investment banks like Morgan Stanley believe the market size of the metaverse will be worth trillions of dollars. Others are more skeptical and urge caution. That isn’t stopping ordinary Australians from dipping into their monetary reserves and splashing out on virtual real estate. They knocked cryptocurrency when it first emerged, so maybe there is something in it. However, whether or not encouraging people to live outside of reality is healthy is yet to be investigated. As it is, Internet shopping has led to the closure of physical retail stores and, with it, a sense of real community
Sources : Perfect Agent