Prices of land in the metaverse have been extremely volatile over the past few years, with some metaverses not being able to gain enough traction to sell their land and others (such as Decentraland) experiencing exponential growth over longer time frames.
Now that the cryptocurrency market is in the depths of a bear market, some investors are speculating on the prices of virtual land, believing that now may be one of the best times to buy.
Is now a good time to buy metaverse real estate?
Investors in real estate in the metaverse are often attracted to invest for many of the same reasons that people wish to invest in real estate in the physical world: within a particular ecosystem the real estate is scarce.
In Decentraland, for example, there are a fixed number of plots that owners can choose to curate however they please.
Some land is worth more than other land depending on size and location. If land is located near to particularly well-renowned art galleries then users may be more likely to buy it, and can charge higher prices.
However, there are a range of different metaverses, which calls into question the relative scarcity of “the metaverse” as a concept.
In order to gain market share, projects are being forced to compete with one another and offer greater utility to their holders.
Staples of the industry, such as the aforementioned, may be able to maintain significant market value solely thanks to the fact that it was one of the earliest metaverses on the blockchain.
Nevertheless, newer projects like Sandbox, Axie Infinity and Iluvium have all sought to offer a range of benefits to their holders that weren’t previously offered – these include play to earn gaming integrations and enhanced user interfaces.
Lockdowns showed the importance of the metaverse
After governments around the world decided to lock their countries down, people became more reliant on the digital world.
Younger generations in particular are often spending more time interacting virtually with their peers than in the physical world.
The metaverse, although often loosely-defined, has come to represent part of the changing nature of world and its ever more digital presence.
For example, during the lockdowns many university lecturers decided that they would conduct their lessons in the metaverse.
The Tamaverse
One metaverse that speculators ought to be aware of is the upcoming Tamaverse, which has been tailored for the Tamadoge ecosystem.
Tamadoge is a play to earn gaming project hoping to capitalise on the nexus of pixelated Tamagotchi aesthetics and the hype that surrounds meme tokens.
The Tamaverse is one of the most important aspects of the project, in that it is custom-designed metaverse designed specifically for the play to earn Tamadoge economy.
Calvaria: Duels of Eternity
Another play to earn gaming project gaining a significant degree of traction is Calvaria: Duels of Eternity.
Calvaria is another project that is developing its own metaverse, within which users will be able to battle against one another, and wager against one another in battles.
Currently Calvaria is at stage one of its presale, and has already managed to successfully raised $69k.
As the presale continues on the Calvaria website, the price will steadily increase. The later stages of the presale will mean that those who participate earlier will receive a far better rate for $RIA.
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