Ellen Britt for CNT #NFT
At first glance, it seems like real estate in the metaverse could not be more different than, say, a parcel located in downtown Indianpolis. But you might be surprised at how alike they are. Let’s take a closer look.
One – Increase In Value
Property in the real world generally appreciates (increases in value) over time, unless the area of the country has some sort of problem, such as a toxic waste dump being discovered. It’s the same with property in the metaverse. Virtual land will appreciate in value unless the location (the platform) is abandoned by users or goes under.
Two – Uniqueness
Real world land is unique in that there is not another parcel just like it. Properties in the metaverse are also unique, in that they have a specific digital location which is assigned to them and to those parcels only.
Three – Scarcity
As they say about real world land, they are making any more of it! You can also apply this to virtual real estate, in that a particular platform, even though its metaverse is very large, it is not infinite.
So if you take into account all these characteristics: increases in value, uniqueness and scarcity, in an economy that is functional, property prices will naturally increase over time. Of course, you can expect parcels in newer Metaverse platforms, such as soon to launch Mint City Places, to sell for less than they will be valued in just a few months time, as the platform gains more users.