Millions of Americans Have Bought Digital Real Estate in the Metaverse, Here’s Why

The metaverse is one of the most exciting new pieces of tech in the industry because of the fact that this is the sort of thing that could potentially end up changing the nature of reality and immersing consumers into wholly digital experiences. The pros and cons of the metaverse are still being debated, with numerous consumers still unaware of what it even is, but in spite of the fact that this is the case nearly 3% of Americans have already bought digital real estate in the metaverse.

An additional 8% of American adults stated that they have an interest in investing in a digital plot of real estate, even though 52% said that they had never heard of digital real estate before. This trend began with the creator of the notorious Bored Ape Yacht Club which is a selection of NFTs many of which have increase their value several times over.

The initial sale price for an NFT that represented a plot of digital real estate in the metaverse was around $6,000, and it proved to be so popular that the Ethereum blockchain that it was hosted on was unable to fulfill requests after a certain point. However, it is also pertinent that cryptocurrencies, NFTs and all related investment classes have been seeing a massive crash in value these past few weeks, and that might decrease investor confidence which would lead to a fizzling out of this trend.

Also, there is a chance that the 11% of Americans who either have invested in digital real estate or are interested in doing so represent the entirety of the market for such products. With over half of Americans having no clue about the existence of digital real estate, the likelihood of it expanding are remote.

Still, there are some interesting things that can be done with real estate in the metaverse. Since it is meant to be a replacement for the real world it will have things like storefronts and concert venues, and owning the part of the database where such digital objects will be hosted might prove profitable.

H/T: Civic Science

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