A recently published article about Uttopion, typically considered the first Spanish metaverse, allows the purchase of virtual land plots, has come to light. This new venture is an NFT guaranteed by a unique code through a digital contract. Once purchased, the owner can exploit, sell or rent said “land”, just like any other property in the real world. Naturally, Uttopion is not the first of its kind, so continue reading for more information on buying NFT properties in the metaverse.
Forbes magazine dedicated one of its reports to the purchase of land in the metaverse and stated that there are several reasons why it’s lucrative. The first reason parallels the real world stating that they should be used “for something, like building a house to live in or a place to do business from.”
The second takes into account investment and considers how risk can come into play. “As with any investment, there is no guarantee that its value will increase”. However, according to Forbes, this is a good time to invest in real estate in the metaverse, since average prices have increased tenfold in the last twelve months alone.
Moreover, in an article dedicated to investments in the metaverse through NFTS released by TwoReality, it states that financial risks are also present, although it encourages investors anyway: “Like properties in the real world, there is a risk when investing: buy high or be forced to sell low. Likewise in the real world, money is lost when buying works of art that are not well-valued or houses that were left in the middle of marginal neighborhoods. Everyone is aware of what is happening in the metaverse, so there no time like the present to buy them, enjoy them ‘living’ in them through our avatar and then sell them at a better price”.
Still, potential uses for land purchased using non-fungible tokens are numerous, such as advertising, socializing, gaming, or even work: such land can be used as virtual offices.