The metaverse is getting hotter. Not hot, like a delicious meal or a Finnish sauna. This mostly fictional, virtual world is getting hot like a real estate market. Because lately, it is one.
If you have enough money and courage, you can now buy up digital tracts of land in the metaverse. Of course, there isn’t just one metaverse. Much like a website is part of the larger World Wide Web, there are countless companies, including Meta (née Facebook), building their own virtual realms where they hope people will soon gather as their digital avatars to play games, buy things, and interact with ads. The emerging real estate market for these three-dimensional spaces in virtual reality — including everything from virtual concert venues and shopping malls to houses and monuments — anticipates a future in which digital property owners can work with brands that want a presence in the various iterations of the metaverse.