Buying Virtual Real Estate in the Metaverse Now Has Your Own Mortgage
Metaverse is big news and when the Horizons ETF launched its Metaverse exchange-traded fund in November 2021, CEO Steve Hawkins told Wealth Professional: “…it’s already big and it’s only going to get bigger.”
To those who have been using Second Life almost 20 years ago, the metaverse may sound a little familiar, but new technology and the participation of big names like Facebook and Microsoft are set to make it something much bigger.
One area that is already moving is virtual real estate.
The Wall Street Journal recently reported on a surge in transactions with investors buying virtual land to build and lease virtual properties.
There are currently several platforms on which investors can buy land, each using their own cryptocurrency. These platforms have a limited number of land parcels which helps them generate value in the same way that cryptocurrencies or short of NFTs become valuable.