In 2021, there was $501 million worth of metaverse real estate transactions reported on four different Metaverse platforms. In 2022, experts are projecting over $1 billion in transactions to take place. This begs the question that seems to be on everyone's mind, “Why would you buy a virtual piece of real estate in a virtual world?”
When you compare what drives value in real estate in the virtual world to what is happening in the real world there is not much difference. It comes down to one single word: location.
In the real world, when you buy a piece of property, its core value is determined by where it is located. If you were to try and buy a piece of property, for example, on Rodeo Drive in California, you would pay a much different price than if you were to purchase a property in the middle of nowhere in the United States or any other country. Property and its relative location is what make it valuable. The same is true in the metaverse. Investors are associating buying land in places like the Fashion District, a large shopping area found in Genesis City on the blockchain-based virtual reality platform Decentraland with purchasing property on Saks Fifth Avenue back when it was much more affordable.
“We chose to purchase the estate on Fashion Street because it is where Decentraland is hosting their annual Metaverse Fashion Week and all the catwalks will take place, which also means that the luxury fashion brands are going to want to be there. We are seeing the demand increase exponentially as Metaverse Fashion Week approaches,” says Michael Gord, co-founder and CEO of GDA Capital and the Metaverse Group.
Imagine being in a position to buy land in New York in the early 1900s, knowing what you know now. That is kind of what it is like buying land in the metaverse today, with the added caveat that you must be able to identify trends, locations, and opportunities in order for your investment to reap the benefits.
We see this example playing out right in front of us with Snoop Dogg selling a parcel of land in Snoopverse, a metaverse the rap mogul built inside of The Sandbox. “I’m always on the lookout for new ways of connecting with fans, and what we’ve created in The Sandbox is the future of virtual hangouts, NFT drops, and exclusive concerts,” Snoop Dogg said in a press release. He started working on this project in September of 2021 and is creating a replica of his own home in Long Beach, California. He listed a parcel of land adjacent to him, and someone paid $450,000 in December just to be his neighbor.
Earlier this year, the Wall Street Journal shared an article about a company called Republic Realm buying a property in The Sandbox, an Ethereum-based decentralized NFT gaming metaverse, for a record-breaking $4.3 million. Republic Realm is a company that invests in and develops virtual real estate and other digital assets. They purchased the land from Atari SA, which “marked the biggest metaverse property sale publicized to date,” according to Republic Realm and data from NonFungible.com.
There is so much attention on the metaverse right now, but three questions continue to come up: where do I buy, how do I buy, and what is valuable? There is one company whose core value is to answer all of these questions right now, and that is Witly.io. Witly.io is a Metaverse Marketplace for virtual real estate. They are streamlining the browsing and buying experience with an NFT marketplace that has a very niche focus in virtual real estate. Witly.io advisors include top professionals in the industry, such as Samuel Huber, founder of Admix Play; Jason Stone, a serial entrepreneur and creator of the Millionaire Mentor Instagram account; Sundeep Siripurapu, launchpad director of TrustSwap Inc.; Michael Gord, who owns an 8-figure portfolio of metaverse real estate and the most valuable piece of virtual land in Decentraland; and Jason Gesing, CEO of eXp Realty, a multi-billion dollar company with 77,000 agents that all office out of a metaverse. Their goal is to make purchasing and selling virtual real estate as easy and convenient as possible.
Grant Wise, the founder and CEO of Witly.io, explains that by aggregating the data from all metaverses into one place, Witly.io can rank properties based on their value giving users the insights they need to buy and sell virtual land in minutes with just a few clicks of a button. This can prevent users from spending hours researching or waiting for the next headline to break, resulting in it being too late to jump on fast-flying opportunities.
Wise has a marketing and advertising background in real estate with nearly a decade of experience helping sell property in the real world and billions of dollars in user-generated sales from his advertising platform, Witly.net. He has already partnered with platforms like Netvrk, which says, “Witly.io will bring information to buyers in one location, making the purchasing process that much easier and convenient, which in turn will help accelerate sales.”
Nakamoto Games will list all of their virtual land for sale on Witly.io as they release the Nakaverse and Witly.io has acquired a parcel of land in DROPP Land to house a new virtual showroom. DROPP, an up-and-coming metaverse that has attracted investors such as Jake Paul (Three Arrows Capital and Spartan Capital), says it “is the first-ever NFT minting platform to work with renowned artists enabled by geo-minting technology. Users can meet up in the designated location to mint the exclusive drops.”
Advisor Samuel Huber says, “Wilty.io is one of the most promising metaverse projects I have come across. Grant Wise and his team already facilitated over $2 billion in sales of real estate in the real world. As they move to the metaverse with their experience, I am sure they will deliver one hundred times that value.”
It is clear that the metaverse is where the future of the internet lies. “As we’ve seen from some of the headlines, there is an appetite among investors for metaverse property. Eventually, you can imagine all metaverse properties across various platforms being aggregated to facilitate search and ultimately conveyance, just like real property and the MLS,” explains advisor Jason Gesing.
One day soon, it will be just as common to spend an afternoon in oculus glasses shopping for NFTs as it is strolling through a shopping mall. Some skeptics doubt the longevity of virtual real estate and its value but, we live in a digital age and technology is advancing as it always has. Many investors have built their wealth by taking a chance on technological progress and Witly.io has created an easy way for you to do just that.