Currently Reading

There’s an Intense Land Rush Happening Now—But Not in the Physical World


There’s an Intense Land Rush Happening Now—But Not in the Physical World

June 23, 2021
virtual reality
Photo: Damir Khabirov | stock.adobe.com

There’s a land rush, but it’s not happening in the U.S., or any other country for that matter. It’s happening in virtual reality. The demand for plots of land in virtual worlds, also known as metaverses, have pushed prices up more than 3,000% in just six months. Realtor.com explains that the augmented reality platforms hosting these metaverses are also tied to encrypted blockchains, often with their own cryptocurrencies. This isn’t a simple game of The Sims, this opens the door for large-scale financial transactions. 

The online real estate rush is a new kind of Wild West of the internet where speculation is rampant. Those who see the potential of these buzzy, virtual realms are spending cryptocurrency worth tens—sometimes hundreds—of thousands of dollars on virtual property. Sound familiar?

It’s an offshoot of the recent high-profile popularity of nonfungible tokens, or NFTs, in which digital files, usually artwork, are sold, sometimes for head-spinning sums. That market exploded into the public consciousness earlier this year when one digital piece sold at Christie’s for nearly $70 million.

The world of digital real estate has lately seen some startling deals as well. The ownership rights to the Mars House, a sleek but fictional glass home on the red planet designed by artist Krista Kim, went for more than $500,000 in March. For comparison, the median list price of a home in the real world was $380,000 in May, according to Realtor.com® data.

Depending on whom you ask, the virtual real estate business could become the next big thing—or wind up the next big bust. It’s a bit like the early days of Bitcoin. Some investors are worried about missing the opportunity to buy digital property in the most popular metaverses—like Decentraland, The Sandbox, Cryptovoxels, and Somnium Space—while they still can. Gaming company Atari has its own metaverse in the works.

Read More


Related Stories

Building Technology

Revolutionizing the Building Process With Machine Interfaces

Proptech company Gropyus is using automated building processes to construct housing more quickly and efficiently


New Proptech Tools Set to Revolutionize Home Sales and Renovations

Real estate pros recently met to discuss the benefits and challenges of implementing new property technology tools 

Building Technology

How Are Builders Adopting AI?

Building pros weigh in on the benefits and unexpected challenges of implementing artificial intelligence in their construction operations at the 2023 National Institute of Building Sciences Building Innovation conference


Top Articles


More in Category

COVID-19 may be easing its grip on the U.S. after a disastrous two years, but lingering supply chain disruptions have builders holding onto their pandemic business tactics

An archive of NHQA-winning companies that represent home building's best in Total Quality Management

Don’t let the current hype about single-family B2R communities obscure the need to create long-term sustainability and asset value


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.