The 2003 virtual world platform Second Life is often described as the first metaverse, as it incorporated many aspects of social media into a persistent three-dimensional world with the user represented as an avatar, however historical claims of metaverse development started soon after the term was coined.
Although the metaverse has the potential to be the next mega-theme in digital media, it is still in development. With no standard definition at the time of writing, the metaverse means different things to different people depending on the nature of their business.
This means most companies can make the metaverse be whatever they want it to be and build it around their core technology competencies. For instance, Microsoft’s Mesh is based on its capabilities in cloud computing, artificial intelligence (AI), and augmented reality (AR). Meta, on the other hand, is focusing on AI and virtual reality (VR).
Metaverse real estate is property made of pixels you can buy. The process is pretty similar to buying real-world property. And there are multiple metaverses to shop. Think: The Sandbox or Decentraland. Even major corporations like Microsoft and Google are claiming their spots in the metaverse.
After the transaction is complete, you receive a unique piece of blockchain code, which serves as a deed of ownership. Properties are bought and sold on a platform called the “metaverse,” a digital platform where virtual reality and augmented reality are used to create a virtual world.
Yet that crucial first step — buying prime real estate in the metaverse — is getting increasingly expensive. According to a report from RepublicRealm, which tracks metaverse-related projects, the average price for a parcel of land across the four major platforms doubled to $12,000 during a six-month period last year
There's a wealth of gamification to enjoy in the likes of The Sandbox and there's obvious entertainment value to owning a plot of virtual space. If you want to be at the forefront of metaverse development, having a space to build things or simply hang out with friends can be fun.