Why People Won’t Stop Talking About Virtual Real Estate

As we count down to the Initial Bonding Curve Offering (IBCO) modelled public token sale on 30 November, we are receiving a lot of interest in the virtual real estate aspect of the OVR augmented reality world.

So in this blog post, we discuss that very topic — what virtual real estate is, the potential of the growing market and the future prospects and, more importantly, how you can finally enter into the market as a participant easily with OVR.

Virtual land grabs: the scramble for space goes digital

Real estate, which, in the physical world industry, refers to property consisting of land and the buildings on it, has historically been proven to be a long-term appreciative market — depending on location, and political and economic landscape.

In larger urban areas, however, some people find that they are priced out by the increasingly high cost of real estate — but many are now moving to the digital world, where real estate is booming as people buy up land and property existing in the virtual realm.

One of the early companies creating this opportunity is Decentraland, which has created a virtual city called Genesis City, which is supposed to be about the size of Washington D.C. in the USA. A piece of virtual land roughly the size of 1,100 square feet, for example, sold for as much as $200,000 even in 2018, according to Bloomberg.

More recently, this year, it set a record of selling $1 million in land plots in just ten days, proving that the rush for new virtual land is becoming even more popular with investors, especially given that the original buyers are able to flip their property (sell it on) to others at a much higher price.

Digital Currency Group COO Mark Murphy said: “We believe it’s inevitable that people will spend a significant amount of time in virtual worlds.”

Business Insider puts the 2020 expected revenue of virtual reality (VR) and augmented reality (AR) markets — which is where most virtual real estate is being built — at $162 billion, and this market is expected to grow every year as more technology becomes available to the consumer at cheaper prices.