{"id":42273,"date":"2023-02-14T12:42:29","date_gmt":"2023-02-13T23:42:29","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42273"},"modified":"2023-02-14T12:42:29","modified_gmt":"2023-02-13T23:42:29","slug":"why-some-australians-are-paying-real-money-for-virtual-land-in-the-metaverse","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/why-some-australians-are-paying-real-money-for-virtual-land-in-the-metaverse\/","title":{"rendered":"Why some Australians are paying real money for virtual land in the metaverse"},"content":{"rendered":"

PHOTO: Metaverse<\/strong><\/p>\n

This week, Christie, a retired school teacher in Perth, paid a bit over $1,000\u00a0to buy a virtual penthouse in a place called Uphoria, one of the many metaverse worlds that are being launched this year.<\/p>\n

“The vision for this penthouse is rather than me hosting Zoom calls, I can send out my link to people to join me there,” she said.<\/p>\n

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“If we’re going to do Zoom calls anyway, we might as well do it in style.”<\/p>\n

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Christie hopes to be able to rent out\u00a0the penthouse apartment.(Supplied: Christie\/Uphoria<\/span><\/span>)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n

Virtual real estate is booming, with sales topping $US500\u00a0million ($700 million) last year and\u00a0predicted to double again in 2022.<\/p>\n

Within a few years,\u00a0<\/strong>the market size of the metaverse could be valued in the trillions, according to investment banks like Morgan Stanley.<\/p>\n

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But as the hype goes into overdrive, some\u00a0are warning that virtual land is just another pyramid scheme, driven by baseless speculation, and when it fails many will lose their money.<\/p>\n

So what is virtual land, what are the risks for potential buyers, and who’s actually buying it?<\/p>\n

The Sydney family ‘buying plots for our children’<\/h2>\n

Lisa, who runs a consultancy business in Sydney,\u00a0and her husband, a federal public servant,\u00a0have spent a “significant amount” on several plots of virtual land in a metaverse called TCG World.<\/p>\n

They’ve also invested their time, spending\u00a0up to 10 hours a\u00a0week volunteering as virtual real estate agents and forum moderators.<\/p>\n

“We’ve\u00a0bought a number of [large, premium-location] plots\u00a0and a number of virtual farms,” she said.<\/p>\n

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“We’re looking at buying plots for our children.\u00a0I see this absolutely becoming a money earner.”<\/p>\n<\/div>\n

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Lisa, pictured with her son, has bought virtual land in the metaverse.(Supplied: Lisa<\/span><\/span>)<\/cite><\/strong><\/figcaption><\/figure>\n

To understand what Lisa is\u00a0talking about, we need to\u00a0rewind a little.<\/p>\n

Metaverses like TCG World\u00a0are designed to be\u00a0collaborative virtual spaces where users can socialise, play, work, learn, and shop.<\/p>\n

\"Aussies\"<\/a><\/div>\n
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