The following is a summary of Imagining the Metaverse Season 1 Episode 7: Location, Location, Location. To watch the full conversation, please follow the links below.
"Location, location, location" is practically a mantra repeated by realtors and homeowners alike. This is because location is a major factor in determining the value of a home, but if location is practically infinite in the metaverse, then what determines the value of a virtual home?
Once a user purchases a home, the owner of the home receives an NFT that proves ownership. Of course, guests can be invited to the home for private meet ups, but for the most part, the value comes from owning the property itself. However, the major problem owning a digital home right now is that the house exists outside of an established metaverse. As of right now, virtual homes exists on its own plane and cannot be visited by people wandering the virtual street; however, this problem may not exist in the near future. For example, the creators of Fortnite are experimenting with servers and are trying to create a metaverse that can maintain millions of users. So, owning a home in Tomato Town might be a possibility sooner than you think.
Watch the full episode to learn more about the potential of owning a home in the metaverse by following the links below.