technology

South Korea: Metaverse 2 reports a surge in real estate prices

South Korea: Metaverse 2 reports a surge in real estate prices
South Korea: Metaverse 2 reports a surge in real estate prices

Metaverse 2, a South Korean metaverse real estate sales platform, has reported that the price of its virtual land has significantly increased over the last six months, citing the emerging trend for alternative wealth-building methods based on blockchain technology.

The price of certain shares in Lotte World Tower, Korea's tallest skyscraper and one of Seoul's most famous landmark, surged 180,000 times to more than $18,300 on Friday, according to the firm.

The average price of a ten-square-meter plot of property in New York City's Theater District, which is in Midtown Manhattan, has gone up significantly to $6,439 dollars, the company added.

The metaverse real estate sales platform stated that despite the fact that it has set a maximum selling price for land that is up to twice the original price in order to avoid land speculation, it appears that the price has surged due to an increase in transactions.

The number of customers has risen to 70,000, with 20% of them being international, according to the company.

According to Metaverse 2, users can presently buy and sell land, landmarks, and buildings in Seoul and New York.

Deoksu Palace, Seoul City Hall, Nine One Hannam, and Lotte World Tower, are among Seoul's eight landmarks. Meanwhile, the Statue of Liberty, Times Square, New York City Hall, Lincoln Center, and the Metropolitan Museum of Art, are among the eight landmarks in New York.

According to the firm, the landmark proprietors can make money by placing advertisements on billboards or hosting concerts by well-known performers. In the virtual world, owners of historic museums or art galleries can host exhibitions and make money from tourists.

Metaverse 2 promises to extend real estate transaction operations in the metaverse versions of Paris and Las Vegas, commencing March 11, inclusive of virtual land transactions in the two locations.

Users in metaverse Paris, like those in metaverse New York and Seoul, can purchase land by trading Korean won for meta dollars. According to the firm, one meta dollar is equal to one US dollar.

Source credit: http://www.koreaherald.com/view.php?ud=20220308000746&np=1&mp=1

About the author

Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for newsorigins.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.