The traditional real estate industry has been a very thriving venture over the last decades, so much that it once recorded a boom as the demand for land and property increased. Due to its ability to generate cash flow, it has over time attracted big investors and made millionaires of many. With “Land” as its focal point, it can only get better because as they say you cannot depreciate the value of land- meaning a piece of land bought today will only appreciate more in coming years through rental income, profits generated by the property built on it and many more.
Although, following a dip caused by the credit crisis which saw a decrease in demand for real estate by developing countries. Fortunately, Rosenberg Real Estate Equity Funds (RREEF) stated that “all types of property and all regions in the global real estate market are currently in recovery” as the market is predicted to see a continued recovery.
The next five-year period will see demand for commercial real estate rebound. According to ReportLinker.com, the US commercial real estate market (which also includes the industrial real estate business) is estimated to be worth more than $4.5 trillion. Long-term investors, brokers, and estate developers hold as much as 90% of the overall market.
2020, the year for virtual lands
However, this time, the traditional real estate industry will not enjoy this boom alone, as there is already a rival in virtual real estate. Due to restrictions of the COVID 19 pandemic, there was an increased attraction to virtual lands as lots of global investors poured in their money into purchase of virtual lands. The year 2020 was indeed a great year for virtual lands, probably a year when virtual lands recorded most sales. This places the virtual real estate industry in a position to see a more substantial boom in this next “five-year period” than its traditional counterpart.
Recently, a piece of virtual land on blockchain marketplace and gaming platform Axie Infinity sold a digital estate of nine adjacent Genesis blocks to one of its newest members by name ‘Flying Falcon” for a record-breaking sum for 88.25 Ethereum, estimated around $1.5 million as at the time of purchase.
Why are virtual lands in high demand?
The demand for virtual lands will continue to increase because on virtual lands, users have the ability to build or create anything they want in the 3D virtual space. From building art galleries, renting/selling out their virtual lands for crypto gaming, tourism, AR advertisement and lots of other experiences, the fact that it is powered by a decentralized technology-blockchain, gives users more flexibility over what they want to do with their property.
How can I purchase a virtual land?
OVR is an augmented reality platform built on ethereum blockchain that gives users the opportunity to recreate and relieve these experiences and more in interactive virtual land called OVRLand.
With 1.6 trillion hexagons available on the earth OVRLands are in the real sense scarce. A land (OVRLand) can be purchased by an initial bidding war for $10 in OVR tokens, cheap for the price right? However, it won’t stay that way for long as we recently recorded the most expensive OVRLand auction won. The land which was located at Granada: Palace of Charles V was sold at 6400 OVR which is approximately $900 after a bidding war among various bidders.
There are still lots of OVRLand unclaimed, therefore if you wish to share in the boom of the virtual real estate, owning an OVRLand will qualify you for such.
Get in! Purchase as much as you can at: https://marketplace.ovr.ai/map/discover