The crazy world of cryptos? Would you pay millions for ‘Virtual Real Estate’?

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It would be everyone’s dream to own some form of real estate or property especially if you are an investor. Have you heard of Genesis City which is about the size of Washington D.C so to speak? You can actually own a plot of land there and it could cost you millions. The catch is, it is not physically there!

Possibilities of cryptos

The thing about cryptocurrencies is that you could eventually buy almost anything. One of the latest things that are becoming hugely popular these days is virtual real estate. While some countries are still mulling on how to use cryptos to buy physical items such as food and clothes, some have already moved on to more virtual stuff. NFTs (Non-Fungible Tokens) are just the starters while you can now even own virtual land.

Why the craze?

If you are thinking of a 1,100 square foot land in Genesis City, it could cost as much as US$200,000 (around RM800,000) and that is based on the future of virtual reality. The prediction for VR and AR (Augmented Reality) is slowly taking shape and naturally, that would mean virtual workplaces will also become ‘real’.

Decantraland is the company that started Genesis City that uses MANA, their own cryptocurrency designed based on the Ethereum platform. It launched it’s ICO (Initial Coin Offering) in August 2020 that raised about US$26 million in the first minute. The aim is to make Genesis City become a virtual metropolis. To date, nothing is set on stone yet and those who own lands there are now in discussions on zoning the districts and such.

The idea is that you can visit Genesis City either through a browser or a VR headset and attend a seminar, gamble at the casino or be entertained, among others. While there are already landowners in Genesis City, there is no firm date as to when it will be opened to the public. Investors are not guaranteed the returns either.

But that is just how crazy crypto investors have become now. A plot of land in Genesis City was priced around US$2,000 in January 2021 and this has since increased to nearly US$200,000 some 4 months later.

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