Spending real money on virtual property in the metaverse

  • 📰 theSundaily
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 51%

Malaysia Headlines News

Malaysia Latest News,Malaysia Headlines

Spending real money on virtual property in the metaverse theSun theSundaily metaverse realestate virtual money online

renamed itself Meta in November. That has caused a tsunami of money to flow into the metaverse as investors snapped up virtual real estate – hoping its value will soar.

Back in 2005, the China-born German invested RM42 on real estate in the game world of SecondLife. Within a year, her virtual property empire had grown enough to turn her into a real-life US-dollar millionaire. Unfortunately, much of her fortune disappeared when SecondLife’s popularity plummeted and demand for property in the world evaporated.

Individual investors could never own this property in the real world. In the virtual world, they can.Prices for virtual land are rising, and it is no longer just metaverse aficionados buying. The RM18.2 million buyer mentioned above is partnering with well-known videogame company Atari SA to develop some of its virtual properties.

That’s not cheap, but some buyers in cities where regular homes are unaffordable find that developing or speculating in virtual property is more appealing simply because it is more affordable than real-world real estate.

Source: Real Estate Daily Report (realestatedailyreport.net)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

unfortunately no regulations and free speech exists online, especially during covid pandemic. freespeech humanrights covid

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 25. in MY

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nike buys virtual sneaker firm as metaverse buzz grows | Malay MailNEW YORK, Dec 14 — Why buy the latest pair of sneakers, when you can buy the latest pair of virtual ones instead?  Nike joined the wave of brands buying into excitement over virtual goods yesterday as the sportswear giant announced it has bought RTFKT, a company that makes digital...
Source: malaymail - 🏆 1. / 86 Read more »

How the metaverse is tuning in to radio | Malay MailSAN FRANCISCO, Dec 15 — Few centenarians follow trends quite as much as radio. After moving into podcasts, the medium is now turning to the metaverse. The goal: to reach new audiences while helping to shape the musical experience in this virtual universe. ‘Metaverse’ is the word on the lips...
Source: malaymail - 🏆 1. / 86 Read more »

Climate change: PM wants action to avoid increased property damage and loss of lifeKUALA LUMPUR: The country needs to pay serious attention to the impact of rising global temperatures of above 1.1 degrees Celsius which results in climate change such as dry season and frequent floods, says Datuk Seri Ismail Sabri Yaakob.
Source: staronline - 🏆 4. / 75 Read more »

How to get your free Selvax Covid-19 booster shotHow to get your free Selvax Covid-19 booster shot There will be no more walk-ins for Selangor residents opting for their free Covid-19 booster vaccine jabs under the Selvax Booster programme theSun thesundaily Selvex Selangorresidents Selangkahapp
Source: theSundaily - 🏆 25. / 51 Read more »

Soccer-Clubs spend $500 million in agents fees - FIFAMANCHESTER, England (Reuters) - Soccer clubs spent $500.8 million in fees to agents in 2020, more than in the previous year, despite a drop in spending on transfers, FIFA said in a report published on Wednesday.
Source: staronline - 🏆 4. / 75 Read more »

Fifa: Football clubs spent US$500m on agent fees in 2020 | Malay MailMANCHESTER, Dec 16 — Football clubs spent US$500.8 million (RM2.1 billion) in fees to agents in 2020, more than in the previous year, despite a drop in spending on transfers, Fifa said in a report published on Wednesday. Fifa said that club spending on transfer fees shrank for the second year in...
Source: malaymail - 🏆 1. / 86 Read more »