Ever heard of virtual real estate? Neither have we, until now. It’s a plot of land, a few thousand square feet of tress and untouched soil that is your own. Let your imagination run free. Sounds like a complete dream come true.
Well, not quite, since you can’t yet visit it. It’s known as Genesis City is a virtual land plot that’s about the same size as Washington, D.C. Investors. Investors are able to purchase pieces of the virtual land for hefty sums. The simplest 1,100 square foot slice of land goes for an entire $200,000.
This obscure market was created out of the promise of a Virtual Reality future. It has been predicted that in a few years physical workplaces will become non existent, something of the past and will be replaced by virtual offices. It is also predicted that by the year 2020, virtual reality as well as augmented reality will bring in an approximate $162 billion, which explains why people are so quick to buy this real estate.
The company behind this is Decentraland and they’ve got serious plans to turn Genesis City into a virtual metropolis. It is already being discussed by the landowners that there will be an area similar to Vegas City dedicated to gambling. Users will be able to watch live music, shop with friends, start a businesses and hit up the casino.
Its basically like a highly organized Sim City, other than the fact that it shouldn’t be thought of us a game (at least don’t tell investors that).