Market Value or Meta Value? The Value of Virtual Land during the Metaverse’s Digital Era

Nowadays, some of the most expensive real estate is not “real” at all. Several investors are purchasing land in the virtual world of the Metaverse. To be more accurate in the wording, they are buying “meta-estates”. This work is dedicated to opening a debate about this emerging research field within the real estate discipline. It begins by discussing market segmentation, ownership, and pricing by comparing the traditional real estate market with the virtual estate market. Furthermore, this study involved interviews with six seasoned Metaverse land investors who participated in two Analytic Hierarchy Processes (AHPs). The first AHP ranked 14 investment typologies, while the second focused on ranking and discussing the most important characteristics of meta-estates that influence the formation of prices. As a result, the most appealing investments identified were day-trading, virtual land trading (buying to resell), and virtual land development (transforming and reselling). The primary characteristics of meta-estates considered by investors include the platform (e.g., Earth 2, Sandbox), the location within the platform (proximity to famous neighbours), and the architectural design of the buildings (designed by renowned architects). It is evident that the Metaverse represents a new frontier for land investors, and the primary aim of this study was to encourage other researchers to explore and investigate this evolving field.