Andringa, Charissa (2022) Property of the future - A research into factors influencing the value of virtual land. Master thesis.
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Abstract
The metaverse is a virtual world where people live, work, shop, and interact with others - all from the comfort of their couch in the physical world. The metaverse is seen as an evolution of the Internet. Although the metaverse may sound futuristic, it has similarities to the real world. The metaverse is a place where one can own property, work, socialise, or travel around (Winters, 2021). This study addresses one of the visible trends in the metaverse, which is the purchase of digital land (DiLella & Day, 2022). As in the real world, land is a popular commodity in the metaverse. Yet, information is limited in academic research. The purpose of this study is to examine the factors that influence the price of virtual land and whether they are consistent with or different from those considered important in existing theories of land prices. To answer this question, the following primary research question was posed. "Which factors influence the value of digital land in the metaverse?" The purpose of this study is to investigate what factors may influence the desirability, and therefore the price, of land in the metaverse. Little research has been done on this new type of land, so the sources used for this study will mainly come from the media. Qualitative research was chosen as the approach for this study because it is best suited to provide new descriptive insights into the nature, meaning, and structure of media coverage (Patton, 2002). In the metaverse, location is important. Just as with real estate in the real world, according to Kiguel, the metaverse is about three things: location, location, location (DiLella & Day, 2022). The location of the property is critical to its value. Similar to the real world, land use plays an important role in determining the value of land in the metaverse. As in the real world, the price of land depends on the area in which it is located. Just as you pay much more for a house in Amsterdam, you pay more for your property in Decentraland if it is located in a favourable area. In general, it can be said that many factors that affect the value of physical land are the same as the value factors for digital land. Still, it must remember that this is an emerging market where much is still based on speculation and suspicion.
| Item Type: | Thesis (Master) |
|---|---|
| Degree programme: | Environmental & Infrastructure Planning |
| Supervisor: | Lamker, C.W. |
| Date Deposited: | 06 Sep 2022 14:53 |
| Last Modified: | 06 Sep 2022 14:53 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/4032 |
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