Property values and market trends in the metaverse reflect those in the real physical world, says Jason Rosenstein, the founder, and CEO of Portion. The NFT auction house and marketplace recently bought a $1.2 million plot of real estate in Decentraland. Portion paid around 425,000 MANA
Rosenstein says they took a metaverse leap because artists kept asking them to build a space whereby NFTs could be brought to life in a new way and at a whole new level. He went on to describe the metaverse as “super experimental”. Rosenstein is feeling good vibes about the purchase calling it a rush into virtual land – the first digital gentrification in history.
The virtual real estate that Portion bought in the Decentraland is a 52-parcel plot, next to a road and a major plaza where a number of brands are buying land. Rosenstein believes one has to be as close to the center of Decentraland as possible. He recommends small companies double-check with their audience as to how they will take metaverse space. Rosenstein says the metaverse is not for everyone.
His advice is to build in an area with other similar brands and try to get as close to the road as possible. Moreover, companies should do their own research to make sure they are not overlapping. The plot in Decentraland isn’t Portion’s first step into the metaverse. It had received free land in Decentraland Arts District. Furthermore, in July of 2021, Portion debuted a seven-floor virtual museum in Decentraland. It featured an array of NFT artwork.
As such, the company now wants to build further on the brand’s presence as a place for artists and creators to congregate and exchange work. Rosenstein feels the metaverse will host the next evolution of artwork. He said the next wave of NFTs will land in the virtual land. There will be 2D jpegs to a 3D metaverse, and people will own 3D models of NFT artwork, thus the market being bullish about the virtual estate.