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Exploring Turkey’s Virtual Real Estate Market in Metaverse

The Metaverse ecosystems, like OVR, are creating a competitive market for virtual parcels, with significant interest observed in Turkey, particularly in Istanbul, which accounts for half of the country’s virtual parcel sales.

Introduced in 2021, the Metaverse concept has been creating waves. Utilizing virtual and augmented reality devices, it offers a virtual world where users can engage in a wide array of activities.

Exploring Turkey's Virtual Real Estate Market in Metaverse

The rapid sale of virtual parcels within these Metaverse ecosystems signals the growing excitement in this burgeoning market.

The OVR platform is leading the way in Metaverse land sales, offering virtual parcels globally. It has found notable popularity in Turkey, especially in Istanbul.

An analysis of the platform’s data shows that out of 20,000 parcels sold in Turkey, more than 11,000 are located in Istanbul.

Similar to the real estate market, not every parcel in the Metaverse holds equal value. Locations desirable in the real world, such as coastal areas, retain their value in the virtual world, leading to a significant price difference.

For instance, in the virtual realm, a parcel in Nişantaşı costs about 8 OVR (around 250 TL), whereas one in Bağcılar is priced at approximately 4 OVR (around 125 TL).

While OVR is a significant player in the virtual real estate market, it’s not the only one. Other platforms like Sandbox and Decentraland also provide similar services, each accepting their unique cryptocurrencies as payment. Only time will tell where this surge in Metaverse interest will lead humanity…

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