A "craze for metaspatial real estate speculation" is hitting Hong Kong, and real estate moguls are already entering the market. Has the administration taken action?

Source : site officiel de Metauniverse Game Platform Sandbox

In the real world, the real estate market in China has entered "winter", and in the virtual world, the real estate market is booming and information updates are constantly developed.

The “metacosmic soil speculative fever” spread to Hong Kong and we had to work hard to conquer the land. Some people in the housing industry have already left, including Zheng Zhigang, CEO of New World Development. "Measurements of fever properties" can present risks such as speculation, fraud and financial fraud. Will the administration control it?

'Metauniverse real estate speculation' hits Hong Kong

Previously, Decentraland's virtual land, the metaverse platform, had been sold for a hefty price of over $ 2.4 million (around 2.1 billion won), cracking the data over time, causing a crash. controversy concerned with "Metaverse real estate speculation".

This information was broken in less than a month. New York-based virtual real estate developer Republic Realm set a new record by spending $ 4.3 million to purchase virtual land on the metaverse Sandbox gaming platform, according to a South China Morning Post report from the 14th. .

Sandbox was developed by Hong Kong video game company Animoca Brands. Players can create virtual worlds in the Sandbox and earn cash with in-game commercial products, including devices that allow them to create virtual landscapes or virtual avatars.

Digital assets like virtual lands use blockchain technology to identify members like real lands, which cannot be created or copied.

Recently, New World Development CEO Zheng Zhigang announced the investment in Sandbox and purchased one of the largest virtual land on the platform.

New World Development is a former Hong Kong real estate development company established in 1970 and listed in Hong Kong in 1972. The company covers China, in particular the Gulf of Guangdong-Hong Kong-Macao. As of December 16, New World Development had an estimated net worth of HK $ 76 billion.

Zheng Zhigang did not disclose the capital and the cost of purchasing the land. He said he would create an "innovation center" in the region to showcase products from the Grande Baie region.

Zheng Zhigang plans to showcase company features Virtual Land 10, including diagnostic and genetic test developer Prenetics, logistics unicorn Lalamove, technology production brand Casetify and more, which will be unveiled in the virtual space, including New World Development and Zheng Zhigang's venture capitalist. C Capital is a joint venture partner.

Not only big names like Zheng Zhigang, but also some people in Hong Kong real estate industry have seen Yuan Universe real estate capital.

“I was already buying virtual goods on the sandbox platform,” Andrew, an expert at a Hong Kong-based investment firm, told the South China Morning Post. "Customer satisfaction is only depressing."

Source : site officiel de Metauniverse Game Platform Sandbox

“Last Saturday a new zone was opened and the virtual equipment was sold in a second,” he said. "Right now the sandbox has about 100 new locations."

Andrew and a few friends who bought virtual land started a WeChat group, but no group of friends were able to catch up with him. He sighed and said, "That's the speed of your hand!"

Andrew now has three virtual machines, one of which has almost tripled in just a few weeks. “When I bought this land the price was 1.8 ether (around $ 7,241), but now it's close to 7 ether,” he said. Ether is the second largest virtual currency after Bitcoin.

Andrew says the key to buying a virtual home is to start buying one in the real world.

Specifically, two factors determine the value of a virtual property. One is how far you are from the center of the meta-world, the other is where you build around the lot and who your neighbors are.

Andrew said there was a lot of unsold land next to the land I bought, hoping that a big name like Disney would eventually grab it.

Like Andrew with experience buying land, Jason, who owns a real estate agent in the Mid-Levels in Hong Kong, is a huge fan of virtual land.

In August of this year, Jason and a few friends bought some land on the Decentraland meta-space platform. He estimates that the virtual land is worth almost US $ 12.8 million.

The world of virtual lands and virtual rewards seems to return to the stars on the internet, when people are busy signing up and more, Jason said. It's like history repeating itself: “Now is the time for us.

Source: Sandbox official website

Has the administration taken action?

Social housing represented by Zheng Zhigang, Andrew and Jason has started the “hot rush” of the transition, but will there be more participants?

The South China Morning Post estimates that there is a shortage of real estate in Hong Kong and that real estate is considered the most important investment, and that there is interest in selling virtual land, influenced by construction purchases.

Yat Siu, co-founder of games company Animoca Brands, agrees. This makes virtual land more understandable and attractive than other forms of non-fungible tokens (NFTs), as real estate investments are known to Hong Kong people.

NFTs can represent digital data such as image, audio, video project, or any other design.

Xiao Yi said, “Hong Kong people understand the value of land other than buying or other things that are difficult to appreciate.

Jason believes that in the future, virtual land owners should be able to lease virtual land by treating it like physical land.

However, it is important that the “speculation fever on the soils of the metauniverse” leads to policy vigilance. "Daily People" reported last week's review of the Yuan Universe housing theory, saying it should be wary of "heat hazards."

The chapters pointed out that “metauniverse soil speculation” is generally based on NFTs. In this sense, the virtual real estate market is called “speculative speculation” and “currency speculation”. Virtual real estate trading is illegal in China and many other countries.

The article goes on to say that "the development of the new is not chaotic or chaotic. It requires forgiveness and patience, and new drivers should be encouraged."

Regarding the novelty of cryptocurrencies, regulators have received a number of measures in conjunction.

For example, 10 departments, including China's financial institutions and the Central Cyber ​​Authority of China, released a report in September this year saying, “Marketing involving virtual resources is a financial crime. Huobi and other exchanges have since stopped registering new users and eliminating existing users in mainland China.

Source: official website of the People's Bank of China

The Hong Kong Securities Regulatory Commission has also repeatedly warned of the risks of cryptocurrencies and complied with regulations, such as the requirement for International Depository (ICO) investors to "stop selling tokens to Hong Kong investors".

If expectations in Metaverse real estate are fully met and "risks such as boom / bust, speculation, fraud, money laundering, gambling, money laundering, etc. Appear as attempts, it is more likely that the rules will be protected.

Information:

This article first appeared on https://www.forbes.com/sites/zinnialee/2021/12/08/hong-kong-property-tycoon-adrian-cheng-builds-virtual-land-in- the -sandboxs-metaverse /? sh = 648601bb45d8

This article first appeared at https://www.scmp.com/tech/big-tech/article/3159534/hong-kong-property-tycoons-brokers-snap-virtual-land-metaverse

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