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　　Going to the Metaverse to buy a piece of land and a house, and entrusting souls that cannot be placed in real life in the virtual world, once became a trend. At the beginning of this year, "real estate speculation" entered the Metaverse, and virtual real estate and virtual real estate frequently hit new highs in price. At the peak, a piece of virtual land less than 5 square meters abroad sold for a sky-high price of more than 4 million US dollars.

　　However, the good times did not last long. In just a few months, the virtual real estate market took a sharp turn. Today, the average price of virtual real estate on overseas mainstream virtual real estate platforms has dropped by more than 80%. Many platforms have closed down due to the loss of users, and a group of investors who bought virtual real estate at high prices have been cut off.

　　The rapid cooling of virtual real estate is surprising, but it is also expected. From the beginning of its birth, speculation and speculation have followed suit, and skyrocketing and slumping are its inevitable manifestations. Investors need to carefully consider the real value of virtual real estate and whether the investment risk can be afforded.

　　In economics, the value of a commodity is generally measured from the two dimensions of use value and exchange value. Virtual real estate does not exist brick by brick, cannot live and settle, and cannot generate any real value except resale to others. If it is said that a few people participate in collections and transactions out of personal interest, then most people who spend a lot of money on purchases are only interested in the price difference brought about by buying low and selling high, which also makes virtual real estate easy to evolve into a drum-beating pass. It's not surprising that virtual real estate is in the hands when the first wave of well-earned hype funds leave and no one comes to take over the baton.

　　Rare goods are expensive, and commodities that are held to high prices often have a certain scarcity. Virtual real estate relies on blockchain technology, which can theoretically be provided indefinitely. Just typing a string of codes on the blockchain can generate thousands of sets of virtual real estate, and even the Metaverse itself can be copied and recreated. Yes, it does not need much cost, nor is it scarce. Compared with the hyped high prices, the current application scenarios of virtual real estate are also limited, mainly used for decoration, visits, etc. Speculative speculation is obviously ahead of technological progress.

　　While the metaverse claims to be a real-world illumination, real-life transaction logic doesn't apply in the metaverse. The purchase and sale of real houses is based on legal tender with national sovereign credit, while virtual real estate transactions are carried out on NFT (Non-Fungible Tokens). In reality, investors have a tight capital chain, and they can also resell their houses for cash. Even if they encounter a property market bubble, they can at least use the houses to live in. In the metaverse world, once the virtual real estate collapses, investors have nothing but a nominal ownership. If they borrow money to participate in the hype, they will lose everything.

　　Looking at the essence through the phenomenon, the risk of virtual real estate has to be prevented. At present, virtual real estate still faces many regulatory gaps, such as how to define the nature of its assets and how to protect intellectual property rights. The "close relative" relationship with virtual currency also makes virtual real estate with risks such as speculation fraud, illegal fundraising, gambling money laundering, etc. my country has long banned virtual currency speculation and transactions, and made it clear that it will resolutely curb the financialization and securitization of NFTs, and strictly prevent the risks of illegal financial activities.

　　The collapse of virtual real estate once again gave the market a warning, and the hype and chaos attached to the Metaverse should stop. As an emerging concept, the Metaverse carries people's beautiful yearning for future technology and infinite longing for an ideal life, but no matter what universe it is in, the realization of the ideal cannot be achieved by speculation, and the future of the Metaverse is not only about Build a house in a virtual space. Developers and investors should take a long-term view and focus more on the research of underlying technologies and application scenarios. Only by laying a solid foundation, brick by brick, can the beautiful vision of the Metaverse be fully realized.