Since that moment, Mark Zuckerberg announced at the end of October last year the creation of a metaverse, and the parent company of Facebook was renamed Meta. He kept talking about this technology, which was said to revolutionize the world much as the Internet did in its era.
Despite the media attention drawn by the founder of the renowned social network, several metaverses are already making waves. They are changing the way people interact socially and economically, on a global scale.
Two of the best known decentralized platforms in this space are GEN and Above the Truth. Both dominate the sale of plots in their virtual regions, enabling owners to grow businesses and activities there.
Unlike Decentraland, which builds its own virtual world, OVR stands out by layering a digital overlay on the real world. It is organized into hexagonal parcels of 300 square meters each.
There are over 1.6 billion OVRLands mapped across the planet, each with precise coordinates and labeled by a three-word name chosen at random, such as blue.sky.dream.
Benidorm “jumps” into the virtual metaverse to attract tourists
These parcels are available for purchase through the platform’s website or apps and can be acquired via auction. The typical starting price hovers around 6 OVR, depending on the quoted value of the region. The OVR coin currently trades around 1.35 euros, which means owning a virtual piece of land in this augmented reality metaverse could cost as little as 8 euros if there are no competing bids. Auctions conclude 24 hours after the last bid.
People ask: why invest now? The reasons include developing, selling, or renting virtual events or works in venues that are accessible through augmented reality glasses and mobile screens.
Since these spatial fields map real geographic locations, a store owner can reproduce the storefront in 3D, allowing visitors to explore it remotely via a mobile device.
Some Alicante residents are taking early steps in this immersive space, offering voice options and even interactions with other users. In the city center, a Ferrari can be viewed in meticulous detail, both inside and out, from home or anywhere.
Others have planted a large dinosaur and a dragon in the middle of their parcels. On the Esplanade, observers might encounter a spacecraft or a gigantic drone that supports the shields of the Alicante Fire Brigade and Civil Guard.
The potential of this technology is vast, with tourism and culture leading its practical applications.
OVRLands ownership, effectively non-tradable tokens and famous NFTs, grants control over augmented reality experiences tied to a defined geographic location. For instance, if the Archaeological Museum of Alicante (MARQ) seeks to host a 3D exhibition accessible from the virtual space corresponding to the OVR parcel with its physical facilities, it would need to own or lease those digital plots.
Similarly, a company or its avatar advertising within the space would require ownership or a lease from the plot owner via smart contracts. The same mechanics apply to hosting virtual events like roundtables, concerts, or fashion shows, activities already seen in Decentraland’s metaverse.
That is where speculative considerations come into play. Imagine someone acquiring parcels corresponding to EUIPO, Ciudad de la Luz, Alicante City Council, or Rico Pérez within a real-world locale. If the OVR metaverse remains popular for years, entities seeking to dispose of geo-located virtual lands in their physical centers would need to negotiate with the plot owners, unless the plots are free for sale or lease. Currently, some Decentraland participants pay up to €1,500 per month for a tiny land transfer.
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This concept resembles the early stage of the Internet economy, albeit less pervasive. In a previous era, a political figure named Edward Zaplana once misnamed a theme park project, revealing the risks of naming domains before registration. A vigilant participant recorded the domain terramiticapark.com for Terra Mítica, illustrating how digital real estate can impact branding long before a physical space exists.
In the context of OVR’s decentralized metadata store, alternatives exist only if the real-world center changes location and the virtual plot becomes unoccupied.
“A highly profitable investment”
An Alicante user, who prefers to remain anonymous, holds a modest portfolio of OVRLands, including parcels associated with Alicante Town Hall and landmarks such as Santa Bárbara Castle and Alicante-Elche Airport. The total investment sits around 150 euros.
Eugenio views this as a mid- to long-term opportunity with promising upside. Critics may call it speculative, yet he insists that if one limits the scope to minimal parcels, the cost is low and the potential gain could be substantial over time.
Another motivating factor is education. Engaging with this space encourages staying informed about emerging technologies and the decentralized economy shaping the future.
The OVR platform includes a beta version that enables creators to design experiences on bought plots, allowing any user to become an interactive content creator.
Spain in the leading group
OVR operates as a distributed metastore with global reach, though the pace of adoption varies by country. At the time of writing, there were more than 990 active virtual land auctions on OVR. Of the 821,000 plots sold to date worldwide, more than 88,000 were in Spain, trailing only the United States and ahead of Turkey in global rankings.
Most purchases in the country occurred in Madrid and Barcelona, but Alicante’s province has emerged as one of the most active, with over 2,500 sales already recorded.
Which parcels top the purchases in Alicante? The platform makes it possible to view sold plots, ongoing auctions, available spaces, and even past experiences by simply navigating the interface.
The entertainment district near the Port of Alicante shows almost no free space. Ownership details are visible through digital wallets, including data on when purchases occurred and the amounts involved. In port lands, most assets are registered to the same address, with purchases averaging around €5.4 per parcel in recent months.
Geographically, the highest concentrations of land sales align with the busiest real-world areas. This explains why investors target two-story streets in Alicante, where activity tends to cluster.
Virtual tours of Alfonso El Sabio Street, the Esplanade, and Plaza de los Luceros now allow visitors to see many “Sold” signs. Within Alicante, more than 770 parcels are fully owned, Elche contains about 150, Torrevieja over 200, and Benidorm nearly 400. Despite rapid growth, many parcels remain untouched or available for development.