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How does real estate works in Metaverse?

12.10.2022 10:15 AM
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How does real estate works in Metaverse?
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How does real estate works in Metaverse?

It used to be that if you wanted to own land, you had to invest money in a plot of land. But times are changing, and the new frontier is the growing equation of the vast "universe" of virtual worlds. While the metaverse is still in its infancy, there has been a rush in recent years to land with users and investors paying real money for virtual properties.

With countless startups now vying to offer the leading virtual world - Facebook (now known as Meta) invested $10 billion in Metaverse technologies in just one year - a world of possibilities beyond our physical reality. is the world. This includes assets located in the digital world. In fact, the Metaverse virtual real estate market is expected to grow to $5.37 billion by 2026 alone, according to Technavio research.

Before entering this intensive course in developing and managing cyber assets, make sure you are familiar with a few key terms. If you're looking for a quick primer, start with our guide to the Metaverse, then check out our NFT tutorial and Web3 tutorial.

Why do you want to buy virtual real estate?

Real estate can be a great investment in the real world, and people are betting that virtual real estate will pay the same amount. Currently with enthusiasts and everyday businesses alike, investing in virtual assets gives you a home base in the metaverse.

But the main reason for gaining power has to do with potential profits. Digital real estate may be a relatively new and young market, but as virtual reality advances and the equation grows, so can the possibilities of digital asset ownership.

What can you do with virtual real estate?

Metaverse real estate takes the form of a digital land that is placed in a virtual world or online. These packages provide in-game spaces that you can adapt, renovate, or use for socializing, playing games, or experiencing virtual activities. Depending on the platform, you can actually coordinate your parcel, build structures and housing on it, change cosmetics, and even play a variety of music, chat, and online meetups. It can host as well.

Effectively owning digital real estate gives you a place in the metaverse that you can call home. You can use it as a central point from which to connect, communicate and interact with other players. Or you can monetize it by charging a fee to access or use your Metaverse collectibles. Alternatively, you can buy, sell, trade or rent packages as a true real estate investor.

“It can help to think of virtual real estate as your online home away from home,” says Rosato. "It's mainly up to you to decorate, renovate, entertain and customize to your friends' tastes or do whatever you want. If you can dream it up, you can do it with virtual real estate, within the technological constraints and design limitations of virtual worlds. And

On the other hand, companies can use the digital space to promote or sell products online or to create unique interactive customer experiences and destinations.

Where to find virtual real estate?

The following companies specialize in Metaverse assets:

Metaverse is a popular real estate platform where “LAND” parcels can often retail for $5,000 or more (paid in the platform’s $SAND cryptocurrency). Its creators note that the person who owns the land controls 100% of the experience built on top of it.

Decentraland is another well-known service that operates as a 3D virtual reality platform built on the Ethereum blockchain, whose NFTs are bought and sold using Ethereum or MANA (Dicentraland's original currency).

Foxes is a virtual world similar to the popular video game Minecraft. You can own, create, develop and sell assets within it, with transactions permanently recorded on the blockchain. A few years ago, the legacy cryptocurrency COLR replaced the ability to purchase virtual land with Ethereum.

Sommonium VR space is a 3D virtual world filled with experiences primarily created by its players, who can customize and decorate their collectibles, monetizing these digital assets. The average price for a piece of virtual real estate recently reached $3.

Professional realtor, real estate agent, or agency dooklik platform will bring your business online to where your customers are. Home Buyers and Sellers rely firstly on the internet as the primary source to research a property.
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If you want to enter the world of the Metaverse, you must create a virtual version of you that represents you in the digital spaces, this copy will be a 3D model of you, it does not have to look exactly like you where you can modify it according to your desire.

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