Real Estate in Metaverse
We are all aware of the advancement of virtual reality and games. We keep seeing how fast the digital world is expanding, whether it’s NFTs, cryptocurrencies, distributed ledger technology, or blockchain. Immersive digital concepts reconstruct and bring to life ideas about everyday life. And at the time of writing, these technological fields, which are showing rapid growth and momentum, have also entered the real estate field.
The metaverse concept is currently under development, but as expected, progress is vast and some well-known companies have re-introduced new faces such as the Meta, formerly known as Facebook. Now, the metaverse is inevitably becoming a groundbreaking trend in modern technology. However, although there are many risks involved in investing, there is still a lot of potentials to unearth and the risk is worth it because the potential for future gains is great. As with any investment or company activity, we should conduct thorough research before deciding to take any risk. Despite all the positives and negatives, the potential value of the metaverse in real estate is high, and it is important to understand the issue here.
- Virtual Real Estate Will Arise
Metaverse Real Estate is a land of programmable digital environments like virtual reality worlds. This type of virtual land functions much the same as real estate. The essence of this virtual real estate is that users can virtually perform real-world activities. With the help of this innovative VR technology, users can socialize with other users, buy and sell items such as NFTs, organize virtual meetings, attend music events, and many other interesting things.
The rise of the metaverse will continue to increase the effectiveness of digital real estate, which is also expected to grow steadily. If you are looking to invest in metaverse real estate just like you would purchase real estate in the real world, identify areas with potential for growth. This will also increase the value of digital assets.
2. The Benefits of Buying Virtual Real Estate
Metaverse Real Estate can be used to create a virtual world where users can interact with other people on the internet. Individuals can socialize and have fun while playing games on a digitized land. Creators can monetize their asset content by uploading copyrighted material or trading NFTs. This makes such a huge advantage possible. Brands can use virtual assets to promote services, launch digital items, and provide personalized experiences. When purchasing virtual real estate, users must fully understand their knowledge of metaverse real estate in order to trade safely in the environment.
3. Virtual Real Estate Can Be a Good Investment in the Future
Investing in digital real estate can be difficult, but the rewards are substantial. Companies have been making significant investments in virtual land properties due to the enormous prospects for metaverse rapid expansion. For example, The Republic Realm set a new record in November when it paid $4.3 million for a property in The Sandbox. The increased demand for metaverse assets has influenced prices to go up much further. Digital land typically sells for $6,000 to $100,000, with some reportedly selling for much more. As long as people have determination in maintaining their investing strategy and are willing to accept the risk, this virtual real estate can be very potential to be invested.
Now, there are major players that are dominant in the Metaverse real estates economy such as Decentraland, Sandbox, Somnium Space, and Cryptovoxels. In Indonesia, CINDRUM as a Blockchain-based Metaverse platform creates features named LANDs which are blockchain-backed ERC-721 tokens that represent physical parcels of the CINDRUM Metaverse and allow users to own a piece of it in order to build their own ecosystem. Players will be able to aggregate LANDs in the future to form ESTATEs, which will then become DISTRICTs.
Purchasing a virtual world real estate appears to work similarly to buying an NFT. Your ownership is a one-of-a-kind computer program that generates a code using blockchain technology. This code validates your authority or legal protections for the digital real estate you own. This indicates that it is very secure to invest in this virtual real estate, and within all of its potential, virtual real estate selling could compete with the real-world property.
Just a few years ago, experiences like this would have been neatly labeled as visionary. The concept of the consumer entering a multidimensional digital environment has been considered the subject of fantasy and science fiction. But, like many other theoretical advances in technology, reality has caught up. With the help of human creativity, ingenuity and a lot of work, many previously unachievable scenarios have been materialized.