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There has been a resounding impact on many industries after the introduction of the metaverse. The virtual land is favorable for branding, value enhancement, and largely improving the relationship with the new age customers. The real estate on the metaverse mimics the real world and is becoming quite popular lately. Surprisingly, $175000 is the cost of the NFT real-world house.
The real estate metaverse is an omnichannel strategy for branding and engagement.
As in real-world scenarios, these assets allow users to socialise, develop, hold meetings, and do transactions using digital creations. This acts as an extension of our current behaviour on the Internet. Additionally, the brands can use virtual land for business exposure.
In this blog, we will know more about the industry, which saw an increase of 39.8% CAGR to $996 billion in 2030. Metaverse real estate is a booming market, but then which organizations can employ it and how it helps requires an understanding of the technology. In this guide, we discover about the working of real estate in the metaverse. Keep reading!
How is Real Estate in Metaverse
People are very well-updated about the physical property. However, blockchain-based real estate isn’t present physically. Though, it has all the attributes of a physical land. Here, the land ownership is secured on the blockchain. Further, some NFTs happen to be unique and thus help to secure ownership.
The metaverse comprises spatial computing, creator economy, decentralization, experience, and infrastructure .In the real estate present in the metaverse, all of this becomes more prevalent.
The metaverse land can be a good place to interact with people. It is also a new-age idea to advertise your services in a popular area with a lot of digital foot traffic.
The platform allows the brands to do personalization. Blockchain is one of the big disruptors in the tech industry. With the usage of blockchain, the commercialization of the metaverse will be helpful for companies.
Metaverse NFT
Regarding the real estate metaverse, Non-Fungible Tokens (NFTs) play a vital role here since blockchain technology is the foundation of both NFTs and the Metaverse. While NFT tokens are virtual tokens, and the metaverse is a virtual universe. The virtual land parcels which you buy are actually NFTs.
As for the metaverse, it’s a vast universe where the goal is to create an open, shared and highly participatory internet. The NFTs represent asset ownership here. Further, real-estate NFTs are also good for generating passive income.
The Metaverse NFTs can be used for virtual real estate, in-game items and collectibles, virtual characters, and avatars. Additionally, NFTs are also great for managing events and tickets.
Metaverse Real Estate Platforms
Some of the popular real estate platforms are:
Sandbox
The Big Four own most of the metaverse real estate. Among these are Decentraland, Sandbox, and Cryptovoxels, major players in the metaverse economy. Platforms like these are usually among the priciest.
Decentraland
The platform is present on Ethereum and is a 3D VR platform. The ownership here is given via the LAND NFTs. There are specific coordinates on the grid and references to the parcel details.
Atari
Atari owns virtual properties in Sandbox and Decentraland, metaverse platforms. Here, the visitors can play Atari-themed games and attend events, with plans to expand metaverse gaming across all platforms.
Cryptovoxels
On Cryptovoxels, the customization and designs are similar to that of Minecraft. The $COLR tokens are used here to purchase other elements. Creators here can build stores and galleries to display their metaverse-enabled products and services.
Applications of the Digital Land
Of late many businesses have shown an interest in the digital land. Here are some of the major applications of real estate present in the metaverse.
Gaming
The metaverse land can act as a gaming environment. The gaming here will be similar to the P2E model. Virtual reality allows gamers to interact with the players in various locations and share their experiences.
Entertainment
The metaverse land can also be used as an NFT collection area where billboards can be used for the purpose of advertising. There can be 3D movie theaters, sports events, and concerts in the real estate metaverse
Digital Stores
The owners can rent the property to conduct and engage in social activities. The consumers can select the commodities to explore and purchase.
Property Showcases
Prospective buyers leaving anywhere across the world can visit the VR version of the home they are planning to buy. Customers can use VR headsets to tour around the house virtually. The real estate metaverse is also beneficial in understanding the interiors as well.
Development Process of Metaverse Real Estate
Every step plays an important role in the complete formation of the land. The real estate on metaverse has many assets, designs, and layouts. The development is done step by step as it decides the range of activities on the metaverse.
Choose the Real Estate Platform
Some of the major real estates platforms such as Ethereum, Polygon, Solana, and many more. The virtual world, first of all, requires a platform. When opting for a metaverse real estate platform, smart contracts also play a major role.
Metaverse Smart Contract
With the usage of smart contracts, the transaction only initiates when both the parties click on “Agree.” Smart contracts can be used to carry out leasing between the parties. For virtual real estate to be utilized to its full potential, smart contracts are essential.
Design the Metaspace
Construct the metaspace keeping in mind a virtual meeting room and home theater, and various other accessories. There is designing of the rooms, metaspaces and conference rooms. VR headsets enable users to enter Metaspace, a virtual environment.
Building an Interaction Layer
Next, we will construct the interaction layer. In this stage, you are developing the application logic that allows real-world assets and characters to interact with the metaverse’s digital properties. The layer is known for controlling the navigation, accessibility, user control, and communication protocol of a layer.
Building the Interoperability Layer
In the world of blockchain, interoperability happens to be one of the challenges, which means interaction with other spaces. The cross-environment creates a functional digital environment. Choose a blockchain that allows secure and fast payment.
How to Buy Land In Metaverse
The main aspect here is that the ownership of the land is saved on a blockchain code which makes it a completely secure ecosystem. However, It is certainly a risky investment to buy virtual land, just as it is with cryptocurrencies and NFTs, for someone who doesn’t understand the process of buying.
To buy land on the Metaverse, one needs cryptocurrencies. Earth 2, Sandbox, and Decentraland are a few platforms with better infrastructure and have the influence of many celebrities. There are third-party sellers such as Opensea. This allows the users to list the property and prices. The platform also allows buyers to negotiate.
Create your own digital wallet. This can be done by installing Metamask as a Google Chrome extension.
Different platforms have different cryptocurrencies and therefore, so do check them before creating a wallet.
You can fund with MANA if you want to buy a plot of land on Decentraland and SAND if you want to buy assets on The Sandbox.
Sign up on the virtual metaverse platform
Choose the parcel of land you want to purchase.
There are also brokers and property managers for the real estate metaverse. Thus, it is not necessary to buy the land — one can take the same on rent.
The Factors Affecting Cost of Real Estate Metaverse
Metaverse real estate can also be leased similarly to normal land. From Decentraland’s first LAND auction, we can understand the popularity of Metaverse was $20; in 2021, it reached a value of $6000. In 2022, $15,000 per LAND token.
Utility: The price depends largely on the utility — the desirable quality of that land. The utility can be different for different platforms, and thus, the price also varies.
Platform: The usage of Platform is equally important whether it is Nike or Decentraland. The usage of the platform depends on collectability. More the collectible items more the
Speculation: When the whole market is bullish on metaverse land prices, speculation becomes a significant factor.
Concluding Thoughts
Every expert recommends starting with a small amount when investing in virtual land NFTs. In the blog, we understood how the metaverse real estate world is breathtaking, as many interactive events can be done there. However, the platforms still requires law enforcement to be done extensively.
A point to be noted is that things such as counterfeiting, money laundering etc, will become visible in the future. Thus, the regulations need to be made better with time. The immersive experience the metaverse provides people are interested in embracing the technology. In the future, metaverse real estate will emerge as fully operational. There have been years of development on this technology. Be aware of the potential risks enterprises can face while developing metaverse platforms.
About The Author
Dr. Ravi Chamria is co-founder CEO of Zeeve Inc, an Enterprise Blockchain company. He has an experience of 18+ years in IT consulting spanning across Fintech, InsureTech, Supply Chain and eCommerce. He is an executive MBA from IIM, Lucknow and a prolific speaker on emerging technologies like Blockchain, IoT and AI/ML.
Passionate About: Blockchain, Supply Chain Management, Digital Lending, Digital Payments, AI/ML, IoT
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