Who would have guessed that the average person could own land next to their favourite celebrity with a few mouse clicks from the comfort of their own home? That is now a reality thanks to the metaverse.
Those who are interested in the metaverse are aware that it offers a virtual reality in which to live, work, and play with others.
Even those who haven’t fully immersed themselves in the pace are seizing the opportunity to invest and profit in the metaverse by purchasing virtual real estate properties.
You can purchase real estate and leverage it in the same way you would in real life by populating it with interactive experiences such as events, concerts, 3D objects, games, and a marketplace to sell assets such as your own NFT creations.
But that’s not all; in some cases, metaverse and physical real estate have begun to merge. The MetaReal mansion is a real-life Miami home with a virtual mansion in the metaverse that will be auctioned off in early 2023.
This means that the buyer of the house will also be the owner of the NFT asset. This could be the tipping point for NFT adoption in the real world.
What exactly is an NFT for metaverse real estate?
We use deeds and titles to prove ownership of the land we own in real life. We use block chain technology (ledger) in the metaverse to keep track of ownership records in the form of an NFT, or non-fungible token.
This refers to an asset with a unique code and metadata that is not equal in value to any other asset. Using block chain technology, assets are bought and sold with crypto currencies, ensuring the transaction is extremely secure and ownership cannot be counterfeited.
When you buy a metaverse real estate NFT plot, you’re getting a one-of-a-kind asset that belongs to you and you alone. Unlike the cookie-cutter houses that can be found in every neighborhood, your metaverse plot is unique.
What are the real estate marketplaces in the metaverse?
Deceltraland, CryptoVoxels (now called Voxels), Worldwide Webb, Treeverse, and The Sandbox are the most popular market places today.
However, those platforms are not the only places to buy plots, and as more people realize the value of buying in the metaverse, more platforms are likely to emerge.
Because most land is currently sold on the secondary market or through third-party marketplaces, it may be easier for new buyers to purchase real estate now that Ethereum can be used.
Some marketplaces use their own crypto currency for platform purchases. For example, The Sandbox uses SAND and Decentraland uses MANA, but swapping for different coins is simple if necessary.
To read our blog on “Reforming education using Metaverse,” click here