Home » Op-Ed: Virtual real estate is booming: Benefits of buying properties in the metaverse

Op-Ed: Virtual real estate is booming: Benefits of buying properties in the metaverse

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Metaverse is a booming industry, with artists, musicians, and numerous companies from a variety of industries eager to keep up with the times. But who at the time imagined investment giants, fashion brands, tech companies, and everyday users using digital assets to buy virtual properties of the blockchain-based Metaverse?

Some of them have already jumped in: from Meta, MicrosoftAnd other IT giants, fashion brands like Gucci, and even multinationals like Adidas and PepsiCo have stores in the Metaverse by buying or leasing real estate.

New opportunities for realtors

Metaverse real estate agents and businesses buy parcels in blockchain-based ecosystems such as sandboxes and decentraland and lease them to other companies and individuals interested in jumping into virtual reality space.

However, there are still many problems in this market, and the biggest problem is that some companies and private investors do not yet understand the field and its technology. Fortunately, many Metaverse real estate agents can guide you through all purchasing stages, just as you would in real estate.

Benefits of virtual real estate

Metaverse properties are still in their infancy, but given the popularity of general NFTs (Non-Fungible Tokens), prices are steadily skyrocketing. Therefore, the land parcel is an NFT, a type of digital asset stored on the blockchain.

The technology behind the NFT protocol does it automatically, so non-technical people don’t have to worry about this process. For example, OpenSea, the largest NFT marketplace in terms of sales volume, allows anyone, jpeg or mp4, to create digital files and convert them to NFTs. This is a very intuitive and easy process with just a few clicks.

Real estate companies can also use these marketplaces to purchase lots from various Metaverses. The most popular are the sandbox and decentraland. The parcel is stored at the blockchain address and provides full control and ownership of the asset.

Of course, the lots in the Metaverse are already tokenized and registered in their respective blockchains. Thanks to the transparent nature of blockchain technology, anyone can see the transaction history, owner, and current value behind it.

Opportunities are enormous and you can compare physical and virtual real estate. The main differences are:

  • Virtual real estate purchases are made directly — no intermediary required
  • Unlike physical real estate, land lots can be purchased in cryptocurrencies.
  • Upon purchase, ownership is automatically transferred to the buyer on the blockchain.

In addition to buying and selling homes and condominiums within the Metaverse, anyone can build virtual commercial sites such as malls and offices and rent them to real companies.

This has already happened and we witnessed it Republic Real — One of the largest NFT institutional investors and virtual real estate companies. To date, it owns over 2000 virtual lands across 16 Metaverses.

Things to keep in mind when purchasing Digital Land

Anyone looking to buy virtual real estate, like physical real estate, should consider the lack of space, size and land. Certain districts of the Metaverse ecosystem are more appropriate in some places. Companies can create marketing campaigns that reach a wider range of traffic.

But it’s not just about advertising. Certain players in this area are taking it to the next level. Adrien Cheng — CEO of New World Development, I bought one of the largest lots in the sandbox.. He plans to create a “megacity” to develop innovation hubs for technology and business startups.

A booming industry with many opportunities

In essence, the Metaverse is another path companies and companies are looking for to reach more customers. With the advent of the digital economy, it makes sense to do so.The global Metaverse market is currently over 500 million and experts say weather The industry is expected to exceed 1 billion in the next 5-10 years.

Guest post by Fuad Fatullaev on WeWay

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