After the launch of several blockchain-oriented applications that decentralized the virtual worlds, metaverse gained momentum. In many situations, the metaverse is still a place more to be discovered. It lays before an equally big opportunity for higher returns. In this blog, we will analyze the different aspects of how the metaverse plays a relevant role in the real estate industry. Herein, we give you a complete guide to metaverse real estate and the way it works and the solutions that one receives with it.
What is metaverse real estate?
Metaverse real estate is generally considered as part of lands in virtual worlds. They may not be digital images but they are pixels and programmable spaces in virtual reality platforms where people are capable of socializing, playing games, selling NFTs, going to virtual concerts, and others. With metaverse gaining momentum, the sector of digital real estate is estimated to grow and expand as well. With Facebook changing to META, it emphasized a focused interest in the metaverse.
The virtual worlds in the metaverse comprise digital real estate segments known as parcels. These parcels can be purchased and sold by using the currency of the metaverse real estate development platform. Land on Decentraland can be purchased through its cryptocurrency token MANA. Therefore, it cannot be avoided how technology has transformed the way real estate operates.
Features of digital real estate
When it comes to metaverse real estate, it is important to learn the several characteristics and features that have made it relevant. Let’s take a look at the various perks of metaverse real estate and Virtual reality app development
- Redefining the value of land
In the Metaverse, the digital land is valued on three different important factors and the three important factors include location, size and real utility. Real utility in the case of purchasing digital real estate cannot be assessed because the sole purpose of purchasing the land in the metaverse is either to develop it or lease it out to a third party. Thus, it can be stated that size and location become more important driving factors.
- Enabling a pool of buyers to invest in real estate
In the metaverse, anyone can purchase and invest in lands. Land parcels occur in distinct sizes, shapes, and locations that are available on a variety of platforms having different price ranges. Buyers from around the world are capable of setting up a cryptocurrency wallet of their selection and begin investing.
- Anticipation of future prospects
One of the main significant aspects of digital real estate is that it assumes the growing popularity of different metaverse platforms. Many top companies such as PWC and Samsung have already invested in digital real estate in anticipation of a future where everyone utilizes the metaverse. Many of the rising platforms in development recently are gaining global adoption by many industry verticals.
- A host of real-world activities for metaverse land
With passing time as more land parcels are going up for sale, there is very little push to reimagining real-world activities. For instance, exhibitions and trade shows are taking place in the metaverse having expansive event venues, sponsorships and booths driving monetization. Thereby, it lays before a whole new experience with opportunities for hands-on interactions. Different types of social gatherings, weddings, and collaborative work can move to the metaverse putting digital real estate to functionality.
Metaverse land buying trends for 2022
In this context, we will enlist the top digital real estate trends for this year below:
Estimates of over $1 billion in sales
As per the latest reports, metaverse land sales have reached more than $500 million during the year 2021. And as per estimation, it can be stated that sales will double by at least $1 billion.
The volatility of the market based on industry movements
The market will continue to remain volatile as well as fluctuate based on different industry standards and updates.
Luxury brands and corporates are the early movers
Several metaverse investment brands and big enterprises have been listed among the top movers in digital real estate. This trend is estimated to continue even in 2022.
Events on metaverse lands could become a staple
It is often seen that most metaverse platforms have their event calendars and Meta’s Horizon Venues that are now available. Subsequently, events on digital real estate could become a staple in 2022. Virtual reality delivers exclusive experiential opportunities for concerts, art shows, and hosted events.
Reason why purchase metaverse real estate
Metaverse real estate is such a platform that offers users the flexibility of connecting online with other people. Individuals are capable of using their digitized land for playing games and socialising with others. Creators can easily monetize the content of their property by charging for access and trading their NFTs. Brands are using their virtual properties to advertise solutions, organize virtual product launches and deliver customer experiences. In the case of real estate investors, the parcels of digitized land provide a lucrative opportunity. Metaverse developers are nowadays creating robust metaverse platforms for real estate making entrepreneurs and businesses getting more inclined towards metaverse real estate development platforms.
Final considerations
The potential of metaverse and blockchain is undeniable. At times, without even virtual surroundings, blockchain empowers real estate by assigning digital assets with non-fungible values. Searching out for a metaverse platform development? Nextbrain is the leading Metaverse development company that offers a robust and highly scalable metaverse real estate platform. Their solutions comprise blockchain development, NFT marketplace development, metaverse real estate development, NFT gaming development and many more. Connect with the best professionals to know more about blockchain technology and metaverse development.
Saran
August 08, 2022 Author