Navigating the Metaverse Real Estate Landscape: Ownership, Opportunities, and Exploration
Metaverse real estate is a rapidly emerging frontier that combines digital technology with the real estate industry, providing unique opportunities for investment and interaction within virtual environments. In this digital realm, properties, such as buildings and land parcels, serve as spaces for social interactions, gaming, and a wide range of activities. Users can create, own, and monetize their virtual assets, making metaverse real estate an exciting and dynamic field. Here, we'll explore the fundamentals of metaverse real estate, the process of acquiring virtual properties, popular metaverse platforms, and the diverse ways people engage with their digital holdings.
How to Buy a Metaverse Property?
Acquiring a metaverse property is similar to obtaining an NFT, with unique blockchain ownership confirmation.
Start with a digital cryptocurrency wallet.
Research platforms for cryptocurrency support.
Create a profile on the virtual metaverse platform.
Link your digital wallet to the platform.
Choose the desired property and proceed with the purchase.
Metaverse real estate can be obtained through brokers or property managers.
Unlike traditional agents, metaverse agents often lack specific licensing requirements.
It's crucial to engage with reputable and trustworthy parties in metaverse transactions.
Where to Buy Metaverse Real Estate?
Similar to the physical world's diverse real estate platforms and applications, metaverse real estate can be acquired through various platforms. Let's explore some prominent metaverse platforms:
Decentraland:
Decentraland is a 3D virtual world where land acquisition requires MANA tokens. The platform boasts a decentralized ledger for land ownership and a protocol defining the contents of LAND parcels. It features a peer-to-peer network for user interactions and is governed by a Decentralized Autonomous Organization (DAO). As of December 2021, Decentraland had a market capitalization of $6.8 billion, offering users the opportunity to buy, sell, rent, and engage in various activities within the virtual world.
Sandbox:
Sandbox dominates the metaverse real estate market, occupying 62% of the total market space. Users can buy or rent virtual spaces for different purposes, including family homes, commercial areas, art galleries, and social hangout spots. Sandbox operates as a User Generated Content (UGC) platform, with its native 'SAND' token facilitating transactions. It has formed partnerships with well-known game companies, celebrities, and brands, making it a dynamic and popular platform.
Cryptovoxels:
Built on the Ethereum blockchain, Cryptovoxels focuses on user financial interests while preserving community sentiments. Land parcels here are exclusive to owners and their connections, with no third-party access. Transactions primarily use Ethereum (ETH) for land purchases and asset sales, and the platform provides a straightforward way to access the metaverse world.
Somnium Space:
Somnium Space is a blockchain-based virtual reality metaverse, entirely constructed by its users. It offers various parcel sizes and uses Ethereum and Solana blockchains to authenticate and record ownership. Parcel prices vary, making it accessible to a broader audience.
Why do people invest in metaverse real estate?
Individuals invest in and utilize their metaverse land for a wide array of purposes. Here are some of the diverse ways they engage with their virtual properties:
Infrastructure Development:
Many investors acquire land to build digital establishments like casinos, clubs, art galleries, shopping centers, and gated communities for public use.
Brokerage:
The metaverse real estate realm now features brokers who assist in property sales and provide property management advice to clients.
Advertising:
High-traffic areas in the metaverse are increasingly attractive for advertising. Companies can promote products and services on rented land.
Services:
Financial institutions are expanding into the virtual realm, offering services like metaverse mortgages, real estate lending, and cryptocurrency transactions.
Steps to Build a Real Estate in Metaverse
Step 1: Selecting a Platform:
Choose a blockchain system (Algorand, Solana, Polygon, or Ethereum), define smart contracts, and ensure compatibility with decentralized currencies and NFTs. You can either build from scratch or customize existing platforms to suit your needs.
Step 2: Create a Metaverse Smart Contract:
Develop blockchain-based smart contracts that execute predefined actions when specific conditions are met.
Step 3: Installing IPFS:
Install decentralized InterPlanetary File System (IPFS) storage for secure data sharing.
Step 4: Database Configuration:
Set up a database to store transaction records and other essential data securely.
Step 5: Crafting the Metaspace:
Design virtual environments like meeting rooms or home theaters, tailored to your objectives.
Step 6: Integration of AR/VR Features:
Implement AR/VR capabilities to create immersive digital experiences.
Step 7: Ensuring Metaverse Interconnectivity:
Ensure interoperability to connect with other platforms, expanding the metaverse's scope and user connectivity.
Summary
In summary, metaverse real estate is an exciting frontier with opportunities for investment and diverse usage. Acquiring virtual properties follows a process similar to obtaining NFTs, and several platforms offer these digital assets. People engage with their virtual properties for infrastructure development, brokerage, advertising, and various services. Building metaverse real estate involves selecting a platform, creating smart contracts, configuring storage, setting up a database, designing virtual spaces, integrating AR/VR features, and ensuring interoperability. As the metaverse continues to evolve, it presents new horizons for both investors and creators in this digital realm.