Our world is divided into two versions, physical and virtual. As we are progressing towards the future, the physical world is transforming into a virtual one. The same case is with Metaverse, which is itself a virtual world with another horizon of living. Before we discuss metaverse real estate and its factors, we need to know a little bit about metaverse, where blockchain will play a crucial role via NFTs and cryptocurrency for the transactions of goods, services, and currency. Moreover, it is better to know about something which is causing too much hype in the world right now.
What is Metaverse?
A virtual world for social interaction or you can call it a combination of social media and virtual games. A digital world where people can do whatever they want from playing to the trade of goods. Each user has an avatar (a digital character) in it to represent themselves with the help of VR (Virtual Reality) gadgets. Its features contain VR as well as AR (Augmented Reality) so players can interact with respect to their real-time geographical location and movements. Pokémon Go app (2016) is an example of AR, which received considerable hype from its users.
Coming back to our main topic, this term is not unfamiliar. If we go back in time, we can recall multiple novels, movies and games related to a virtual world, where a person can create their own avatar to interact with others. For instance, 1992’s novel “Snow Crash” and 2011’s novel “Ready Player One”. Moreover, “The Matrix (1999) and “Avatar (2009)” were the state-of-the-art movies of their time because of their concepts about the VR world. Similarly, video games like “Second Life (2003)” and “Fortnight (2017)” are some of the examples of the metaverse.
Metaverse of Facebook
It all started when social media giant, Facebook, rebranded itself into Meta. A virtual world, which will connect all the platforms of Meta (formerly Facebook) like Meta, WhatsApp, and Instagram mainly. With the help of special glasses of the metaverse, users will be able to face each other without being present physically. Here, just like in science fiction movies, a hologram or 3D avatar will replace a physical person, which can be seen only via AR glasses. In addition, people in different gyms, sports grounds, offices etc. will be able to meet each other digitally as if they are at the same place.
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About Metaverse Economy
We are all aware of a digital market where we purchase coins or tokens to buy additional features in a video game. Especially when it comes to upgrading your avatar in a game. Similarly, metaverse has a virtual market where users can trade from clothing to even real estate elements. This metaverse real estate has a whole new world. If you want to impress other avatars in the metaverse, you will have to buy accessories for your digital wardrobe.
Moreover, you have the option to buy cars, property and everything you need just like in the real world. VR and AR will play their roles in the interaction of users remotely. Also, offices will be able to conduct remote meetings with their avatars in a virtual corporate world, which is an advanced form of zoom meeting. Likewise, it is a new version of working-from-home.
How to Buy Real Estate in the Metaverse?
Metaverse real estate will be dependent on NFTs (Non-Fungible Tokens). Users will be able to buy virtual properties in the form of NFTs. You can neither copy them, nor delete them, but only trade them since they are secure from all these changes. Moreover, the trade of real estate properties is possible via cryptocurrency. This cryptocurrency and NFT transactions will take place through blockchain technology, where each user will have complete ownership of virtual assets in the metaverse.
Video games like Sandbox and Decentraland have already started trading virtual lands via cryptocurrency, which will be a model for metaverse real estate. For that, you must have cryptocurrency to buy real estate land in the metaverse. Once you connect your crypto wallet, you will be able to buy land in it. In addition, it requires cryptocurrency software to trade. For instance, Meta Mask is common at the moment. Have a look at these technological ways to control your home.
What are Metaverse Real Estate Prices?
Just like the real estate agency service, there is also a metaverse real estate agent system. As a result, you get listings options with the help of platforms like “Opensea” and “NonFungible”. These platforms will help the users buy and sell digital lands in metaverse virtual real estate. If we discuss metaverse real estate prices, they ranged between $ 100 and $ 1000 per land in the year 2021. However, the prices have soared to over $10,000 minimum for land.
These prices even reach millions depending on the celebrities’ investment areas of metaverse real estate for sale. Because some fans of celebrities are spending an ample amount of money on it. Moreover, some companies have already started to invest in it to market their brand in future.
All these factors from creating an avatar to metaverse real estate investing have a lot to show in future. But there is also a risk of cryptocurrency since it is a bubble that can burst anytime. If you are looking to invest in it, you need to wait until things clear completely.
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