Metaverse real estate is one of the hottest developments in the industry. It’s rare for entire real estate markets to appear out of thin air. But that’s exactly what’s happening with virtual worlds. The digital world has real estate opportunities that mirror what’s found in the physical. And you’re about to learn how to get the most out of it.
- Accessing Metaverse Real Estate
- Understanding Non-Fungible Tokens
- What Is Metaverse Real Estate?
- Benefits of Owning Metaverse Real Estate
- How to Buy Metaverse Real Estate?
- 4 Popular Metaverse Real Estate Platforms
- Brands Experimenting with Metaverse Real Estate
- Metaverse Tokens and Metaverse Real Estate
- The Metaverse Real Estate Experience
Accessing Metaverse Real Estate
Metaverse real estate is possible thanks to the metaverse being a real, digital universe that exists alongside the physical one. It’s a full 3D space where metaverse companies can build and sell real estate. But you can get various metaverse experiences with different metaverse devices. For example, you might use your smartphone to overlay digital elements onto the physical world through augmented reality. Headsets let you step into it through virtual reality. And the newest tech melds different approaches to providing mixed reality through devices like hololens.
Even computers and consoles can access the metaverse. But these forms of extended reality all access the same 3D, boundless, immersive metaverse. It’s a realm defined by social spaces, persistence that lets everyone share that world, and a lack of boundaries. The metaverse’s world exists in parallel to the standard one. And the fact that it’s still “fully” in development and highly experimental means nobody knows how it’ll turn out. But you can experience that world for yourself right now. You can learn about the varied forms of the metaverse in the article “Metaverse Guide; Understanding The Basics Will Open Up a New World.”
Understanding Non-Fungible Tokens
Besides the metaverse, it’s also essential to learn about NFTs before diving into the more extensive subject of digital real estate. The public often thinks of NFTs as a form of unique digital image. And NFTs can indeed be tied to images. But NFTs are non-fungible tokens. This means they’re unique identifiers tied into the blockchain’s digital ledger. NFTs are how a digital resource, like metaverse real estate, can be owned by a single individual. You can delve even deeper into this technology in the article “NFT Guide; Everything You Need To Know About NFTs.“
What Is Metaverse Real Estate?
Metaverse real estate is an NFT proving land ownership within a metaverse platform. The fact that it’s tied to NFTs means you have even stronger ownership rights than you’d find with physical real estate. Your ownership is unambiguous, and you have tremendous freedom to develop within that property. You can leverage it for advertising, socializing, entertainment, and much more. Different platforms allow for varying levels of personalization to make it unique. And like physical land, the value fluctuates in response to other variables. In particular, market sentiment, platform popularity, and collectibility are fundamental.
Owning physical real estate opens up a world of possibilities. And that’s even more true for metaverse real estate, where imagination is the only limit. But there are a few benefits that stand out as especially important.
The metaverse real estate market’s value spiked in 2021 when it reached an estimated $500 million. Forecasts suggest continued growth, with compound annual projections of 31%. Additionally, the trend is seen across multiple platforms rather than singular metaverse implementations. Similar trends have been seen in crypto tokens associated with the metaverse and blockchain. While crypto prices have seen slight declines from their peak, they’re still valued higher than in previous years. It’s important to remember that future trends are always uncertain. But the 2021 boom might probably be the start of larger economic growth.
Receive Metaverse Information & Related Topics
Space & Personalization
The metaverse is boundless, but individual platforms typically limit land offers. This maintains scarcity and value for people’s investments. Decentraland, with a prevalent metaverse real estate market, has 90,000 50ft x 50ft plots. The Sandbox metaverse is famous for real estate and features 166,464 96m x 96m plots. Notably, even smaller land investments give you a lot to work with. And people aren’t just building stores on that land; they’re often building full shopping centers. You’ll also find universities, hospitals, and more. The growth of the metaverse will continue to create lively spaces and encourage innovative new ventures.
Reaching a Wider Audience
There are some elements of metaverse real estate that everyone agrees on. Especially the fact that the metaverse opens up a huge new audience. As an article in Polygon recently highlighted, companies can even bring digital versions of their physical locations to a global market with vastly reduced costs. And when you set up shop in the metaverse, you’re attracting more than just your standard demographic. You’re also attracting a new tech-savvy audience. You’ll be able to gain the allure associated with a ‘technologically advanced business’ simply by working within this powerful new platform. And you’ll drastically increase your customer base.
How to Buy Metaverse Real Estate?
Buying metaverse real estate can be surprisingly easy. Plots are typically available for sale on NFT marketplaces. OpenSea, one of the largest, is especially popular for real estate sales. The deals are typically made using crypto, such as Ethereum or Polygon. But some platforms require special native tokens such as MANA or SAND. However, the requirements for most of these cryptocurrencies are generally the same. You’ll need to set up a crypto wallet and locate exchanges with your interest in cryptocurrency. From there, you can buy or trade for the necessary currency if specialized resources are required.
4 Popular Metaverse Real Estate Platforms
Some individual metaverse implementations have become especially well-known for metaverse real estate deals. The following are the most notable examples of metaverses focusing on real estate.
Anyone logging into Decentraland will instantly see why it’s such a popular platform for metaverse real estate. It’s a vast digital world that’s filled with beautiful natural areas. You’ll find lush forests, blue skies, and immense oceans. But you’ll also see vast cities boasting uniquely stunning architecture. All of these areas are contained within 90,601 plots of land. And each plot is a LAND NFT token. Owning LAND means you can do anything with the linked plot. Decentraland’s LAND Estate system even lets you combine and work with multiple plots as if they were a singular whole.
For more information about Decentraland, read “Decentraland Guide; Overview, Components, Things To Do & More!”
The SandBox platform originally started back in 2012 as a sandbox-style video game. But that changed dramatically after it was acquired by Animoca Branda in 2018. Development shifted to an actual 3D world. And in 2021, the system evolved into a full metaverse environment where users could build and change the world according to their interests. Today this sprawling system is one of the top metaverse real estate options, with many mergeable plots on an even grid. A limited number of available plots are typically bought and sold on Binance with SAND tokens.
For more information about The SandBox, read “Sandbox Game; An Overview of a Groundbreaking Virtual World.”
Roblox is a popular gaming environment and one of the most essential metaverse real estate platforms. Roblox gives users some potent building tools. The tools are so powerful that you can build complex games on land within Roblox. When people talk about playing Roblox, they generally talk about playing user-created games within the Roblox metaverse. There are over 20 million games on Roblox and a thriving economy using Robux. You can take a look at the most notable Roblox games in the article “Roblox Games; The Top 10 You Should Start Playing Today“.
Somnium Space was launched in 2017 as a VR-based metaverse fully tied into the blockchain. This vast landscape is divided into 5,000 land parcels, making it especially notable within the metaverse real estate market. And, of course, all of these parcels, and even user avatars, are tied to the blockchain. Somnium Space uses native erc20 tokens called Somnium Space CUBEs to let people buy and sell resources. And you can also do the same with land parcels on other markets as standard NFT sales. Somnium Space avatars can even be used on other metaverses.
Some of the biggest names from various industries already work with metaverse real estate. There’s a whole virtual world of examples to marvel at. But the following are some notable examples of companies making the most of this new digital domain.
Netflix on Decentraland
Imagine stepping into exciting new TV shows and movies. That’s exactly what Netflix has been able to do with metaverse real estate in Decentraland. The company rented land in Decentraland for a maze experience based on The Gray Man. Players can use new skins, items, and other goods within the maze. It also boasts some impressive star power. Ryan Gosling is on hand to lead players through the labyrinth to uncover movie-accurate technologies. This marks a continuation of Netflix’s work with blockchain-related technologies. The company launched an NFT-based Stranger Things game to accompany the show’s fourth season.
Image attribution: Observatorio Blockchain
HSBC on SandBox
The Sandbox recently announced an exciting new partnership with HSBC Bank. This is notable in part because both Sandbox and HSBC have interests in metaverse real estate. The combination of these two powerhouses will culminate in a new venture set within Sandbox. HSBC will work within its Sandbox LAND to create various services centered around sports, gaming, and esports. The new venture has limitless potential. But the early plans call for a series of quests centered around rugby. This will let people immerse themselves in every aspect of the sport while having fun in the metaverse.
Nike on Roblox
Nike is using its metaverse real estate on Roblox through Nikeland. This virtual landscape contains Nike buildings, arenas, and fields where people can play several different mini-games. This can include games in the physical world, like dodgeball or tag. But you’ll also find things that could only exist in the metaverse, like “The Floor Is Lava.” Nike often emulates aspects of the physical world within Roblox. For example, you’ll find a reproduction of the Nike headquarters in Nikeland. Nike even hosts themed events around real-world counterparts like the World Cup or Super Bowl.
Zannes Law on Somnium Space
Zannes Law is an innovative law firm that recently opened shop in the Somnium Space metaverse. It’s leveraging its metaverse real estate to host meetings, connect with clients, and host an NFT art gallery. This digital space also provides a friendly place for colleagues and friends to hang out and make new connections. Zannes Law is also a notable example of a women-led firm. The NFT art collection is likewise curated to showcase Madaline’s works by female artists. And users can easily connect to it through a desktop or their phones.
Image attribution: Zannes Law
Atari on Decentraland
Atari has impressive plans for its metaverse real estate. Decentraland users who head into the Vegas City neighborhood will find a full Atari Casino there. It’s a sprawling 20-parcel estate in the Casino Quarter of Decentraland’s Vegas City – across from the Metaverse Summit Virtual Experience. The building is easily recognized thanks to its resemblance to the iconic Atari “capital A” logo. Atari plans to develop its offerings into a fantastic experience. One where users can experience a variety of Atari-themed games. And, of course, this will also include exclusive wearables and a variety of branded casino offerings.
Image attribution: YouTube
Metaverse Tokens and Metaverse Real Estate
Metaverse tokens come up a lot in any discussion of metaverse real estate. This is mainly because tokens and metaverse asset ownership are tied to the metaverse blockchain. Real estate is often synonymous with tokens used for various purposes in the metaverse. For example, SAND in the Sandbox metaverse is a currency that allows participation in decentralized autonomous organizations (DAO). Tokens can be used for DAOs, land in the metaverse, and even programmable code. Explore the top metaverse tokens in the article “Metaverse Token; 10 Most Popular Metaverse Tokens Right Now“.
The Metaverse Real Estate Experience
Remember that metaverse brands all had to start somewhere. Metaverse real estate is still relatively new and surprisingly easy to jump into. You can buy land in the metaverse now and become part of the future.
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