Your Guide to Virtual Real Estate

The problem of the world’s gaming industry is that it lacks a central authority, which in turn means no single company can control how much revenue it makes. With blockchain and crypto technology, this may not be an issue anymore because virtual real estate– NFTs– will have a centralized governing body where everyone agrees on what to pay for them. This article walks you through every step with examples from different games so you know exactly what to expect as we head towards more decentralized ownership of video game assets.,

“Virtual Real Estate” or “NFTs” is a new type of cryptocurrency that can be bought and sold. This guide will teach you everything you need to know about how to buy virtual real estate.

Virtual land is becoming a popular commodity as the future of immersive, interoperable 3D virtual worlds approaches. This year’s virtual real estate industry is expected to be worth $1 billion, with another $5.37 billion expected between 2022 and 2026. So, if you’re interested in learning more about this subject, look no further! We’ve put up a quick primer for you. 

Why would I want to invest in virtual real estate? You’re not alone if you’re asking yourself this question. Despite the fact that the metaverse has only been around for a year, premium virtual estate is being picked up for millions of dollars. Something is clearly occurring in the realm of virtual real estate, and it’s past time for us to pay attention.

The metaverse was a closely guarded secret until Facebook changed its name to Meta. The cat’s out of the bag now! The metaverse has been heralded as the internet’s future — a considerably more immersive, 3D experience in which we may engage in virtual activities while maintaining a high level of presence.

We will be able to enjoy and feel events such as attending a live concert, going through a museum, playing games with our friends, and cooperating with coworkers in the metaverse, owing to cutting-edge technology. All of this will take place in virtual settings known as metaverse platforms, which have been developed by big technology corporations like as Microsoft, Meta, and Apple, as well as burgeoning blockchain communities such as Yuga Labs, The Sandbox, and Decentraland. 

We may now buy virtual land in the metaverse using non-fungible tokens (NFTs), and our purchase can be confirmed irrefutably using smart contracts on the blockchain. As a result, our metaverse piece of land will be an NFT, with ownership and every transaction on the blockchain recorded on a public ledger. We can purchase, sell, and rent land using our digital assets, just like we do in the actual world.

As a result, major corporations and celebrities have identified an opportunity to invest in metaverse real estate, betting on its future potential. Many companies see the metaverse as the next big thing for spreading their message, engaging with followers, conducting virtual events, and promoting their goods.

The Sandbox, an open virtual environment with 166,464 ‘parcels’ of land, has made the biggest major metaverse land acquisition to date. Republic Realm, a metaverse creator, and Atari, the arcade game titans, made the deal. Indeed, Republic Realm’s purchase of 792 plots of real estate for a total of $4.28 million is the world’s largest virtual property auction.

Within The Sandbox, Atari and Republic Realm will co-develop their metaverse platform, where gaming experiences will be constructed, and Atari has even begun constructing its own virtual casino in the manner of Las Vegas.

Snoop Dog, who owns 122 plots of land in The Sandbox and has erected a home inside his ‘Snoopverse’ estate, is also present. Snoop Dogg just released a new music video called “The House I Built” to commemorate his participation in The Sandbox Metaverse. If you haven’t seen it, it’s a true classic that you should see. 

 

Snoop Dogg has been using the metaverse to engage with his fans, and he hopes to conduct virtual hangouts, secret parties, NFT drops, and exclusive performances on his virtual property. Naturally, Snoop’s move to The Sandbox pushed up property values in the neighborhood. In reality, for $450,000, a block of property close to Snoop Dogg’s mansion was purchased.

Adidas purchased a parcel of land in The Sandbox, and Scott Zalaznik, the company’s Chief Digital Officer, stated of the acquisition, “Blockchain is one of the most inventive technologies of this generation.” We believe it has limitless possibilities for connecting with our members.”

“The foundation we’re laying with Web3 will pave the way for new creative collaboration possibilities, participation via digital products, and a more inclusive future.”

Samsung is another prominent landowner in The Sandbox, describing the platform as a “on-ramp to the metaverse” with three consumer-facing layers of “experiences, discovery, and the creative economy” as critical to their metaverse strategy.

Meanwhile, in Decentraland, two notable landowners are Sotheby’s and JP Morgan, while several famous luxury brands, such as Dolce & Gabbana, Etro, and Estee Lauder participated in their Metaverse Fashion Week in March.

In the metaverse, communities are developing.

Your-Guide-to-Virtual-Real-Estate

The advent of blockchain and NFTs has spawned a slew of decentralized communities that are purchasing property as an investment in a gated community. Last weekend, for example, Yuga Labs, the multibillion-dollar firm behind Bored Ape NFTs, held the world’s biggest NFT mint.

The mint included 55,000 plots of land in ‘Otherside’ that were auctioned for 305 ApeCoin ($5,800) apiece and sold out in hours, generating over $300 million in income. 

The Ethereum Blockchain was whipped into a frenzy throughout the process of this historic mint. As the Yuga Labs community scrambled to get their hands on their own ‘Otherdeed’ – the term given to the individual plots of property in Otherside – transaction fees on the blockchain skyrocketed.

What are the options for Otherdeed owners when it comes to metaverse real estate? Under essence, as an owner of an Otherdeed, you will have access to a unique, immersive game developed by Yuga Labs that is currently in development. 

You’re also investing in the community, which, as we’ve seen with the advent of cryptocurrencies and blockchain, is really powerful. With their collection of Bored Apes and the Bored Ape Yacht Club (BAYC) community, Yuga Labs has established a feeling of ownership, belonging, identity, and significance unlike anybody else in the NFT sector.

Furthermore, owning virtual real estate in a community like Yuga Labs may have real-world implications. Exclusive parties and in-person meet-ups for NFT holders, for example, have been planned, bringing the community into the actual world.

The floor price for Otherdeeds on the Opensea Marketplace is 3.68 ETH, which is more than $10,000 USD at the time of writing. If that’s your thing, speculative investing in the metaverse may generate rapid profits in a matter of days.

Purchasing virtual real estate

Your-Guide-to-Virtual-Real-Estate

So, you’ve decided to take the plunge and purchase some metaverse real estate. The first step, whether it’s for branding, speculative investment, or community, is to obtain some crypto.

The necessary cryptocurrency is required to hold land in the metaverse, and each virtual world has its own native coin that needs a compatible wallet. To store ETH, the cryptocurrency necessary to utilize the Ethereum network, you’ll need to download a wallet like Metamask or Bitski.

Most metaverse systems, such as Decentraland, The Sandbox, Otherside, Somnium Space, and Cryptovoxels, are based on the Ethereum blockchain. To purchase your virtual land, download the appropriate crypto wallet, register with a decentralized exchange like Binance, convert your fiat cash into ETH, and then use your ETH to purchase the native coin, whether it’s SAND (The Sandbox), MANA (Decentraland), ApeCoin (Otherside), or another.

These are the five steps to take:

  1. Install the appropriate crypto wallet browser extension (Metamask etc.).
  2. Register with a decentralized cryptocurrency exchange that accepts the native coin you want to buy (Binance, Coinbase etc.).
  3. Convert your fiat money (USD, etc.) to the desired cryptocurrency on the exchange and transfer it to the appropriate crypto wallet browser extension. 
  4. Proceed to the metaverse platform where you desire to make a purchase after you have the native tokens in your wallet.
  5. Connect your wallet extension to the platform, sign the needed permissions, and begin purchasing virtual real estate on the site, which is often in the form of parcels. If the land you want is sold out (for example, Otherside), you may always purchase it on a secondary market (e.g. Opensea).

It’s worth noting that the majority of these metaverse platforms are still in the works and are far from becoming fully immersive 3D virtual worlds. As a result, be sure you’re delighted with the project before purchasing virtual land. Get a sense of their community, direction, investment, and metaverse vision for your virtual property.

Depending on how things turn out in the real world, your property may become great real estate in the future, a busy city with a vibrant population of like-minded people. On the other hand, if the project runs out of steam, your real estate may lose value. As a result, it’s critical that you do your homework before investing in a project. 

Putting money into metaverse real estate

Real estate and Web3

Millions might flock to some of these nascent blockchain metaverse sites if bitcoin use continues to climb. The promise of consumer participation in virtual worlds is evident, even if it is nowhere near being fulfilled, thanks to creative events like Metaverse Fashion Week in Decentraland.

As technology advances, the degrees of immersion will get richer and deeper, and the user-friendliness will undoubtedly improve. 

Indeed, metaverse initiatives are already addressing and breaking down access hurdles in order to gain general acceptance. With time, blockchains will find methods to make getting on board simpler, cheaper, and more frictionless, and purchasing virtual estate will become a reasonably straightforward procedure.

Investing in virtual real estate is a major risk right now, but it’s one that many people will regard as calculated, given the massive amount of money and resources being put into the metaverse. It’s genuinely unprecedented, and whether or not you believe in a future dominated by virtual reality (VR), augmented reality (AR), mixed reality, and other technologies, metaverse platforms are here to stay, giving users new degrees of ownership and independence.

Land ownership in the metaverse is real.

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Andrew Kiguel, the CEO of Tokens.com, paid $2.4 million for property in Decentraland’s fashion district, telling CNBC that the metaverse was a “multi-trillion dollar potential” and that he was “pre-purchasing advertising space” with the purchase. Kiguel described the site as a “great bargain” and feels the position is “priceless” in terms of the chances he will have as Decentraland’s traffic grows. He intends to rent the area to garment companies for virtual retail experiences and events, similar to the Metaverse Fashion Week.  

Similarly, in The Sandbox, you may create engaging activities, such as games, to establish your own communities and monetize your territory. The potential for income exists if you can find out how to create immersive experiences utilizing the tools offered and provide enough value for people to enjoy. Furthermore, as the genuine owner of the property, the gains are yours to keep. 

Each metaverse project will provide you with something unique in the near future, whether it’s a sanctuary for fashion labels, games, or engagement with an exclusive community. As a result, if you’re purchasing metaverse real estate as a business choice, make the best selection you can! Each project’s community is its driving force, and you can get a genuine sense of it by visiting the project’s social media platforms — Discord and Twitter are the most popular in this arena.

Your choice to acquire property will be substantially simpler if you are driven by a strong feeling of community and a strong conviction in the community’s progress. 

Many metaverse initiatives are operated as Decentralized Autonomous Organizations (DAOs), which implies that the project’s direction is influenced by community choices. For its members, this alone may be quite powerful. 

As an example:

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The “how does virtual real estate work” is the first question that comes to mind when talking about Virtual Real Estate. It’s a complicated subject, but we’ll break it down for you and help you understand what it means for you.

Related Tags

  • virtual real estate metaverse
  • virtual real estate nft
  • how to sell virtual real estate
  • what is metaverse land
  • virtual real estate sandbox

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