Metaverse Real Estate Development: How to Start with Metaverse Real Estate

12 Aug 2022
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Real estate assets exist in a metaverse just like they do in the physical world. Working at the ground level and developing high-quality real estate properties is essential to establishing a functional environment of social and economic significance.

Several Metaverse systems have created marketplaces where users can buy and sell virtual space and other things represented by NFTs. Here's how to get started.

For many of us, the concept of virtual assets or buying & sell virtual property in the digital world is still blurry to understand. But before the announcement of the Metaverse, there were other virtual worlds called Decentraland & OpenSea, where consumers were able to sell & buy digital assets like- fashion clothes, art & now real estate.

Buying & selling land is one of the business ideas that will be popular soon on Metaverse.

A person who wants to purchase digital land in the Metaverse must determine on which platform he wishes to do it. There are several options, including Decentraland and The Sandbox. Do your research before purchasing any Metaverse property.

Virtual property or lands will provide us with a place as a digital identity on Metaverse. In this digital space, people can develop identities just like we see with the gaming avatars in virtual games.

Right now, you might be wondering what the possible usage of non-fungible real estate is. As your avatars need to wear clothes, they need a place to visit in the Metaverse. So that’s the place where real estate is important for us to survive in the Metaverse.

What is Metaverse Real Estate?

What is Metaverse Real Estate?

Metaverse real estate refers to some parcel of land in the digital world, or you can denote lands as a parcel. This is more than digital images like programmable places in various Metaverse platforms where you can sell NFTs, play games, conduct meetings & other virtual activities. You can buy, sell & exchange land in the form of NFT(Non-fungible token.) As the digital lands are NFTs here, anyone can easily prove their ownership over their digital assets.

With the advancement of technology in the Metaverse, we can expect growth & expansion in the digital real estate sector. After the announcement that Facebook changed its name to meta in the last quarter of 2021, Metaverse real estate opportunities are blooming. Property of Metaverse rose 700% in 2021 and is expected to rise even further in the upcoming years.

What is Metaverse Real Estate Development?

Metaverse real estate development is a ground-breaking development in the Metvavization of the physical world, a virtual community where users can engage and interact online.

Real estate in the metaverse is a limited resource whose value is derived from scarcity. The main factor influencing the price of real estate is this scarcity. This draws additional users, consumers, and speculators to the metaverse, encouraging the development of real estate in the metaverse without sacrificing technology.

Building industrial, residential, and commercial spaces, renovating existing structures, and renting or leasing the finished product to the end user are all considered to be part of the development of metaverse real estate. Real estate in the metaverse serves similar purposes to the actual estates in the real world, such as uniqueness, scarcity, and immobility.

Why Should You Purchase Metaverse Real Estate?

Metaverse property will give its user a place to connect with others virtually. There are two main reasons you should buy property in the Metaverse, just like in the real world.

The first reason is obvious; you need your own space in Metaverse where you can play games & socialize. If I talk about “living” in the Metaverse, it’s like having a place that I can call home in the Metaverse. This Metaverse home will display individuals' online activity & their digital collectibles.

The second reason is like you should invest in Metaverse real estate as this is the future internet you will experience. Every tech giant is preparing to enter the Metaverse in every way possible. So, having a digital land on Metaverse will be an advantage & valuable shortly for you.

Investment in Virtual Land

Investment in Virtual Land

Metaverse real estate is already a tending big business currently. In any Metaverse platform, investors can buy & sell digital plots through cryptocurrencies. Big companies like- Samsung, HSBC, PwC & JP Morgan have already invested in their plots which theories will develop for multiple purposes. Those who are investing early will get significant returns as per research.

If I clear out the statistics, less than a year ago, on the popular two Metaverse platforms, the average price of a small piece of plots was under $1000 & today, it is around worth $13000.

Again one of the popular digital real estate platforms Decentraland- a piece of land was sold for more than $900,00. So you can think how profitable it is to invest in Metaverse property.

To give a solid example, Superstar Snoop Dogg is currently developing their Metaverse called Snoopverse in the Sandbox Metaverse, which will be focused on gaming & entertainment.

In December 2017, Decenetraland held its very first virtual land auction & at that time, land cost nearly $20. In 2021. Those small parcels sold for an average of $6000. Surprisingly, these prices have increased to approximately $15000 per land token!

Following this positive outlook, companies are now focusing on this virtual land that is quite relatable. Last year, an anonymous buyer reportedly bought land worth $450,000(equivalent to 71000 sand) in the Sandbox Metaverse adjacent to Snoop Dogg’s property.

How To Buy Land In The Metaverse

Buying or selling lands in the Metaverse is more like NFT sales. You can purchase or sell property in exchange for NFTs & the ownership will be etched in the blockchain. So having a digital crypto wallet is the first requirement of this process. The digital currency you will use depends on the Metaverse platform for land purchasing. Ensure that your digital wallet allows the currency of the virtual project you invest in.

As I said, you can’t make any land purchase with fiat currency, so you must buy cryptocurrencies. The most popular virtual real estate platform Decentraland uses digital currency MANA. Sandbox use SAND currency for digital transaction. Also, these currencies are not interchangeable. You can make direct purchases from these two platforms.

The third step is choosing the buying platform. After setting up your digital wallet, you have some options to buy land like- Decentraland, Sandbox, Cryptovoxels & Somnium. Also, you can go for a third-party app like Opensea or Nonfungible.com. If you choose the direct platforms, you will get a strong sense of the types of lands around you or who your virtual neighbors are. But if you are a first-time investor, I suggest you use a third-party platform. Here, you can assess land pricing by asking the amount, which helps to understand the real-world valuation.

The last step is to confirm your purchase or close your deal. Once you choose your parcel or plot & your digital wallet is ready, you need to click on the purchase button. And you should be able to see your NFT on the wallet. Also, you will be denoted as the owner of the land. From then, you can build anything on top of it, re-list it for something, or sell this to others.

If all these steps seem intimidating to you, you can consult a Metaverse real estate development company in Dubai, UAE such as RoyexMetaverse. We specialize in facilitating land purchase in metaverses such as Decentraland and Sandbox.

Is Metaverse Land Good For Investment?

Is Metaverse Land Good For Investment?

Metaverse is still uncharted territory for most people. It is an extremely new form of investment & it is changing rapidly depending on technological advancement. Like another platform, Metaverse comes with some rewards & risks also. Only time will tell whether the Metaverse is just another mind-boggling concept or if it’s just a platform with overpriced digital properties. Metaverse can also be used to sell physical real estate. Metaverse technology will keep improving each year. As a result, it’ll also get more popular. Real estate tours on the Metaverse will provide prospective buyers with an immersive touring experience and enable better buying decisions.

Metaverse Real Estate Development Company

The 3D universe known as Metaverse is expanding rapidly and offers users a virtual environment to interact with their peers. Another element supporting the digital market is the massive propensity for NFTs in the Metaverse real estate landscape. The metaverse is an advanced internet-enabled virtual environment where users can buy and own things using NFT technology. NFTs are therefore essential to the growth of the metaverse's real estate market.

The renowned metaverse real estate development company in Dubai & UAE Royex provides mesmerizing metaverse real estate development services in Dubai, the Middle East, and all over the world. With next-generation technologies like Virtual Reality (VR) and Augmented Reality (AR), which enable your metaverse business, we primarily concentrate on changing the user experience.

In order to construct metaverse real estate that meets the client's needs, Royex professionals are committed to providing the best possible solution.

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