Real Estate Industry in Metaverse

Just as we were delving into cryptocurrencies and non-fungible tokens (NFTs), Metaverse burst into our lexicon last fall. For those of us interested in real estate, Metaverse is a fun way to invest in virtual real estate. Metaverse is a unified virtual world where users can interact with each other and share information through human-computer interaction. The virtual real estate market is booming and millions of dollars have been invested as this new technology has the potential to change the way real estate works as we seek to transfer the way we understand physical goods to the virtual world. Remapping real-world activities in the virtual world can enable the monetization of digital real estate.

Virtual Real Estate

A virtual real estate is a collective space where users can play, build, socialize, attend meetings, attend virtual concerts, conduct their own myriad virtual events, and monetize their virtual experiences. Owners can choose to develop, rent, sell or occupy the property as they see fit. Virtual real estate boomed in late 2021, and prices started surging in 2022, with some land tokens worth as much as $15,000 by 2022.

How to Buy Virtual Real Estate

To access the Metaverse, there are four main Metaverse sites: Sandbox, Decentraland, Cryptovoxers, and Somnium Space. Once you have selected your platform, you can buy and sell packages - the digital real estate section - using the cryptocurrency of your choice. Blockchain is used to assign unreasonable value to digital assets. Blockchain technology creates trust and transparency in transactions. Digital real estate is traded as NFTs, and virtual reality (VR) allows buyers to invest in digital land that they can view in 3D and interact with other users, even if it is not a tangible asset.

NFTs are safe and cannot be copied or stolen because there is only one, but can be transferred like any other asset. Metaverse enables the wider community around the world to invest in real estate, with parcels of all shapes and sizes and available on a variety of platforms. When you have a crypto wallet, there is no barrier to who can invest. It’s a high-risk investment, in part because of the cryptocurrencies used to buy NFTs, which visionaries and companies like Nike and Walmart have flocked to, and could bring real gains, but also long-term losses.

Metaverse in Real Estate

Redefining the value of land, Metaverse draws on two of the three factors that assess true land value: size and location. Actual utility is important when buying physical land, but not in the virtual world because you never live or visit the land in person, people buy virtual land for development or lease. Similar to the real world, Turkey is a hot real estate market and Istanbul is the most popular city.

The emergence of Metaverse Digital Real Estate provides an extraordinary opportunity for the commercial real estate industry. Some real estate companies use Metaverse to save clients time and money by taking 360-degree virtual real estate tours and saving clients travel time. who in turn buy online.

Terra Zero Technologies is one of the companies that started offering mortgages for the purchase of virtual real estate. The company retains ownership of the property until the loan is repaid and the NFT is transferred to the borrower. Big companies like J.P. Morgan, Nike, Adidas, Gap, Hulu and Verizon have also started investing in virtual real estate.

According to Halkbank, the Metaverse platform has sold more than 20,000 packages in Turkey, including more than 11,000 packages in Istanbul. The most valuable land in the entire virtual Turkey has been purchased, with prices ranging from 200 TL to 20,000 TL in Istanbul. The most popular plots in Istanbul reflect the most popular areas in real life, including Ortakoy, Bebek, Nisantasi, Kadikoy and Istiklal Streets in Taksim.