Accelerated tech adoption has surged the fame of the metaverse around the globe, and real estate in the metaverse is the talk of the town.
Real estate in the metaverse is a virtual ecosystem, a replica of real-world conditions. It links technologies like augmented reality, virtual reality, and video to develop a virtual space where users can interact, play, and communicate virtually, just like they do in the real world.
Every land parcel in metaverse stands unique and non-replicable. These assets are virtual creations and programmable They allow users to meet, socialize, develop, play, hold meetings, and do transactions as they do in real-world meetings.
There has been a significant increase in global interest in the real estate metaverse, and the segment is becoming popular. Today, various metaverse platforms are providing opportunities to buy properties very quickly with the help of virtual wallets.
One can purchase land as NFT tokens using cryptocurrencies in the real estate metaverse. The interested buyers can pick a property and buy it by linking their wallets to the platform.
These will be treated as tradeable digital assets with documented ownership on the blockchain network, which acts as a decentralized, immutable ledger for recording the provenance of a digital asset. Blockchain data is protected from any manipulation. Owners can further sell this virtual land through a third-party exchange or the metaverse ecosystem.
Blockchain technology has been the primary disruptor at the macro-level. Similarly, real estate in the metaverse would bring a seismic change in the years to come, and investors across the sectors have started acknowledging it. As per a report, lastly, the opportunities in the segment are tremendous as real estate sales on major metaverse platforms reached $501 million last year. Besides, according to an analysis report published by Bloomberg, the metaverse is pegged to become an $800-billion market by 2023, with global tech giants investing big money in making it a reality.