Tech Peak » Virtual Real Estate, The New Swing In The Fast Running Digital World

Virtual Real Estate, The New Swing In The Fast Running Digital World

by JamesAnders
Virtual Real Estate

Approximately a hundred years back, when people came up with the concept of going digital, they didn’t know the world will go completely digital in the future. Completely digital that people can co-exist in a digital world in the form of a 3D digital avatar. They call it the Metaverse and people can do anything and everything they do in real-time. So, Metaverse is a world that is digital, what is the future that it has within? How do people own things in this new world and what is all about Virtual Real estate? Here is something you should know before this becomes the best swing of the century.

Metaverse- Seeing everything digital

Everyone wants a completely different world to escape, a whole new world, somewhere in the multiverse. Metaverse is something that will come with a lot of utilities and applications in the future. Metaverse takes up a number of existing technologies to bring out a virtually real experience. They include Virtual reality, Augmented reality, cryptocurrency and NFTs on the blockchain, artificial intelligence, and more. 

While all other techs concentrate on giving a real user experience Blockchain is creating a new economy in the metaverse. Non-Fungible Tokens help in owning assets in the metaverse. NFTs are tokens in the blockchain that depict the ownership of digital accessories, land, buildings, and more. 

Entering the gaming world

Though Metaverse proposes a lot of possibilities of bringing a new iteration of the Internet along with blockchain, they are now shining in the gaming world. There are many games coming out to bring the metaverse experience early to the public. Virtual real estate in metaverse-based NFT gaming is something that is in the spotlight now. 

While these games offer fun and a play-to-earn experience, they also gave the possibility of owning lands in the metaverse. 

There are many instances where virtual lands have been owned on the metaverse. They not only give ownership of the blockchain, but they also give the owners real-time ownership of the asset.

Virtual real estate

One significant property that took the limelight for a while was the Hampton Hall in London. The property was worth $40 million and it was the first-ever property to be on the metaverse. The exact replica of this property with 70 magnificent rooms is made in the metaverse as an NFT. People who wish to buy the property can take a virtual tour in the metaverse. The buyer of the property will own the property and its NFT in the metaverse as well. 

With this, a lot of other properties were built on the metaverse. The recent spotlights were on India’s first Healthcare building in the metaverse from Yashoda hospitals. Not leaving out Airtel’s Multiplex in the Metaverse with a 20 Screen platform. 

Even government bodies started to build their own space in the metaverse. All India Council for Technical Education become the world’s first-ever body to enter the Metaverse.

Virtual real estate games

When you type Virtual real estate games on a search engine, it is hard to neglect two words- SandBox and Decentraland. These games have their own ecosystem and economy that people can invest in and earn from.

The Sandbox is a blockchain-based 3D open-world game that can be played on mobile and PC. it is a game of virtual worlds where the players can build, own, and monetize their gaming. The game is based on the Ethereum blockchain. The game has its own native coin SAND and the economy of the game revolves around it. 

While the Sandbox is a separate ecosystem for building their own gaming experience, Decentraland is a virtual world where the players can buy land slots on the metaverse. The players can use up these slots to build anything and create revenue out of it. The native coin MANA is used to buy anything from land, property, buildings, wearables, and other accessories. The platform also allows the players to trade their assets and earn an income out of it.  

Upshot

Looking at the futuristic possibilities of Metaverse, the involvement of bigshots in developing this technology, is a big swing. On the other hand, Virtual real estate in NFT gaming is seen in the spotlight for a long time now. These gaming sites are constantly offering opportunities for the players to earn an income through it even during the crypto dip. Metaverse, as quoted by Mark Zuckerberg, will reach billions of people in the world in the next six to 10 years. So Virtual real estate in Metaverse is a nascent sector today inviting a lot of techies into this new technology.

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