Tokenization of real estate in the metaverse

The arrival of the metaverse has meant a radical change in the understanding of the digital world, and the developments that have been seen will only increase over the next few years. How far will this go? , you may be wondering. Well, really, the metaverse can go as far as the imagination allows us to. Undoubtedly, since the announcement of Facebook (now Meta), the word metaverse has become very fashionable, currently in its virtual worlds there are numerous economic activities, and just as it happens in the physical world, Real Estate is gaining great strength.

In this article we are going to investigate a little bit about the origins of the real estate sector in the metaverse and everything it can give of itself.

Who is present in the virtual real estate market?

If you haven't followed the entire NFT and Metaverse world much, you're probably amazed. Do people buy digital real estate? Well yes, and in fact a decent plot in some of the most important games in the industry can cost between 10,000 and 15,000€. Without a doubt, the biggest and most well-known “players” on the current scene are Decentraland and The Sandbox, the first of which is a recreation of the American capital and currently land worth 5,000,000 euros has been sold, some of the most expensive having cost their owners 200,000€. On the other hand, The Sandbox gained great popularity when rapper and businessman Snoop Dogg bought some plots in his game, which meant that nearby plots saw a “boom” in their purchase price.

Blockchain technology in metaverse properties.

As with NFTs, blockchain technology is what allows a reliable and secure economy to be created within the digital world. Thanks to the transparency, security and traceability of blockchain networks, every transaction is secure. In fact, most of the plots sold in the games mentioned above are made in the form of NFT, or use a smart contract similar to that of NFT.

What can you do with a property in the metaverse?

The real question would be what can't be done? The metaverse gives free rein to the imagination, so you can do what you want with the property. In fact, in Decentraland there is Genesis City, the city where users create their avatars, walk through its streets, go to shopping malls and buy their houses. Therefore, we could say that the same thing is done in the real world but in the digital world, and just as it happens in the real world, in the metaverse there is investment in real estate.

Tokenization of real estate in the metaverse.

Taking into account that in the metaverse it is possible to buy, renovate, rent and sell a property, it presents itself as an opportunity for a certain investor profile. Much like in the physical world, within the current paradigm, the tokenization of digital real estate can be used to enter into investments that would be difficult for an individual. The attractiveness of this industry is the same as in the real world, as long as there are people willing to buy and sell, any asset, including tokenized properties, becomes a real investment opportunity, especially considering that this type of project is in its infancy. Therefore, using blockchain technology, the tokenization of real estate in the metaverse can be used to invest in projects by eliminating barriers to entry, whether geographical, economic or knowledge.

To finish...

Undoubtedly, this is a very new and exciting concept in which the real estate sector, together with the tokenization of real estate, is beginning to take strong positions and establish themselves in the great immensity of the metaverse. Nobody knows how the metaverse will evolve, it would be like trying to predict the future of our own reality, but what is certain is that we will see constant innovation. Currently, we are in what would be the “prehistory” of the metaverse, we are in a phase similar to the beginning of e-commerce, when many thought it was impossible for someone to buy clothes without even trying them on, and look where we are now, no one would have said so. The metaverse will undoubtedly change the way we interact, socialize, buy and, of course, invest.

We'll have to wait and follow this phenomenon very closely to see how it evolves, but who wouldn't like to see a tokenized Reental property in the metaverse right? We are open to everything, you know that 😉.

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