The Metaverse is Booming, Revolutionizing Real Estate
Real estate may be forever revolutionized, thanks to decentralized technologies. As the Metaverse grows — so does digital real estate. Read the full article by Dror Lupu “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”
Metaverses have become a nice buzzword in the crypto and technology space ever since Facebook made the announcement of its transition to META. The idea of a metaverse has been around for some time but there is nothing like we have seen in recent years. This could easily become even crazier as technology continues to grow. Every project coming up now is creating a metaverse but what even is it and how can it actually be used?
There are obvious use cases where you can hang out with friends and explore different spaces in a virtual setting. The past two years have pushed this idea even more mainstream with everyone stuck home because of covid. This was a way for people to interact in a social setting from the safety of their homes. This is not new; however, it is the start of more ideas about what could be done.
Popular metaverse, Decentraland, allows people to buy and sell plots of virtual land that they can build whatever they want. A company called The Metaverse Group bought a plot of land in Decentraland for $2.43 million. They also think a public listing could be on the way in the next year.
Digital land can shake things up for regular real estate investors. Since property always holds its value, as we have seen in the US, even when a pandemic happens the same can be said about virtual property holding its value when the crypto markets are down. This is also because Decentraland, SandBox, and others all have a fixed amount of space that can be bought. Decentraland, for example, only has 90,000 “land Pockets.”
The next step would be like we saw in Florida last week where an actual home was purchased as an NFT. Using metaverses can also simplify the home buying experience where you can take virtual tours of the home without actually having to go anywhere but to your living room. There are so many possibilities that can come out of this entire concept of digital real estate. It can impact both the way people buy homes going forward and even how homes are built. It is not mainstream yet but once it gets there it may never leave.
