Virtual or metaverse real estate is the next big thing in the real estate world. With tech giants and big firms competing to own metaverse lands, it is undoubtedly going to be a game changer, marking a massive shift to web3. Metaverse real estate involves different parcels of land in a virtual universe that people can buy, sell, trade or even rent. It is a huge investment opportunity for investors as metaverse lands are currently in high demand and might gain even more prominence in the times to come. A Citi GPS report states that the metaverse market can attract up to five billion users and has the potential to be worth $8-$13 trillion by 2030.
Metaverse real estate can be bought in popular platforms like the Sandbox, Decentraland andSomnium Space by paying in cryptocurrencies. People can buy the metaverse lands and customize them to their needs by building on them anything they wish or renting them to others. There are also metaverse rental spaces available, like the Metavesal, that anyone can rent to conduct metaverse meetings, functions and more.
Web3 in real estate solves the inefficiencies and inaccuracies of real estate, offering much faster and more efficient transactions. It diminishes the involvement of intermediaries like realtors, lawyers and banks in real estate transactions. Once a step of the process is complete, the next step is automatically triggered without human intervention, thanks to smart contracts, which can help make listings, payments and legal documents. As a result, investors can save significant money and time by reducing fees for these services and have smoother transactions. If you are ready to implement web3 property in your portfolio , we are here to help you with our 70+ properties to choose from.
Metaverse (aka virtual worlds), virtual reality and augmented reality are all known for providing unique and exhilarating real-time digital experiences for users to appreciate visuals of digital project offerings, wherever they are in the world.
Instead of the traditional pictures, videos and open houses, homebuyers can tour the houses virtually through metaverse and VR/AR. The concept of virtual touring of homes itself is not new. But instead of only rendered images and 3D models, the house can be toured inside metaverses by the users’ avatars, which allow homebuyers to have a feel of all the features of the home. Metaverses and VR/AR are seen to become the host of the next wave of innovations in the world of Web3. Top companies are scurrying to create their own metaverses, come up with digital assets accessible inside various metaverses, or just be a part of it in some way. It may be worthwhile for real estate developers and builders to look at using the metaverse to reach out to their target audiences, especially to younger audiences who are digital natives.
Gigster helps out companies wishing to explore opportunities in the world of Web3. We provide a team of skilled professionals in Web3, to both aid in the creation of Web3 ventures and educate organizations on all things Web3. As the trend moves toward enabling seamless transactions around the world, Gigster is there to guide forward thinking companies on their journey to create disruptive and responsible Web3 projects which are beneficial for their respective industries.
In the world of blockchains, the process of generating a virtual token to represent a real-world property is referred to as tokenization. This allows people interested in real estate properties to engage in transactions virtually using tokens without the need for outdated and tedious paper documents. The created token represents the ownership of the asset it backs, a right to share in profits that stems from the usage of the asset, a debt interest that the asset acquires, an equity interest in a legal entity owning that asset and more.
Tokenization of real estate properties offers numerous advantages, such as