This article comes fromCryptoslate, by Fuad Fatullaev

Odaily translator |

Odaily translator |

Companies such as Metaverse Real Estate Agency buy plots on blockchain-based ecosystems such as Sandbox and Decentraland, and lease the plots to companies or individuals interested in joining the virtual reality space. However, there are still various problems in this market. The biggest problem is that some companies and individual investors still do not understand the metaverse space and the technology in it. Luckily though, there are numerous Metaverse Realtors who can guide you through every buying stage, just like a real-life property purchase.

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Benefits of Virtual Real Estate

While Metaverse real estate is still in the early stages in a sense, prices have been steadily surging given the growing popularity of NFTs. Because parcels in the Metaverse are NFTs — a digital asset stored on the blockchain. On OpenSea, anyone can mint a digital file (including but not limited to jpeg and mp4) into an NFT. People who don't understand technology don't have to worry about this process, because the underlying technology of NFT will automatically complete the casting process for users. Real estate companies can also use NFT marketplaces like OpenSea to buy plots from different metaverses. The most popular metaverses right now are Sandbox and Decentraland. Plots are stored on blockchain addresses, and users have full control and ownership of this digital asset.

Of course, parcels within the Metaverse are already tokenized. Due to the transparency of blockchain technology, anyone can check the transaction history behind it, the owner and the current value.

• The main differences between physical real estate and virtual real estate are:

• Virtual real estate can be purchased directly without intermediaries;

• Virtual real estate can be purchased with cryptocurrencies, physical real estate is difficult to achieve;

In addition, anyone can build virtual commercial premises, such as malls or offices, and rent them out to real-world companies, not limited to customers in the metaverse. It is reported that NFT institutional investors and virtual real estate company Republic Real already own more than 2,000 pieces of virtual land in 16 cities in the Metaverse.

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Dos and Don'ts for Buying Virtual Real Estate

It's not just about customer acquisition, though. Adrien Cheng, chief executive of New World Development, has bought one of the largest sites in the Sandbox and plans to create a "megacity" to develop an innovation hub for tech and business start-ups.

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The Future of the Metaverse Can Be Expected