In an increasingly technological world, not even the real estate market can escape digitalization. A reality that has undergone a new (and strong) boost after the recent covid-19 pandemic.
While it’s true that we’re already accustomed to our avatars on social media, online shopping and in various businesses on digital platforms, in the real estate industry the idea may seem less common. But it is undeniable that the evolution of technology already brings with it the possibility of deeper experiences that are beginning to provoke a real estate boom: the metaverse.
In this sense, in 2022 and beyond, the approach is expected to be even more technological and futuristic, embodying the new global trend of the metaverse, namely the possibility of trading virtual homes and land. With a high-speed expansion, Spain already has its first metaverse in the sector, Uttopion, which sells digital land with prices ranging from two thousand to twenty thousand euros.
Values are not uncommon in this field and convince those who want to enter. According to data from a recent study by MetaMetric Solutions published by CNBC, real estate sales on the four main metaverse platforms reached $ 501 million last year alone. On the other hand, January sales were $ 85 million and could even reach $ 1 billion by the end of the year, according to projections presented in the same study.
In addition to the environment of interaction in digital societies, the metaverse announces that it makes available a 3D virtual world where it is possible to perform activities in an increasingly realistic way, such as shopping, attending shows and having business meetings. Another report, prepared by BrandEssence Market Research, indicates that the real estate market in the metaverse is growing at a 31% annual rate between 2022 and 2028.
But how does it work anyway?
Despite all that has already been said and the growth values of the real estate market in the metaverse, the truth is that this is just beginning its journey towards success. It is now beginning to be known by large real estate investors and is being seen as an effective alternative. However, it will also be necessary to allow some time to pass before the market fully understands the concept and its mechanisms.
However, the simple possibility of creating a country or city in the virtual world is the promise left by the metaverse; here it becomes possible to buy and sell property, replicate business and even host events or work. It will also be possible to enjoy any other environment such as parks, shows, shopping malls and even visit companies whose headquarters exist in the real world, but in which its virtual version can offer new tools for both customers and the public. ‘internal employees. After all, it will be nothing more than an effective parallel reality that allows a life to run simultaneously with the daily life of physical reality.
And while it’s true that the existing land in the metaverse is limited to a finite number of lots, it’s also true that, being smaller, it leads investors to be more interested in putting their foot down in the virtual world.
The virtual properties presented on these platforms have real deeds of sale, in the form of tokens (NFT), so the respective purchase is registered on the blockchain and the NFT transferred to the digital wallet of the new owner.