What is the Metaverse and how does is affect real estate?
If you think that it’s hard to understand what the Metaverse and virtual land is exactly, then you’re not the only one. In fact, the average person today still doesn’t understand what it is because it’s not fully there and hasn’t been fully explored or introduced to the public. Explaining what the metaverse is now is like explaining what the internet is to someone from the 70s.
So, to gain a clear picture of the Metaverse’s nature and purpose, we may state that it is essentially a virtual reality world, an immersive next-generation version of the internet, presumably generated using virtual or augmented reality technology. According to Mark Zuckerberg, the Metaverse is a “successor state to the mobile internet” and a “platform for human pleasure, labor, and life at large.” But what does all this have to do with real estate?
Metaverse and real estate: you can now buy virtual land!?
Today’s world is entirely driven by technology trends that keep changing our lifestyles and impacting our behaviors, regardless of the latter being a good or bad thing, we have to acknowledge the potential that it has and figure out the best possible ways to make proper use of it.
For example, Facebook recently revealed that it was changing its name to Meta and introduced the Metaverse, a virtual world where people can socialize, but for those, the term is still unclear, and understanding its purpose and purpose can be difficult. This project was described as “the future of the Internet.” But for many people, the concept is still confusing, and understanding its nature and purpose can be a struggle, so what is the Metaverse?
What is virtual real estate?
Virtual real estate, often known as virtual property, is a new concept in which people can purchase a parallel universe in which they can live a second life. It’s like a virtual space that you can use in whatever way you want. In the virtual world, we are not limited as we are in the real one. There are endless possibilities for development on a virtual land. That is the most exciting thing about the virtual world. You have the freedom to do anything and to purchase, develop and experience anything.
Many companies are already purchasing virtual real estate in order to expand their operations into the virtual realm, removing geographical and physical barriers. Developing their business for the Metaverse will give these companies an opportunity to exist in a virtual world full of potential and endless possibilities.
How to buy virtual real estate?
Buying and selling land in a virtual world might seem like something complicated, but it really isn’t. You just need a digital wallet that has crypto currencies. Using this wallet, you will pay for the land or property on a Metaverse platform of your choosing. Once you choose the platform, you will have various options on what to purchase, you will make an offer, get a closing, then just click to buy.
How the metaverse will affect the physical real estate sector?
The world financial system is changing today with the emergence of crypto currencies, and of course, it will have a great impact on all sectors of business, including real estate. There will be more opportunities for investment such as non-fungible tokens or NFTs, tokens issued on a blockchain, similar to crypto currencies such as Bitcoin.
There are many different types of these tokens, and they are not interchangeable, like cryptocurrencies. They can be used to identify a unique item, either real-world or digital. Therefore, the token can be sold to pass on ownership of the digital product and be used as an element of assurance.
The Metaverse will embrace the new payment and investment trends such as the concept of blockchain, crypto currencies, and NFTs. Investing in the Metaverse has already started, in June 2021, the Republic Realm fund purchased a piece of virtual land in the Decentraland metaverse for US$900,000. This is an example of how companies try to expand their horizons and develop their business by participating in this new emerging world. A world with great potential that is yet to be fully explored!
However, if you’re confused and still struggling to understand this whole new concept of Metaverse and you would rather than focus on the real world, at least for now, we recommend to you stick to physical real estate and perhaps consider investing in an alternative, but equally real life, outside your country. Turkey is probably one of the best examples, an emerging real estate investment destination continuously attracting global attention. If you want to find out more about real estate properties in Turkey, reach out to us and we will provide you with efficient information.
Also, if you have any question and want to get more information about investing in Turkey, check out our article, “Here’s What You Should Know About Investing in Property for the First Time”.
In addition, you can go and take a look at our youtube channel to know more about life in Turkey and see our project tours!