Become a Property Developer in the Metaverse
2022年4月19日 - 04:53PM
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The dawn of the metaverse is officially upon us, which means
immersive gaming, socializing, and property sales are now virtually
available. Our reality is going digital through Web3. The concept
of valuing assets in the digital world is still mind-boggling to
most. How does one actually own non-tangible real estate, and what
is its purpose of it? Technically speaking, digital real estate,
also known as virtual lands, serves as a place for individuals to
coexist in the metaverse.. Digital identities can build
restaurants, homes, recreational areas and everything else here,
just as we do in reality. Speaking in real estate terms, there are
multiple revenue streams in digital real estate. Firstly, investors
can purchase a plot of land and build with limited boundaries. For
example, Snoop Dogg is currently developing a “Snoopverse”, his own
virtual world in the metaverse, on Sandbox, which he claims is “the
future of virtual hangouts, NFT drops, and exclusive
concerts,”.Although intangible, property in the metaverse can
definitely be profitable. In June 2021, a piece of land sold for
more than $900,000 in Decentraland, one of the metaverses’ most
popular digital real estate platforms. So how exactly does one
become a property developer in the metaverse? Unlike traditional
real estate, appraisals are unjustified, thanks to the blockchain,
but there are still opportunities to negotiate on price. Most
digital real estate platforms allow you to put in an offer, which
can be accepted or rejected by the owner. For example, OpenSea has
an auction list, allowing users to place bids. In this sense, the
worth of the land is dictated by the market instead of the
appraiser. In the metaverse, buyers have greater independence,
reflecting the motive of decentralization. Real estate agents
negotiate on one’s behalf and commission fees are non-existent when
purchasing land on the metaverse. In order to purchase virtual
land, buyers simply need to have a funded wallet, a selected
parcel, and a price decided upon. The transaction is then recorded
on the blockchain and an NFT is generated as a title deed
with exclusive ownership. Due to launch in 2022, award-winning
metaverse pax.world allows users to buy land via outright purchase
or through participation in its creator competitions. By owning a
piece of land in pax.world, users are able to log on to their
portal and create their own mini metaverse of their own. Here they
can implement any service or feature their imagination can dream
of, with no level of detail is off-limits. To assist users in their
property selection, pax.world has built an internal land sale
application. Through this users can purchase a seaside
property, be up in the hills with a lake view, next to a building
designed by a world-renowned architect, or just find a quiet space
with friends. Pax.world has already created an island of 30,000
tiles, 8,000 of which are go straight towards the community and
goodwill organizations. The community has the power to decide if
these tiles are released for sale, with a certain portion set aside
to be released throughout the year for those planning on developing
the land. The price of digital real estate in top metaverse
platforms is quickly on the incline. Digital real estate is an
exciting new space, attracting communities, creators and investors
globally. For those who are looking to get in the space early
enough, pax.world already has 10,000 parcels ready to be owned by
its community of neighbours and will be ready to distribute 4,000
parcels before its launch in Q3 2022.
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