International music artist Snoop Dogg’s house has been making a lot of noise. He recently shot a music video from there, and someone even paid a whopping $450,000 to be his neighbour and get closer access to the rapper, his parties and concerts. But here’s the twist – none of this is happening in the physical realm. The rapper’s new address is in the metaverse.
Like him, many users are looking at real estate in the metaverse. Just like their physical equivalent, these spaces include everything from virtual concert venues, shopping malls, houses, and monuments. These parcels of land may work like pixels but are much more than digital images. Metaspaces are programmable, enabling users to play games, connect with each other, sell and purchase NFTs, attend meetings and so much more.
There are already countless companies who are building their own virtual realms that allow them to play games, buy things, and interact with ads. According to reports, real estate sales in the metaverse topped $500 million in 2021 and could double by the end of this year. As more companies look at investing in their own metaverse real estate, it is critical to find the right tech partner – someone who has prior experience in blockchain development, along with sufficient experience in working on Ethereum, Polygon, Solana, Algorand and others.
One of the leaders in the space is Antier. As a full stack metaverse development company, Antier utilises its blockchain potential to build high performing virtual environments.
The advent of a new realm
We are living in the era of Web3 – a world where we are witnessing more and more user-owned and immersive experiences. Metaverse is just another manifestation of the Web3 mission. So it is no surprise that virtual real estate is fast gaining momentum.
Real estate in the metaverse combines augmented reality, virtual reality and video to create a space where users can communicate and function just like they do otherwise. A key difference between physical real estate versus the virtual one is that metaverse real estate is unique and cannot be replicated.
The safety of the blockchain technology makes land scams difficult to happen. And alongside this, users don’t have to deal with the governing regulations that come with physical real estate. Property can be bought as non-fungible tokens (NFT) using cryptocurrencies. Interested users can pick their preferred land and purchase it by linking their wallets to the platform.
DeFi or decentralised finance is a major aspect of metaverse real estate. It can facilitate the purchase of virtual land through lending. DeFi enables the borrowing or lending of cryptocurrency against collaterals such as NFT or crypto assets. All transactions in this case will be done with the help of smart contracts.
Antier helps companies across various functions such as metaverse real estate property management, metaverse real estate property development and NFT real estate metaverse.
When it comes to metaverse real estate development, Antier assists in building the infrastructure, creating content and ultimately defining the operational logic through protocols. The next step is filling the properties with content such as design, layouts, assets, and the scope of activities. Finally, they help define the operational protocols and standards, which would define the governing rules and policies, business logic such as buy/sell rental agreements etc.
In the process of metaverse real estate development, it is important to first choose the underlying blockchain platform. Since the existing metaverse platforms are still in their nascent stage, it is a wise choice to build a metaverse from scratch and embed functionalities and features as per your choice. A professional metaverse development company like Antier can optimise the process for their customers.
Some of the key standards integral in the metaverse real estate development are:
01. A layer-1 or 2 blockchains that would enable the underlying infrastructure of a decentralised network of computer systems (nodes).
02. Enable smart contract functionality for implementing business logic and conduct transparent, secure and permissionless transactions.
03. Open standard for multi-media like images, audio/video files, text, 3D sequences, scenes and other supported vectors.
04. Programming languages such as HTML, WebXR, WebAssembly, WebGPU, Solidity, Python, and others.
05. Extended Reality (XR) for building connections between real and virtual environments. Examples are smart glasses, Haptic gloves, VR headsets, sensors, gaming consoles and others.
06.3D simulation to re-create real-world immersive environments.
07. Payment gateways to support digital currencies.
The way forward
While real estate in the metaverse is still in its infancy, we are beginning to see signs of an explosion. Big brands are already leaping on the bandwagon with German sportswear company Adidas recently purchasing land on the metaverse.
It is no secret that Web3 will change the way we socialize, work, and interact. Virtual real estate is only going to grow from here, and soon, we could see office buildings, meetings and interviews being conducted in the space. But companies must remember that Metaverse virtual land development is a complex procedure that can only be done by expert metaverse development service providers. The trick is to find a partner who can help you stay right on top of the metaverse real estate game – A partner like Antier.
Do you have a real estate project in mind? Antier has a metaverse solution for you.