Technology

Web3 Decentralized Crypto-NFTs and Virtual Property

When real estate first encountered virtual currencies and blockchain, the conversation immediately shifted to an immutable ledger and the disruption of the title sector. However, unless title companies adopt the technology and disrupt themselves, this will not occur anytime soon.

This is what is occurring. I just spent $300 on apparel and concert tickets that I will never see in person. In 2022, purchasing digital assets could become as commonplace. This year, sales of digital assets such as NFT art, virtual fashion, and web3 real estate app development have exploded. In 2021, NFT sales will reach $27 billion, a sevenfold increase from 2020. Art auction sales alone reached a new high of $6.5 billion, partly due to NFTs. Nike has trademarked virtual shoes and merchandise due to the burgeoning e-commerce industry. As people prepare for a future dominated by the internet, the blockchain may become home to increasingly valuable assets.

Welcoming you to Web3

Virtual real estate in a place known as the Metaverse is now in its infancy, despite the fact that it is booming ($27 billion). Few hundred thousand individuals even comprehend what is occurring. However, one of these is Facebook. Yes, the world’s largest social media firm altered the world’s largest brand name to Meta. This is a signal for everyone to wake up and pay close attention. For a whole generation of gamers, virtual life is becoming as significant as real life. Last month, over $150 million was invested in virtual real estate NFTs!

It began with internet gaming.

If you are over 50 years old, for example, you are probably not a gamer. Solitaire, online poker, and Sudoku are disregarded. If you have played Candy Crush, you are familiar with in-app purchases (IAP). When playing games in organized groups, known as multi-player, things get more fascinating. Multiplayer games are entertaining because they allow you to interact with people from all over the world that you would have no other reason to meet.

Gamers are obsessed with looking dazzling, beautiful, and flexible. This is accomplished by purchasing or obtaining expensive skins (such as Nike shoes) for your avatar, special weaponry, and other fancy items; this enhances the entertainment value of the game. Typically, you can pay to get stronger and faster. Gamers invest tens of thousands of dollars in their online characters and virtual properties. They are also developing communities on Discord, where you should immediately create a profile. Discord is utilized by NFT owners as a private membership group to connect with consumers. Twitter is also very popular, as is Instagram, to a lesser extent. Facebook – not so much.

Clash of Clans, Game of War, Fortnite, and Call of Duty Mobile are some of the fastest-growing video games. In Clash of Clans, you purchase Gems to construct your village and hone your combat abilities in preparation for clan warfare. The most popular in-app purchase in Game of War – Fire Age is a $99 pack of 28k Gold. In both Fortnite and Call of Duty Mobile, players can earn achievements (and skins) by completing specific objectives, or they can pay real-world money to acquire these enhancements more quickly.

During Covid, I began playing the State of Survival. It resembles Clash of Clans. I am a member of a 100-member team. Each of us constructs our own virtual settlement, but we gather together to battle other teams and destroy zombies.

Every day, players log into the game for up to several hours to complete simple activities such as gathering food from fields and other personal challenges that allow them to get stronger. Important information about these games is that you play with people you know daily and communicate with them daily by voice, text, and video. Significant are the time investment required to develop your player and the relationships you establish. It is difficult to abandon these games because of the sense of belonging to a group.

The disadvantage of these games is that you do not truly own your location. Here is where virtual worlds come into play. Dencentraland and SandBox are two virtual environments that have grown in popularity recently.

These virtual universes are referred to as “Metaverses.” It is a location for storing and sharing digital content. The purpose of buildings is to provide experiences ranging from an art gallery to a theme park. OpenSea is a marketplace for these virtual environments; follow the link to peruse a selection of them. As an introduction, OpenSea trades using Ethereum [or Eth], and one Eth is now worth around $4,000.00 USD.

Digital Land Sales

Here is the section that should appeal to real estate professionals. Metaverse Group, a subsidiary of Tokens.com, recently acquired a plot of digital land for approximately $32.43 million. This site is located in Decentraland’s so-called fashion district.

Want Snoop Dogg as your metaverse neighbor? Similar to many other artists, Snoop’s team is heavily invested in NFTs for property, music, and art.

Snoopverse is an interactive universe that the rapper is developing in The Sandbox, another virtual world for creating and selling online hangout areas and gaming activities. Snoop is creating a computerized replica of his own home in Diamond Bar, California. There will be a location for concerts, private parties for members, and other events. People can also personalize their avatars’ appearances and outfits, as well as their NFT vehicles. The land adjacent to Snoop was sold for $450,000 (plus a 10% commission).

If you paid any attention to Art Basel in Miami after Thanksgiving, digital art was just as exciting as traditional art. The fashion houses Gucci, D&G, Balenciaga, Sotheby’s, and Christie’s, among others, are entering the metaverse. A further trend is to restrict access to new releases of a brand’s real-world products to NFT owners. NFT NYC, ComplexCon, NFT Basel, central Miami, and Art Basel are notable NFT conferences.

By the way, this used Hermes Himalayan Crocodile Birkin women’s purse, which retails for $450,000, was counterfeited by NFT artist Mason Rothschild, who produced a digital MetaBirkin series that retails for $13,500 to $40,000. That is correct. A digital version that costs as much as a vehicle is the only thing more ludicrous than a handbag that costs more than a median-priced home.

Where is the real estate opportunity?

I am still unsure, but there is undoubtedly something here.

eXp may be the brokerage firm most likely to figure it out. Currently, they run their brokerage in their proprietary eXp metaverse. I anticipate that they will purchase showrooms at the leading metaverse sites, such as Decentraland and Sandbox. If they are aggressive, they will recruit agents from across their organization who are interested in NFTs.

Matterport may be a technological rival. All of the digital twins of their residences can be sold to the actual homeowners and placed in the Metaverse (Remember – Matterport owns the scans of homes, they only rent them to agents). Box Brownie is able to digitally stage them alongside the owner’s NFT collection. We have not yet seen an announcement from Matterport, but you can anticipate one in the near future. This Matterport of a Bar in Silicon Valley is available for $43,000.

MR_JD

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