Metaverse-real estate of the future

Published Categorized as Metaverse, Trending
Metaverse real estate of the future
real estate of the future

Metaverse land rush is a fantasy of present world because real state of the future is overwhelmed by metaverse. Metaverse got more interest of people after Facebook rebranding to Metaverse. Article writers have started series of stories about a digital land rush began.

It looks like there are hills of gold in the metaverse from the speed with which investors buy up plots of land in cyberspace. Investors have as much interest in this buying that sometime they are ready to pay in million dollars. If it is so, it must be due to a profit to be made.

It is not an accident that Facebook rebranded to Metaverse. In fact, it has already driven much conversation about this new technology for the newbie. Almost everyone describes it as the metaverse when the fact is that there is no singular metaverse in the sense that we talk about the internet.

The storyline

Stories from crypto-enthusiastic sites Business Insider and The New York Times, have published a “virtual land boom,” highlighting the $2.4 million sale of a 116-parel estate in Decentraland. Investors pour millions of dollars into virtual locations. It is just similar buying property in Manhattan before the city urbanized.

In addition, Decentraland or the Sandbox is platforms that sell NFT-based tokens. These tokens point out the divisions of a map in their precise virtual worlds. These are such sections which do not cross over. Selling of these token means that these platforms give you permission to build in their space. It further means that you are effectively buying into their services.

In simple words to buy these real estate on such platforms will be as similar as you are buying property in Manhattan. However, this will be a world where unlimited amount of spaces similar to Manhattans can be created alternatively. And this will be very easy for anyone who wants to create alternate Manhattan. It will be the only reason for users to pay for this Manhattan if the offered services are better than others.

Control over these platforms

In many ways, these platforms are alike an average video game. One can easily control a customizable 3D avatar with a mouse and keyboard and create virtual environment. There is still the debate going on whether a virtual social world counts as a video game or not. Whatever you call them, NFTs and crypto-currencies are used as a primary novel innovation.

Using NFTs in Decentraland’s pitch makes land scarce and thus valuable in its game-world. As long as the demand for the space increases, it will increase in its value too. So, you can own part of the land and sell it whenever you have its good price. More, there is also an alternative of selling in the form of rent out space on your property. Many advertisement companies may ask your space for rent to host events and get a cut of the sales or even open up a shop to sell digital items.

The virtual world just opened to the public in February 2020 while Decentraland has been selling spaces of virtual land since 2017. It is just a browser-based service. Internally, Decentraland still feels evocative of an early access game.

Drawbacks

This is true about Decentraland that it could attract big fashion brands to build storefront in its virtual world. On the other hand, these storefronts could be useful only if there are customers to buy from these stores. However, it is hard to have the number of people who are active in Decentraland. So it is difficult to know that how many active users are in real people who moved away with a tab open.

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Players can chat with anyone close by in Decentraland. Though filter it to chat with “friends only” has a beta label which most of the time does not work. You cannot stop someone following you around in this game because blocking them is useless. If you block a user, it will prevent their messages from appearing in chat, but their 3D model is still over there in space physically.

The developers may forbid users or block offensive usernames directly in other normal games. But Decentraland publicizes itself that it is being run by decentralized autonomous organization.

This in part system utilizes “smart contracts” to perform certain tasks automatically. These tasks based on votes from the community members which seize an economic bet in Decentraland. As a result those members who have invested more money they have more voting power.

Conclusion

Decentraland and other virtual worlds similar to it are obviously the future of internet. However, if they are not, after that massive amount of money has already been spent on their systems and somebody will be left holding the bag. Because of the discussion regarding these metaverse projects that real state of the future lies within this one particular space. And you can be the landlord of next digital Manhattan if you purchase in now.

Reference:

Author – Eric Ravenscraft

www.wired.com

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