The Future of Real Estate in Metaverse NFT Marketplace Development

Real estate in Metaverse NFT Marketplace Development is creating a new future. How?

Eminem had a live concert this month, and do you know what was the interesting feature of this concert? The show wasn’t in a stadium or an arena, which we are used to seeing in our daily life. This live concert was held in the metaverse (a virtual world). 

Fans from all over the world watched Eminem’s avatar’s performance. Especially investors who were enjoying the show more enthusiastically not only because of Eminem but also for the preparation for buying a virtual real estate land for building virtual concert venues, shopping malls, and other properties in the metaverse. The event was held fantastically and everyone enjoyed this virtual night. 

Does it sound fictional to you?

Yes, it is not real. There is no such event held anywhere. This is just a future possibility. You may attend your favorite star’s concert or any event from any location in the world. You can see, play, interact with your favorite star and other people, and also buy products and make huge money through your avatars, AR VR glasses, and mobile apps. And all these things will be happening in the metaverse.

It is not possible now but the way real estate businesses have started investing in the metaverse soon you are going to experience something like this. Time has changed when real estate agents have to put a lot of effort into purchasing and selling physically. A new virtual world- Metaverse NFT marketplace is now emerging dramatically and creating new scope for real estate.

The Metaverse Group, a real estate company, recently bought a piece of land for USD 2.43M in Decentraland (a virtual platform). A person bought a digital land in Snoop Dogg’s new virtual world called Snoopverse, for USD 450,000. 

A patch of virtual real estate sold for a record $2.4 million worth of cryptocurrency. The plot exists in the online environment ‘Decentraland,’ where users can buy land, visit buildings and meet people as avatars https://t.co/NoDHHhVBrY pic.twitter.com/V8B9KWJOEq

— Reuters (@Reuters) November 24, 2021

 

This is the rise of the metaverse NFT marketplace. Here you can buy or trade art, purchase a home, shop as nonfungible tokens, or NFTs, which are blockchain-based digital assets that serve as proof of ownership. Cryptocurrency is used as money to exchange anything in these virtual worlds. Industry experts believe this is just the beginning and in the upcoming years, metaverse will be a whole new digital universe for the real estate businesses. 

In this article, we will discuss what is the future of real estate in Metaverse NFT marketplace development and how startups or entrepreneurs who are looking to invest in Metaverse NFT marketplace development can take benefit from it. 

What is Metaverse NFT Marketplace Development

At first, you need to understand what is metaverse. Metaverse is a virtual world or the digital resemble of the physical world where you can do exactly what you do in the material world. It allows you to create your own avatar, a digital version of a person, by which you can do a lot of things including making money, in fact, huge money.

So the metaverse NFT marketplace development is the process of building an NFT marketplace where users can create or design their own virtual land as they imagine. Metaverse NFT marketplace is a kind of virtual world that runs on the blockchain network. It enables its users to sell, purchase, and bid in the metaverse. This trade is done through NFTs (Non Fungible tokens) and for this, users require a digital wallet that stores and remits ETH or crypto coins.

Key Features of Metaverse NFT Marketplace:

#1. 3D Display:

It allows users to see a 3-dimensional virtual world.

#2. Interactive Experience:

Users can play and interact with digital things and other virtual products.

#3.  Social Interaction:

Unlike in the current 2D social media platforms, users can interact with other users’ avatars through their own avatars.

#4. Safe Transaction:

It allows consumers to keep extremely rare NFTs.

#5. Decentralization:

There is no need for third parties, this is completely decentralized.

#6. NFT Wallet Integration:

Users can buy, sell, and store NFTs with the NFT wallet integration.

#7. Interoperability:

It allows other coins to exchange in the crypto-verse.

#8. Peer-to-Peer (P2P) Interactions:

 It has P2P based method for safer digital asset transactions.

#9. Two-Factor Authentication:

 It gives safer login. 

#10. Tokenization: 

Users can tokenize their assets.

Popular Metaverse NFT marketplace in the Current Market

• Somunium Space:

It is a virtual reality world developed on the Ethereum blockchain. It is an open-source platform that enables users to buy virtual lands, homes, buildings, and myriad in-game assets of value.

• Sloties NFT:

A growing NFT project which has a collection of 10,000 NFTs developed on the Ethereum blockchain network.

• Axie Infinity:

A blockchain-based NFT gaming platform

• Decentraland: 

A metaverse NFT marketplace where users can buy and sell digital land.

How is Real Estate in the Metaverse Booming?

Metaverse NFT Marketplace is a digital world or virtual resemblance of the physical world where people or users can buy, sell, bid on the digital land or anything through their avatars. It allows users to list their metaverse NFT for sale. They can meet and communicate with other virtual avatars, explore new areas, and create amazing content. 

This metaverse marketplace provides an immersive user experience through the use of VR headsets, AR glasses, and mobile apps. Metaverse acts as same as the real world where people buy virtual land as NFT, instead of buying physical land or building with government currency.

Real estate in the Metaverse marketplace has a lot of future scopes. Many tech giant companies from Facebook to Microsoft are dedicatedly working on the development of the Metaverse NFT marketplace where users can do amazing things virtually the way they currently do in the real life. 

There have been many announcements recently on the Internet on the purchase of multi-million dollar digital real properties on several metaverse platforms. 

According to the Reports

According to the Dappradar report, in June 2021, a digital real estate investment fund company Republic Realm invested $913,228 to buy an NFT for a plot on Decentraland. And recently in 2021,  the Metaverse Group also bought a piece of land in the same metaverse platform Decentarland.

In another report from Livewire, one person purchased a plot of digital land in Snoopverse, which is the metaverse platform of the famous American rapper Snoop Dogg. 

In February 2021, Axie Infinity, a virtual gaming world, reportedly sold nine of its land parcels collectively for 888.25 ETH (equivalent to $1.5 million at that time).

All these incidents clearly prove how real estate investment in the metaverse is investing for future business prospects. Almost, every deal is bagging million dollars. This growth has pushed to evolve more NFT marketplace development companies to help businesses and investors build NFTs and other blockchain-based projects. Here are some of the Top NFT Marketplace Development Companies in 2022:

1. MobileCoderz Technologies

2. Hyperlink Info System

3. Infinite Block Tech

4. Inoru

5. Zfort Group

6. Silicon IT Hub

The Future of Real Estate in Metaverse NFT Marketplace Development

You must have heard of the news of Facebook rebranding itself to ‘Meta’ in Oct 2021. 

The major reason why big companies are investing in the Metaverse NFT marketplace development is that, in the upcoming years, metaverse will have huge dominance in the market. It will act like a 3D version of the Internet where Users can socialize, play, learn, do fun, and make money virtually. 

While the virtual property doesn’t give shelter from material problems like a real house does, the purpose of metaverse NFT development is beyond that. Here, you can buy a piece of land and build or design your own virtual infrastructure as you like, you can even purchase a home of other people or buy various digital products. 

And to make transactions in these virtual worlds, users will need cryptocurrency or non-fungible tokens (NFTs) for monetizing and exchanging products. The NFT is a distinctive or unique digital asset that could include digital art, videos, images, music, and lands as well. Virtual land is also an NFT and you can use this NFT to buy different products or exchange for something within the online platform. 

And that is why the NFT real estate market is booming with wider business opportunities. If you pay attention to the latest report of the nonfungible.com, metaverse has is acquiring more investment because of the NFT boom and popular brands’ announcements in the same technology.

We have already witnessed many examples of how the value of virtual real estate or land is bagging million-dollar deals. Seeing these market incidents, it is clear that NFT real estate marketplace industry is going to rise tremendously.

The Final Words

Real estate has a lot of business scope in the Metaverse. NFT investors know in the near time the world will have a virtual platform where people can do exciting things. Industry leaders also expect the bright future of the NFT-based real estate business. However, it would be worth noting how users, blockchain users, technologists, and governments understand the merits of real estate in metaverse NFT marketplaces. But the latest news of various million-dollar deals gives a positive signal. 

If you need assistance to build an NFT marketplace, MobileCoderz can do help you in this project. We are a premier NFT development company in India and take pride in developing various projects in blockchain development, NFT marketplace development, NFT development, and more. Our blockchain developers and software engineers can turn your complex idea into a fully-fledged solution.