What is Virtual Real Estate?
The virtual real estate can be described as a place where people can enjoy a second life. Since the virtual world is not limited as the real one, the possibilities of development on a virtual land are endless here. One can describe Virtual Real Estate as something that gives you the freedom to develop and experience anything. It can be a building, an entertainment destination, an experience, an environment, an institution or a game. Virtual Land needs to be in a proper virtual world where people will be able to develop avatars to interact with each other and the buildings or experiences they develop. Many businesses are already using virtual real estate to their benefit and among them is eXp Realty, a renowned real estate company that has developed an international office in VR. The move has allowed the employees of the company working around the globe to get together in a virtual office and meet each other as avatars.
Benefits of virtual real estate
So what benefits, a piece of virtual land can bring you? Having a piece of virtual land in a properly built virtual world can give you the freedom to build a house, a casino and even develop open world games. People living far away can get together in a secret underground party in VR without even leaving their house. Corporate offices can build their office in VR and get freelancers from all over the world to work with their regular staff. A virtual office also allows people to work from their homes and this saves time and money travelling to places for meeting and also saves money spent on office rents. Similarly, a travel company can make virtual environments of the destinations they take people to and let their customers have a feel of the place they are planning to visit. Use cases of virtual real estate extend to all industries, all you need is the imagination and the idea to make it work. It is because of these use cases and business benefits that virtual real estate is becoming increasingly popular.
Virtual Real Estate + Blockchain = Ownership, Security and Trading!
Developing environments and experiences in the VR takes a good amount of time and effort. It would be a waste if someone else takes credit or ownership of your VR development. The blockchain technology can help with the security of your virtual assets as it will give you complete ownership over your digital possessions. It doesn’t end with just keeping your virtual assets safe. The blockchain technology can also help you in trading your virtual assets. It does that with its fungible and non-fungible tokens. Fungible tokens on the blockchain are the cryptocurrencies just like Bitcoin and Ether. As for the virtual assets, the non-fungible tokens (NFT) can be used to represent them. NFT are defined by their unique information or attributes and this makes them unique and irreplaceable with another NFT of the same class/category.
In the perfect blockchain powered VR universe, virtual real estate can act as a non-fungible token that will be tradable and acquired through a fungible token. Its trade will represent the basis of the perfect utilization of fungible and non-fungible tokens and the security that comes with the blockchain technology keep the virtual properties of the people safe. The same can go for all the tradable developments in that VR universe as NFT can easily exchange hands and its trade can be facilitated by a fungible currency. Transparent ownership of properties in the perfect VR universe, what could be better?
Ray Kurzweil, American inventor and futurist, has predicted that in a few years, physical workplaces will be replaced by virtual ones. By 2020, augmented reality and virtual reality are already predicted to rake in an estimated $162 billion in revenue. The future of virtual real estate looks promising taking virtual real estate seriously today will definitely become advantageous in the years ahead. Talking about the future of VR, Cosmos CR is a VR universe that will allow people to own virtual real estate on the blockchain as NFT. The people will have complete ownership and control of their virtual land and will be given the freedom to develop anything they like on their virtual land. If they wish to trade their VR assets in Cosmos CR they will be able to do so using the $CYBR token (Fungible token). The possibilities of developing experiences in Cosmos CR are endless and it’s all about having fun in a VR world that is secure and transparent. Visit our website to know more.
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