[01etc] Web3 Digital Real Estate — How Web3 Will Forever Change Real Estate Investing?
The term “Web 3.0” is all the rage right now due to the Metaverse’s growing popularity.
But the concept of Web3 does not only apply to the Internet itself. It goes way beyond what it seemingly can cover, spreading all the innovations and integrations to the daily used activities.
In our previous blog, we have detailly covered all the essential information to consider when it comes to Web3, from the definition to the Internet forecast.
Refresh the basics before diving into further details:
As more virtual worlds and Metaverse projects become operational, there will undoubtedly be more opportunities for investors wishing to diversify their portfolios.
Why don’t you invest in digital real estate?
The fact that NFTs have enabled a digital world revolution is undeniable. But how can Web3 reach real estate, why the Metaverse is only just a part of digital real estate, and why that distinction is important for continued mainstream adoption of crypto and digital real estate investments?
Let’s find out together.
As the very first step of our articles, we would like to dive crypto enthusiasts into the basics.
Before we dive into the definition:
A few years ago, investment in fully online existing real estate sounded like total nonsense, indeed a waste of money.
However, as the market unveils the data, we can’t deny that investing in the digital land is no longer a joke, but a real and what is a more important profitable way of generating income.
Take a quick look at the below data. The market for the Metaverse is predicted to reach 1.73 billion users by 2024. Now you see the potential?
Once we see the way the world is moving, let’s examine the basics.
What is a Real Estate NFT?
When all the necessary ownership documentation for a property is created as an NFT, it is referred to as a real estate NFT. When a property is purchased, this ownership is immediately transferred to the buyer without the need for a middleman, which makes the entire process less expensive, quicker, and more secure than traditional real estate transactions.
According to the experts, the necessity for improving the present real estate market by utilizing real estate NFTs is eloquently outlined by a real estate transaction platform that specializes in property NFTs and uses blockchain to store all the information.
Although the process might seem to be problematic, a decent majority of the population, especially millennials, cannot such an expensive purchase.
This is where the Metaverse real estate enters the game. The problem of owning a house can be overcome by bringing the real estate industry into the twenty-first century and employing cutting-edge technologies to lower costs.
Bridging physical and digital real estates:
Digital real estate investment does not necessarily mean buying land in Metaverse.
Although it is still difficult to mint your physical house as an NFT due to some restrictions regarding some real estate regulations, you may still make the place you live in an NFT.
Since digital real estate doesn’t exist in the real world, it does not apply any regulations, which makes the process way easier and faster.
Predicting the question regarding the use of the physical house in the case of digital real estate: Remember that digital real estate is built in the digital world only, therefore, the use of any physical version is not possible.
As ‘digital real estate speaks for itself, it exists in virtual space, often known as “sandbox platforms,” where users can interact with and construct almost anything they want. Just like any other virtual asset, the purchase is possible via cryptocurrency, including altcoins.
Read about altcoin:
Real-world examples of the simulated real estate:
The world’s most well-known example of digital real estate. Though Decentraland has recently entered the news cycle, this virtual world has been around for a while. Its development hit its first milestone in June of 2015, with the release of a 2D grid that allocated pixels via a proof-of-work algorithm called the Stone Age.
Decentraland has 90,601 parcels of land, grouped into individual parcels, estates (multiple parcels), districts (parcels with similar themes), and plazas (untradable parcels owned by the community).
All the pieces of the land can be traded with MANA, a native cryptocurrency of Decentraland.
Sandbox is, indeed, the oldest digital real estate platform to launch. The platform allows users to do more in The Sandbox metaverse game than just buy the property and build houses in the city. Users may also enjoy games and take on various tasks and missions. Completing these tasks effectively might result in you winning fantastic prizes.
The Sandbox, on the other hand, has 166,464 plots of land and they can be grouped into estates (owned by one person) or districts (owned by 2 or more people).
The land in the Sandbox can be traded with four types of tokens: SAND (the native currency), ASSETS (contents created by users), and GAMES (games created by users).
Read more about Decentraland and Sandbox and its native tokens:
SuperWorld is a marketplace for digital assets where you can make your world and make a profit from it. The platform allows users to trade, buy, and sell various NFT parcels of land sized 100m by 100m.
The platform doesn’t require any blockchain skills in particular. All you need is the idea to make the most of the first investment.
What does all this mean?
Regardless of where you stand with this NFT real estate craze, one thing is certain:
The future of the real estate industry is close to being driven by technology. To keep up with the technology-dependent society, you should consider property technology investment. Embrace the future by adapting all the features and automation that digital real estate can bring.
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