What is Immersed Virtual Real Estate?
What is Virtual Real Estate?
- Virtual Real Estate is a digital piece of property, limited in supply & backed on the blockchain, within Immersed’s various metaverse economy cities. The first city we’re releasing is Virtual New York City: The Manhattan Collection, which we’ll refer to as vManhattan.
What can I do with my Virtual Real Estate?
- Users can buy and sell virtual real estate on which to build on top for various uses, including monetizing as a business in the real world. Since Immersed at its core is a “Work-In-VR” application, users will likely also use their real estate to create their own custom VR workspaces to get work done, either by themselves, with their team, with their entire company, or with other users they meet in the metaverse!
Some specific examples of what users can use their virtual real estate for are:
- Become a virtual real estate developer & buy custom real estate, build a custom-made property, & either sell it or rent it to other users or companies.
- Become a virtual landlord & buy a virtual building, floor, or individual unit & rent it out to another user or company.
- Host virtual events & experiences on your real estate such as classes, lectures, bootcamps, networking events, or conferences.
- Host virtual entertainment events such as stand up comedy, concerts, happy hours, & celebrity/influencer meet ups.
- Work in their own custom solo VR office.
- Work in an Immersed-owned or user-owned co-working space.
- Work in a large, VR company office with their entire team or company.
- Set up virtual billboards & advertisements on your property to make passive revenue as users visit it.
Why is Immersed building a metaverse economy?
- Our Founder & CEO, Renji Bijoy, shares why we’re building a metaverse economy here:
Where can I buy lots of virtual real estate in Immersed?
- The latest instructions can be found here.
How many cities or worlds will Immersed create?
- Immersed will slowly release vCities over time as users demand it.
How many plots will exist in vManhattan & what types of plots will they be?
- There will be a total of 10,000 plots in vManhattan, broken down into 14 unique neighborhoods. Each of these plots will be broken down into 5 unique property types with specific characteristics.
Each property type has the ability to be fractionalized to create more unique, separate units on the blockchain within itself, with specific limitations per property type. They will have a varying range of floor height potential as well as a max fractionalized unit count.
Users will have the ability to create custom layouts within each unit and floor in their property (within their property type parameters) and will be responsible for designing common areas, entrance & access points throughout the building, and overall functional design.
For example, a Standard Building has the potential to be 1 through 14 floors in height and can have up to 56 fractionalized units within itself. Here are some examples of how a Standard Building could play out since the max fractionalized unit limit for a Standard building is calculated by its max floor potential (14 floors) * (4 units per floor) = 56 total units:
- A 2-story Standard Building can have up to 28 units per floor within itself, totaling its 56-unit limit.
- An 8-story Standard Building can have up to 7 units per floor within itself, totaling its 56-unit limit.
- A 14-story Standard Building can have up to 4 units per floor within itself, totaling its 56-unit limit.
Here are the 4 types of properties with their unique sub-characteristics:
- A raw, empty piece of land for users to build custom properties & experiences on.
- 25% of the total supply in vManhattan — 2,000 total plots.
- For vManhattan specifically, users will be capped at building on their Custom Land up to a maximum of 49 floors & 196 fractionalized units. This rule is in place to protect the scarcity & uniqueness of our Skyscrapers in vManhattan.
- The range of potential fractionalized units to exist in vManhattan for Custom Land is more unique since a user can create a Small Office, a Standard Building, or a Mid-Rise Building on top of it. Considering this, the total range of potential fractionalized units that can come from Custom Land is 2,000–392,000.
- 44% of the total supply in vManhattan— 4,400 total plots.
- A pre-built building, designed by Immersed, that can be 1–14 floors in height & the max fractionalized unit count is 56.
- The range of potential units to exist in vManhattan in Standard Buildings is 4,400–246,400.
- 30% of the total supply in vManhattan — 3,000 total plots.
- A pre-built building, designed by Immersed, that can be 15–49 floors tall in height & the max fractionalized unit count is 196.
- The range of potential units to exist in vManhattan in Mid-Rise Buildings is 45,000–588,000.
- 1% of the total supply — 100 total plots.
- The rarest pre-built building type, designed by Immersed, in all of vManhattan.
- There will be a further breakdown of uniqueness in the 100 skyscrapers that exist in vManhattan, including floor height (specifics of the Skyscraper breakdown coming soon!)
- The range of potential units to exist in vManhattan in Skyscrapers is 5,000–40,000.
Because each type of property can have up to a certain amount of fractionalized units, but they don’t have to contain the max amount, the total amount of fractionalized units throughout vManhattan is a range. The total range of potential fractionalized units to ever exist in vManhattan is 56,900–1,344,400.
What are the Neighborhoods in vManhattan?
There are 14 Neighborhoods in vManhattan:
- Financial District, Soho, Lower East Side, Greenwich Village, East Village, Flatiron District, Chelsea, Midtown, Upper East Side, Upper West Side, Harlem, Washington Heights, Fort George, & Inwood.
All 14 Neighborhoods will have a varying combination of all 5 property types as well as free to use community areas. Here is our first version map of vManhattan with it’s 14 neighborhoods highlighted:
How should I think about location value in vManhattan?
- In real life real estate, location plays a core aspect in property value. We believe the same principle will apply for all of our vProperty as our vCities are built out by our users & virtual economy participants. In theory, participants who buy & create the most compelling experiences in vManhattan should eventually see an increase in traffic/interest, leading to higher odds of increased property value. We’re striving to create a free-market virtual economy & naturally, this means we can’t dictate the outcome of which areas will be more valuable than others; the market will decide that over time.
- Our users/participants will also have the ability to travel throughout our vCities via a portal system we’re still developing (more details to come later!). They can pay a small, reasonable fee to instantly travel across our vCities instead of virtually walking to various locations. Considering this, areas that are highly desirable should have higher value vProperty since the cost & time to travel there is significantly less.
- Since Immersed cannot guarantee any particular outcome in our vCities because we’re striving to make it a free-market economy, Immersed is not liable for said outcomes.
How can I build on my custom land?
- As people in the real world develop their land by working with architects and builders, Immersed users can contract out virtual architects, builders, & 3D designers to help them design & build on their vProperty.
- The cost & structure to build on your custom land is still being worked on by the Immersed Team. More details will come out on this soon!
What is the Immersed Marketplace?
- The Immersed Marketplace is the virtual marketplace for all digital assets & services in the Immersed ecosystem. NFTs, traditional fungible tokens/digital assets, & user-generated content that can be monetized via blockchain-enabled smart contracts will all be available in the marketplace.
- Within the Marketplace, you’ll be able to buy & sell assets like furniture for your office, decor, accessories, various sets of lighting, new features for your Immersed experience, building materials for development, & much more.
- Users will also be able to buy & sell different services such as architectural design, development, renting out lands & properties, & other types of services as they are created by our users, including Real World Pick Up.
Do I have to have a VR headset to participate in any of the vCities or vWorlds Immersed creates?
- To purchase virtual real estate, no, you will not need a headset at first.
- In order to engage with other users in the metaverse, yes, you will need to have a VR headset. However, Immersed will continue to have a web experience for buying & selling virtual real estate (potentially via mobile app as well), digital assets on the Immersed Marketplace, account management, & a few more supportive features. Long-term, everyone will adopt VR/AR devices inevitably, just like the iPhone.
- You can see an updated list of compatible headsets for Immersed here.
When will Immersed be releasing vManhattan to be ready to use?
- Immersed is aiming to release vManhattan towards the end of this year or the beginning of 2023. We’ll be providing our users & the public with updates on our development progress along the way until then.
Where can I ask the Immersed Team questions about Virtual Real Estate?
- People can send an email to email@example.com for any questions you have outside our public documentation about our Virtual Real Estate. Our team will respond as soon as possible.