Virtual Real Estate Development in the Metaverse

The metaverse is still an emerging concept. Investments in it carry significant risks. However, given the similarly high probability of high returns, it might be worth the risks. However, you must conduct your due diligence before deciding to take risks, just like with all other investments and business endeavors. In this quick guide, we provide you with a thorough overview of virtual land/real estate development in the Metaverse.

It is the blockchain development services that lay the basis of this newly developed idea. Learn more about this idea's potential as a profitable business venture and how to get started with it by reading on.

What Is Virtual/Real Estate In The Metaverse?

Although lands or buildings in a virtual environment known as the "metaverse" are nothing more than pixels on a computer screen, their worth is increasing.

On top of virtual land, one can construct experiences that are conducive to marketing, promoting, socializing, and entertainment activities.

In this virtual world, innovators are constructing various types of properties, such as company headquarters, billboards, and casinos where 3D avatars can play online games.

Each piece of land has a distinct worth depending on the experience it offers as well as other elements like collectability, platform acclaim, and market sentiment.

A great illustration of the possibilities of real estate investment is Decentraland.

Venturing into Developing a Real Estate in the Metaverse

Developing a Blockchain-Based Metaverse Platform in Phase 1

Now, creating real estate within a metaverse calls for a wide variety of abilities.

Select the core blockchain platform first, before anything else.

The infrastructure to build a democratic and community-driven virtual world is currently provided by all of the main blockchain platforms, including Ethereum, Polygon, Algorand, Solana, and others.

This implies that a blockchain-based metaverse is supported by the capability of a smart contract, which causes specific actions to be taken in response to certain circumstances.

Further, we require decentralized finance for optimum functionality. It's crucial to enable the use of cryptocurrencies and NFTs (Non-fungible tokens).

You can either select clones of already developed platforms to establish real estate properties inside of already-existing blockchain metaverse platforms like Decentraland, Sandbox, etc. 

Building a metaverse ecosystem from inception and then adding real estate properties is the key to creating a larger and more specialized platform.

It is wise to develop a metaverse from scratch and incorporate the functionalities and features of your choice because the existing metaverse platforms are still in their infancy.

A skilled metaverse and blockchain development company can help you here by streamlining the procedure.

Writing Metaverse Smart Contracts in Phase 2

A metaverse smart contract is a collection of unchangeable "rules" that, when certain conditions are met, cause specific actions to be taken. For example, triggering a transaction between a buyer and a seller once both parties click on 'Agree' is a feature of the smart contract.

Smart contracts can also be used to specify and carry out rental arrangements between two parties.

This includes terminating the agreement if a tenant disobeys certain rules or behavior guidelines.

Smart contracts are the foundation for utilizing the advantages of a virtual real estate metaverse environment. You can tokenize real estate properties into non-fungible entities by using an NFT smart contract.

You would specifically need the assistance of a metaverse and blockchain development company at this stage.

Since both physical and digital real estate relies on finance for growth, blockchain is a crucial part of your project.

Related | Real Estate Tokenization and Blockchain | An In-depth Guide

Requisite Skill Sets for Developing Metaverse Real Estate

The internet of the web 3.0 age is very different from the one we were used to.

It is also referred to as the 3D iteration of web 2.0 and is all about protocols for ownership, immersive experience, and as open interaction as possible.

It will take more complex and resilient interoperability to deliver these experiences, which will be necessary to create a real-estate infrastructure in the metaverse.

The standards and other criteria that are essential for creating a real estate platform within a metaverse are listed below:

•  Layer-1 or layer-2 blockchains as the foundation for an autonomous network of computer systems (nodes)
• Smart contract features to carry out transactions that are transparent, secure, and permissionless
• Open standard for multi-media, including images, text, 3D scenes, and other supported vectors as well as music and video files
• HTML, WebXR, WebAssembly, WebGPU, Solidity, Python, and other programming languages
• Connections between the physical world and virtual worlds using Extended Reality (XR).
• Smart glasses, haptic gloves, virtual reality headsets, sensors, gaming systems, and other devices 
• 3D simulation to recreate realistic real-world settings
• Payment systems for fiat and cryptocurrency payments.

Also, Check | Web3 App Development | Building a Decentralized Future

Where to Find a Metaverse-based Virtual/Real Estate Property

The following businesses are experts in metaverse real estate:

• A common marketplace for metaverse real estate is The Sandbox. Users sell "LAND" plots for $5,000 or more (payable in $SAND cryptocurrency). According to the project's creators, the people who own the land completely determine the experience that is built upon it.
• Another popular service, Decentraland, is a 3D virtual reality platform based on the Ethereum blockchain. LAND NFTs are purchased and sold using either Ethereum or MANA (a currency native to Decentraland).
• Voxels is a simulated environment that resembles the well-known video game Minecraft in some ways. It allows you to own, construct, develop, and sell real estate, with all of these actions being permanently documented on the blockchain. It introduced the use of Ethereum to replace its outdated $COLR cryptocurrency a few years back.
• A 3D simulated world full of virtual reality (VR) experiences called Somnium Space was largely created by its users. They can personalize, embellish, and monetize their holdings. Recently, the average cost of a piece of simulated real estate here exceeded $3,186.

Have a similar or new concept in mind and want to consult its feasibility or get started with it? Connect with our blockchain development experts.