Blockchain and Real Estate: Virtual Lands Sold by Millions…Is the Future of Real Estate in Metaverse?

Recently, a fairly private real estate sale has been brought to my attention. Beautiful sale for $2.4 million. Sure enough, there was a nice commission in the switch for the real estate agent in charge of the authorization. But you can imagine that if this deal is brought to my attention, there is something behind it. And for good reason, the property in question here doesn’t exist in the real world… it only exists in the virtual world of Decentraland.

Millions of dollars in sales… for virtual land

So, you may have seen this news as it announced a “record” sale on the Metaverse. But did you know that said record was broken after only a few days? This time, the plot disappeared for $2.5 million. In another virtual world.

The virtual worlds involved are here decentralization And Axi Infinity. Two blockchain-based games referred to as Play2Earn are games that you can be paid to play. But above all, there are two virtual environments, with their own economy… and that’s what led us to these record sales.

But what are these virtual domains in practice?

First of all, it is necessary to explain what these conspiracies are – concretely. The land purchased is the land that is (or will be used) for blockchain games.

decentralization It is a virtual world, a combination of second life And Maine Craft Which promises to combine different activities. We find the idea of ​​”virtual space” rather than the whole game. At the moment, the game is in the alpha phase, i.e. testing with the official launch. But it is already possible to buy and, above all, resell various items for use in the game.

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second match Axi Infinity, is a kind of Pokemon, but on the blockchain where each NFT element is unique. The game is currently playable, with a relatively high entry fee (count between $300 and $600 to start).

All video games have their own economy. The difference here is that real money is injected into the game and then converted into virtual currencies. This means that we can give the fiat currency value of these video game currencies. The sums at stake are large. We are talking about real savings. To give you an idea during a pandemic, Axi Infinity It was one of the mainstays for sustaining the entire Philippine economy.

The purchased land will be rentable, resale, and we will be able to build the infrastructure there for which access will be paid … You understand me, the buyers of these virtual land are simply investors.

plot of land in decentralization

metavirQ: It’s all about the value we put in things

Therefore, we will not delve into what the metaverse is. A dedicated article is written on this topic. Just remember this metaverse is not facebook virtual reality As Zuckerberg gave it to us a few weeks ago.

Metaverse is the view that our virtual lives and goods become more and more valuable. To the point of catching up with the value we place on things in the real world.

This is something you test if:

  • You have already purchased a video game in a non-physical format;
  • You have already purchased an e-book for your e-reader;
  • rented or purchased a movie in a non-physical format;
  • You paid for an online media subscription;
  • You pay for a Netflix, Spotify, or other content provider subscription.
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If you’ve paid for any of these things, you’ve given value to something completely virtual and intangible… and what’s more, it’s completely replaceable (and thus infinitely repeatable).

This change in the value we place on “virtual things” is a key element in understanding how some might invest such sums, or even why so many organizations’ eyes are focused on these technologies.

What are the challenges for the real estate professions of tomorrow?

So, the question arises… Tomorrow, will we have “crypto estate agents” responsible for valuing these virtual lands?

Many blockchain and metaverse experts are inclined to believe that, in reality, we will have “real estate brokers” tomorrow. After all, there are people who buy for resale for profit, others who seek to generate recurring income from their property, and others who will simply need to house their “virtual selves”. In the end, situations that real estate professionals already know.

Moreover, when we go to the markets that allow the purchase of plots of land on the metaverse, we can quickly see the similarities with traditional real estate portals. A virtual visit, the geolocation of the property, the distance from the centers of interest … all this information is there to reinforce the virtual plot. And we can actually see better written ads than others.

Blockchain Crypto Real Estate Proptech Axie Infinity Marketplace Land Sale
Real estate portal fromAxi Infinity

So, a metaverse real estate agent will not have exactly the same job as the one in real life. But I can believe that some things will be immutable. The relational aspect, experience, the fact that buyers are relieved of potential stress … all these skills will remain crucial, whether one is a real estate agent in the real world or in the metaverse.

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And you, what do you think? Would you be willing to convert to sell land in Sims ? Or do you prefer stone, very hard and attached to concrete in the real world?

Frank Mccarthy

<p class="sign">"Certified gamer. Problem solver. Internet enthusiast. Twitter scholar. Infuriatingly humble alcohol geek. Tv guru."</p>

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