Concept of metaverse, virtual real Estate
Concept of Metaverse Virtual Real Estate
Concept of Metaverse: Imagine a virtual world where people are living an alternate version of themselves. They are buying digital clothing using cryptocurrencies as a legitimate form of money and receiving digital art in the form of non-fungible tokens (NFTs).
The concept of metaverse is virtual real estate platform Decentraland is all that. It is an Ethereum-based 3D virtual world or metaverse where you can buy or sell land and use it to build your settings, marketplaces, and applications. Decentraland’s three native tokens – MANA, LAND, and ESTATE – each serve a different purpose in the Decentraland economy. It was opened to the public in January 2020.
The virtual world in Decentraland is accessed through an avatar, with which you can explore the Metaverse’s growing network of digital destinations. Digital tokens are required to purchase digital art at Crypto Valley Art Gallery, trade with other Metaverse regulars in Bartertown, or participate in activities such as learning at Decentraland University. Moreover, buyers are free to build anything they want on their plots.
However, Decentraland’s tokens, unlike the gold coins found in Mario or World of Warcraft, are programmed to facilitate worth and transferability as real-world assets.
Simply put, Decentraland is similar to virtual reality video games, but it is more immersive and real because it owns assets. Everything that is available in the real world, from digital skyscrapers and rapid transportation systems to movie theaters and hotels, can be found here.
Many big names have shown interest and investment in this digital real estate.
In November 2021, a report by The New York Post stated that Metaverse Group, an NFT-based Metaverse real estate organization and a subsidiary of Token.com, had acquired land on Decentraland for $2.43 million (approximately ₹18.15 crore). Bought a plot of
On the system, there are 90,601 equally sized individual plots of virtual land. Each land is in the form of NFTs. MANA can be used to buy land in Decentraland. When an asset is sold, it means that the NFT was purchased using the MANA. In other words, the land transaction is an NFT transaction. After purchasing a parcel of land, the player can use it to build a fully-fledged virtual city.
Trading takes place in the marketplace, which serves as a one-stop-shop for lands, estates, avatars, and other items needed to establish the world. The Ethereum blockchain is used to maintain ownership of the land, and users must keep their MNA tokens in an Ethereum wallet. At the time of writing, one MANA was trading around ₹204.
However, despite all the frenzy, buying a plot of land in Decentraland should be done with caution. In the markets, there will be extreme volatility – bullish and bearish periods. Although the metaverse is developing slowly and rapidly, it is still in its early stages.