Can Web3 Change the Real Estate Industry Through Blockchain?
Web3 Change the Real Estate Industry?
Web3 Change the Real Estate Industry Web3 is considered the next iteration of the Internet – a digital space we can enter using Virtual Reality (VR) or Augmented Reality (AR) technology. It is now also making it possible to buy real estate in the virtual world.
Anyone can invest in real estate properties in the metaverse, which allows people to gain partial ownership when the costs are high.
It also opens up the world of real estate investing to less wealthy individuals. From corporate boardrooms and mainstream media to housing, Web3 is being talked about a lot.
For example, if a person cannot afford to buy a $250,000 apartment in the Metaverse, he may opt for partial ownership. This would allow the individual to trade at any time for an equal fraction of another asset.
He added that converting real estate to tokens allows investors to build easily liquidate portfolios on the blockchain with tangible assets.
If you want to invest in Decentraland, you can invest in MANA coin. “Investors can either visit the platform directly to buy the property or visit the open NFT marketplace where virtual, metaverse properties can be listed.
The user has to connect his web3 wallet to the platform to make purchases. Once the transaction is approved, the asset ownership is transferred to the investor’s wallet,” Like using Web3, to buy land in Decentraland or Sandbox, a crypto wallet becomes imperative for the investor.
One must first set up an Ethereum wallet like MetaMask which will serve as the Metaverse login key. “Just visit the Decentraland or sandbox websites and connect the wallet to log in and get digital land using tokens that can be bought with a credit card.
Web3 is changing the real estate industry in myriad ways. Unlike the traditional home buying process, Web3 offers buyers a click-and-close experience.
A seamless transfer of real estate assets is now possible for all stakeholders—buyers, sellers, and agents—with the help of Web3 technologies like smart contracts, NFTs, and blockchain.
Experts say that the user-centric, data-driven nature of Web3 offers unlimited opportunities in real estate marketing.