Have you ever dreamt of owning land without having a physical visit? It is now a reality with metaverse real estate! Metaverse is penetrating the entire market and its functions, irrespective of the industry, sector or domain. It is the next generation of the internet where users can virtually walk, interact, and communicate with each other without having any physical visits. Besides this, you can create your own virtual 3D worlds with the incorporation of characters, elements, digital avatars, and buildings.
The metaverse real estate market is constantly thriving and increasing at an alarming rate. As per the market stats, the metaverse real estate market share is expected to rise from USD 821.9 million in 2021 to reach a value of USD 5953.6 million by 2028, which is showcasing a CAGR of 39.10 % over the forecast period. The real estate industry has experienced a major technical shift due to the adoption of the metaverse, NFT and cryptocurrency. Trading virtual lands became popular with the advent of the metaverse.
In this blog, we will cover all the crucial aspects of metaverse real estate development that you must know before launching your own metaverse real estate platforms.
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Real estate in the metaverse refers to the plots of land and commercial or residential structures that are present in the virtual space. Metaverse real estate is basically a digital picture present on the screen. However, many entrepreneurs have built their own programmable environments where users can play games, create their own avatars, interact socially, trade NFTs and promote their own lands and products.
In the metaverse real estate marketplace, the virtual lands or plots are defined by the NFTs, which can be sold and bought, depending on various factors like market value, size of the land, demographics, location, etc. The virtual land works on the same concept as the physical ones as you will get full ownership and a document of your virtual land. Besides that, no one can manipulate or do anything phishing with the same.
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Metaverse works on the concept of augmented reality, virtual reality, blockchain and NFTs. Metaverse real estate is a type of virtual land or digital asset, which can be traded across different platforms for multiple purposes. People can buy virtual land on different marketplaces using cryptocurrencies using bitcoin, Ethereum, Solana, etc.
They can explore the marketplace and purchase a virtual piece of land that becomes NFT and gets stored in the crypto wallet. As the NFT holder, you can either keep it as an asset or sell it to another party for a predefined amount.
The one thing that makes metaverse real estate platforms highly preferable is their potential for design and development. People can choose the design elements and characters while indulging in metaverse real estate development. They can make the buildings livable and visually appealing by including entertainment sources and collaboration tools. Besides this, users can also turn their virtual lands into enticing and visually appealing buildings that cater to their needs and requirements.
There are plentiful differences between both metaverse real estate and traditional property. Here is the list of key differences that you must check out to know a clear difference.
Metaverse is not just restricted to real estate, it has entered the educational sector too. Want to develop your own metaverse Education platform?
Read Blog: Metaverse NFT Marketplace Development Company- An Exclusive Guide
Just like traditional real estate, metaverse real estate can be developed, purchased and sold with ease. The best thing about virtual land is that transactions can be placed without the inclusion of any hassle as people can handle the paperwork and agent communication from the comfort of their homes.
People can easily customize their pieces of virtual land into the type of building they want. Be it a school, mall, store, or gallery; the metaverse real estate ownership allows you to tailor the structure as per your will and requirements. Invest in metaverse real estate to get enhanced ROI and reach millions of screens.
When it comes to the trading of virtual land, another thing that is of paramount importance is real estate management. Apart from purchasing land in the virtual space, other services include:
In the metaverse, you can build a successful business model while providing virtual land development services:
Nft real estate metaverse is quickly expanding the market and grabbing the interest of both investors and creators. Real estate assets can be transformed into non-fungible tokens to enable users to generate revenue via trading or exchanging the tokens across marketplaces. NFTs hold a unique value which can never be manipulated or replicated, which means your land holdings are safe and secure. NFTs can be of different types such as art, music, lands, buildings, talents, and objects.
If you want to develop an NFT marketplace but are confused to choose an ideal development company, here is the guide for you!
At BR Softech, we believe in keeping ourselves updated and upgraded as per the advancement of technology and market trends. With the adoption of the metaverse and blockchain technology, we make sure to design, develop and deliver next-generation solutions that are packed with outstanding features and graphics.
Here is the list of innovative and creative real estate development services that are scalable and reliable:
Read more: NFT Real Estate Marketplace Development – Step by Step Guide
Building metaverse for real estate is not an overnight task, and hence requires expert advice and knowledge of the designers, developers and QA engineers. From conceptualization and market research to launching your own virtual land; BR Softech is here to guide you through every stage of metaverse app development solutions.
Here are the steps required for metaverse real estate development:
Creating a virtual real estate NFT marketplace requires a lot of planning and resources. However, before you head out to create a blueprint, the first thing you must fulfil is choose the right platform. The foundation of your virtual land can be built on various blockchain networks like Solana, Ethereum, Polygon, etc.
There are multiple platforms available out there in the market, hence choosing one can be a difficult task. Building a metaverse ecosystem from the scratch and adding real estate properties within that requires an efficient and tech-equipped platform. You can choose from Decentraland, Sandbox, Roblox, Axie Infinity, etc.
As a skilled metaverse development company, we can also help you build your online real estate metaverse from the scratch.
Smart contact is like a foundation or core pillar of launching your own online real estate metaverse. It is basically a computer program that automatically controls the transfer of digital assets between the parties under certain conditions.
Metaspace refers to the basic design and architecture of real estate. You can customize the metaspace as per the latest market trends and your business requirements. A user can witness the virtual surroundings of the metaspace with the help of VR headsets and the internet.
In this phase, you build an interactive and engaging layer, using which users can interact and communicate with each other inside the virtual space. These features are crucial for the navigation, interaction and communication of the users. For instance, devices like smart glasses, VR headsets, haptic gloves, and sensors are examples of wearables that augment the interaction.
The last step and crucial step is to incorporate a safe payment system that safeguards and protects the user’s crucial data and information. People prefer quick and safe transactions, so make sure you integrate uninterrupted and safe payment methods within your real estate platform.
Read More:- Top 10 Best Metaverse Game Development Companies in the USA 2023
It is impossible to define the exact cost of the virtual real estate metaverse NFT platform, hence we require your project details and specifications to develop end-to-end metaverse app development solutions. On average, the metaverse real estate development cost ranges from $35,000 to $40,000. However, the cost is not definite and can shoot up to $50,000 and more depending on the complexity of the features and your project.
Here is the list of factors affecting the metaverse real estate development cost:
By now you might have got an idea why it is beneficial for you to invest in metaverse real estate. The industry has a bright, lucrative and promising future ahead. If you are planning to create your own metaverse real estate platforms, you need to take care of the above-mentioned things and processes to stay ahead of the curve and beat the competition. Hire BR Softech, a leading metaverse development company to get affordable and customized metaverse real estate development solutions under your preference and guidance.
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It takes around 2 to 3 months to develop a metaverse app from scratch.
In order to start a business in the metaverse, you need to do a lot of market research and planning. First of all, decide the niche, and choose among various industries like real estate, fashion, healthcare, e-commerce, etc. Read More
In order to develop a real estate NFT marketplace, you must follow proper steps, including market research, UI/UX development, creation of a blockchain ecosystem, integrating crypto wallet, testing and deployment. Read More
