Virtual real estate in the form of NFTs in the metaverse changed the conventional perspectives

Real estate in the metaverse is an expensive business like the real world. When there is an increasing demand for a plot in the metaverse in a certain area, then the prices go high automatically. Real estate prices in some of the most popular metaverses have surged by as much as 400% to 500% in the last few months, reflecting just how frenzied the race for virtual land has become. Nearly 3.10% retail market uses metaverse with the US $1.4477 Billion annual revenue in 2021. Daler Mehendi, considered by many as India's first pop star, has become a pioneer when it comes to Metaverse, by buying the 'Balle Balle Land' in the Facebook parent entity.

The rise of the metaverse has seen digital lands taking on a completely different meaning. Brands like Nike or Gucci are snapping up real estate in virtual worlds and opening retail stores for meta customers, so many members holding virtual plots of land like the next technological goldmine.

Virtual real estate in the form of NFTs in the metaverse changed the conventional perspectives on digital assets. NFTs have become a unique tool for enabling prospects for virtual real estate in metaverse platforms. Additionally, the scope of metaverse real estate applications also points towards linking real-world property with virtual real estate NFTs. Buying lands in the metaverse is only possible through cryptocurrencies.

The Sandbox (SAND), Decentraland (MANA), etc are top metaverse projects that have attracted real estate. All of these projects are built on the Ethereum blockchain and use cryptocurrency for transactions that can be used in the metaverse. Virtual real estate can be used for passive income purposes because it is possible to rent or lease the property for a monthly income. The Metaverse has a budding economy that could be worth a lot more a couple of years from now.

Anyone can buy and build anything in the virtual world. But before buying metaverse property, you need to pick a metaverse platform (Decantraland and Sandbox) for buying the land that will affect your chosen project. Later you will need to create a digital crypto wallet that will give you access to the cryptocurrencies you own. And also, you can use either a mobile or browser-based wallet. And link your digital wallet to the Metaverse account and ensure it has the specific type of crypto required. And click on the buy or purchase button to transfer the crypto amount in exchange for real estate. Metaverse real estate draws a favourable picture of the growth of virtual real estate. The primary objective of virtual real estate in the metaverse in such cases focuses on improving the experience of the metaverse in different pieces of virtual land.

Top 3 real estate companies working on metaverse:

• Acura: It's the first one to build a virtual showroom in the metaverse platform Decentraland.
• CVS: It was interested in getting into telehealth via the metaverse, specifically in the areas of non-emergent healthcare and nutrition and wellness services.
• Estee Lauder: It made its metaverse debut during Decentraland's Metaverse Fashion Week.