Rising Trend of Metaverse NFT Marketplace Development for Real Estate
April 1, 2022
Metaverse, a virtual world is gaining huge attention among tech enthusiasts across the world and has become a hot topic of conversation with tech giants like Facebook and Microsoft both staking claims. So, what exactly is Metaverse?
It can be termed the online virtual world which incorporates augmented reality, virtual reality, 3D holographic avatars, video, and other means of communication where users like us “live” within a digital universe. As every industry is getting fascinated by this, the real estate businesses have started investing in the metaverse.
Gone are the times when real estate agents needed to put lots of effort into the purchase & sale of homes physically. Let’s find out what we need to know about the metaverse NFT marketplace & how it is becoming the future of the real estate.
What do You need to Know About Metaverse NFT Marketplace?
Before we dive into NFT Marketplace, let’s understand Metaverse. It is a virtual world or a replica of the physical world that runs on Blockchain where one can create an avatar, a digital version of a person that allows you to do things like in real-world & even make money.
The metaverse NFT marketplace development is all about building an NFT marketplace that enables users to create or design their own virtual land as they wish. This also enables users to sell, buy and bid in the metaverse with the help of digital wallets having cryptocurrencies, which is done through NFT (Non-Fungible tokens).
Some of the main features of Metaverse NFT Marketplace are-
- Interactive Experience
- 3-D View of Virtual World
- Social Interaction between Users’ Digital Avatars
- Decentralized Approach with no third parties
- Crypto coins to Exchange & Interoperability
- NFT Wallet Integration
- P2P for secured digital transactions
- 2 Factor User Authentication for Login
- Digital Assets Tokenization
Few Examples of Known Metaverse NFT Marketplace
- OpenSea
A digital marketplace that allows users to purchase, sell, and trade non-fungible tokens (NFTs) i.e. a variety of several digital collectibles like art, music, domain names, trading cards, and more.
- Somunium Space
This is an open-source virtual reality platform based on the Ethereum blockchain that allows users to purchase virtual lands, homes, buildings, and myriad in-game assets of value.
- Axie Marketplace
This is an official marketplace for blockchain-based NFT game, Axie Infinity. Using this marketplace, you can easily find, buy and search Axie, Land, & other items used in the game.
- Sloties NFT
Based on the Ethereum blockchain network, this is a growing NFT project with more than 10,000 NFTs.
- Decentraland
This is a virtual destination for many digital assets where users can buy & sell land, estates, avatars, wearables & names.
Also Read: How Much it Cost to Build NFT Marketplace Development in 2022?
Things to Know About Real Estate in the Metaverse Marketplace
As we are aware that the metaverse NFT marketplace provides a platform where users as virtual avatars can meet and communicate with one another, it requires making use of VR headsets, AR glasses & mobile apps to deliver an immersive user experience.
Metaverse allows users to buy virtual land as NFT, instead of buying physical land; that is where real estate tokenization will take place. Real estate in the metaverse marketplace is here to stay for a long time with many tech giants already investing in it.
Recent reports say real estate investment Fund Company, Republic Realm has brought an NFT for a plot on Decentraland for $913,228 and another report says about the purchase of digital land in Snoopverse, the metaverse platform of renowned American rapper, Snoop Dogg. All these show how many people are making use of metaverse for real estate business prospects and its impact on the near future.
Future Scope of Real Estate & Metaverse NFT Marketplace
Before you hire expert developers from the leading NFT real estate marketplace development company, let’s check out the future scope of real estate in Metaverse NFT Marketplace Development.
Metaverse will have a huge dominance in the market in coming years as it is becoming a new trending topic among tech enthusiasts as well as professionals of big brands. Even the most popular social media platform, Facebook rebranded itself to “Meta” in October 2021. Metaverse acts like a real world as it allows users to live life by doing daily activities like socializing, play & learn virtually.
Though the virtual property doesn’t allow you to give shelter like a real house, buying land in the metaverse NFT marketplace helps you build, design virtual infrastructure as desired, and purchase not just digital products but also buy a home of other people.
For making transactions in the virtual world, users need cryptocurrency or non-fungible tokens (NFTs) where they can monetize and exchange products. NFT can be defined as a unique digital asset that can be digital art, video, music, image, and lands as well.
Virtual land is also an NFT and one can use it to buy different products or exchange for anything in the metaverse NFT marketplace platform. As we witnessed the increase in the sale of virtual land with a valuation of million-dollar, the market of NFT real estate is gaining huge popularity because of the immense opportunities it offers.
Closing Statement
Hopefully, the real estate NFT marketplace is booming with the rise in the number of NFT investors. Though this is still new in the market, many blockchain users, technologists & high government officials are already aware of all the merits of real estate in the NFT marketplace and how it will transform the real estate sector.
For any queries related to NFT marketplace development, blockchain-based development, or real estate NFT marketplace, contact our experts today! We have a team of skilled developers that holds the expertise to develop an easy-to-use, robust and feature rich NFT marketplace for different clients across the world that helped them achieve higher ROI with more security by making use of NFTs.