There is one asset that is becoming an important part of the portfolio of investors. It is none other than metaverse real estate. The launch of several Web 3.0 projects has triggered the high demand for digital properties. Let us know the process to buy virtual land in the metaverse.
The metaverse real estate industry will be worth $5.37 billion by 2026. It will grow at a rate of 61.74% every year. According to a report by Chainalysis, the prices of blockchain-based virtual real estate have increased by a whopping 879% from September 2019 to March 2022. Metaverse real estate offers more flexibility as buyers can purchase a piece of land, build something on it, have an immersive experience, and need not deal with many agents and brokers. They can also lease it out, mortgage the property, and resell the land for a profit.
Here is the step-by-step process for buying real estate on COMEARTH
- Investors should press the Reserve Your Land Now button on the website of COMEARTH.
- Later, they must choose the blockchain network (Ethereum or Polygon).
- Buyers should select a token for payment (ETH, WETH, USDT, and USDC).
- Metaverse real estate buyers must select the virtual land parcel after seeing the size and price.
- They should click the Reserve Virtual Land button, connect their digital wallet like MetaMask and Coinbase Wallet and process the transaction.
- After successfully pre-reserving the land parcel, investors receive the pre-mint NFT pass in their wallet. Subsequently, they can swap it against the exact land parcel in the COMEARTH metaverse.
Register on the COMEARTH platform
Prospective buyers must create an account on the COMEARTH platform that sells metaverse real estate. They can sync their digital wallets and social media accounts.
Go through the available land for sale
Buyers can create an immersive experience on the digital land. Brands get access to templates and e-commerce features. Buyers can use a social login option and a fiat payment gateway. Investors can view the 8 continents of COMEARTH. It comprises Cardinal, Octum, Marth, Eta, Aakaus, Rohin, Tosh, and Horus. Each continent will host a specific percentage of land parcels.
Make an offer for the digital land
Investors can choose a specific plot and submit their offer. The land can host industries, businesses, brands, events, experience centres, and communities. Buyers can make an offer after selecting the size of the land (1×1, 2×2, 4×4, 8×8, 16×16, and 32×32).
Buy the metaverse real estate
Investors should click the “Make Offer” button, link their software wallet like MetaMask and Coinbase Wallet and process the required payment (in ETH, WETH, USDC, and USDT).
The virtual land gets transferred to the digital wallet
After confirming the purchase and paying the gas fees, the metaverse real estate gets transferred to the software wallet of the buyer. Hence, he/she becomes the official owner of the virtual property.
How is the metaverse real estate industry poised to grow in the future?
As interest in virtual reality grows, the demand for digital land will skyrocket. The growth in North America is expected to be higher (41%) than in other regions (South America, Asia, Africa, and the Middle East). Metaverse real estate sales surpassed $500 million in 2021 and could double to $1 billion in 2022. Apart from the location, land value in the metaverse will be determined by what owners do with the property.
Hence, virtual real estate is unique, scarce, and irreplaceable. Investors can hold it, store, display, and sell it anytime. Metaverse has redefined the value of land and opens the real estate market to a wider pool of buyers.
What are the current trends in metaverse real estate?
NFTs for Trophy Properties
Ultra-High-Net-Worth Individuals (UHNWIs) are making virtual real estate investments by purchasing luxury properties.
Usage of Virtual Reality
Instead of making physical inspections of properties, investors are taking virtual tours. Thus, real estate agents are using guided visits, virtual staging, and architectural visualization to convince buyers to invest in digital land. Hence, buyers will take 360-degree panoramic tours in virtual reality before making the right decision.
Real Estate exhibitions in the metaverse
Property developers can showcase their projects in virtual reality by conducting exhibitions in the metaverse. Buyers can use VR glasses, roam inside the housing units, and view the properties by using 3D imaging.
Virtual property is set for a big boom. In the coming years, marketplaces will emerge for transacting physical real estate FTs. Investors also need to understand the use-cases of virtual plots. Hence, metaverse real estate platforms will have to create utility for property owners. Looking to be a metaverse real estate mogul? Bet big on digital land now by entering the immersive world of COMEARTH.