Most of us would have advised them to kick the sand if someone had offered us a metaverse real estate and stated, “I’ll sell you a plot of virtual land for 1 ETH” this time last year. After a year, most of us are discovering that we are the ones kicking real sand in the Sandbox, not virtual sand.

Everyone in the blockchain industry wants to be first, to be ahead of the game. Think again if you think you missed out on the latest blockchain gold rush, virtual land. As we speak, a more efficient and scalable future for the convergence of blockchain and real estate is being constructed — and it isn’t limited to the Ethereum blockchain.

Multi-chain, a more diverse pathway that solves the limitations of the Ethereum blockchain and enhances its usage to present previously unimaginable opportunities that touch multiple corners of culture and commerce, is the future of NFTs (the technological standard for unique digital assets, such as artwork or virtual homes).

Alternative chains such as Solana, Tezos, Polkadot, Kusama, Cardano, and others will enable massive opportunities and numerous use cases in this multi-chain future. These chains address issues such as scalability, network congestion, and the ability to properly fractionalize ownership, allowing non-fungible tokens (NFTs) to become useable and transferable in the metaverse, perhaps breaking free from the limits of traditional digital collectibles.

While you may not immediately equate an age-old business like real estate with contemporary technology advancements like blockchain, the potential for this industry to be modernized and made more efficient is powerful – even inevitable.

Anyone who has either purchased or rented a home knows how inconvenient, time-consuming, and costly the process can be. Contracts must be signed, payments must be paid between the landlord and the renters, real estate agents must be hired, and mediation lawyers are frequently used. These arrangements necessitate several transactions, as well as time and money.

We can implement peer-to-peer transactions and use smart contracts to automate and accelerate these legal processes with virtual real estate in open metaverses. Smart contracts can be created to execute orders and trigger actions in real time. As a result, property assets such as buildings, shares or funds, debt or equity, and debt or equity can be automated in innovative ways and implemented in minutes rather than weeks or months.

Decentralized global marketplaces that enable tradable assets and allow metaverse assets to be utilized as extractable collateral to drive new lending methods in decentralized finance can release liquidity through virtual real estate (DeFi).

Users will be able to move digital assets and NFTs in and out of virtual environments in the future, thanks to what we hope will be a more open metaverse. Their digital dwellings might possibly be used as collateral for loans. Imagine being able to borrow money to buy physical land by using a valued piece of virtual land as collateral.

This universe, which is still being settled, will almost probably require more than Ethereum, the most popular smart contract network.

Further Reading



Related Articles
Render Network Just Landed The Ultimate Metaverse Graphics Deal


A step by step guide on buying real estate in the metaverse

Top Metaverse projects to invest in