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Owning Property In The Metaverse: Some Questions Answered

Rodolfo Delgado is the Co-Founder & CEO of Replay Listings, a technology platform that brings transparency and honesty to real estate.

As the CEO of a proptech firm and a technology enthusiast, I get to see firsthand how real estate professionals around the world continue to develop new platforms and methods to engage potential clients. With the emergence of the metaverse, NFTs and virtual/augmented reality through smartphones, the next few years will be fascinating as technology revolutionizes the way we find and even own a home.

Today, I’d like to share a few insights about virtual property that were unthinkable only a few years back.

Owning Virtual Property

Yes, it is now possible to put a monetary value on a virtual space. Investors who believe in specific metaverses have purchased virtual properties in several different metaverses worth millions of dollars.

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If you think your real life is getting too expensive, just wait a few more years and you may also have to pay rent on virtual property. It’s terrifying, I know. But it’s not all doom and gloom. Virtual worlds will provide a plethora of new opportunities. Consider the possibility of digital artists constructing virtual galleries to display their work and sell both online and in person. You’d go to a metaverse virtual gallery and have the art you buy there delivered to your real-life apartment as well as uploaded to your virtual space.

Why Buy Virtual Land?

In around five years, I believe the question will be “Why not?” Because, just like in real life, purchasing virtual land in areas where there is a lot of virtual engagement might put your business in front of hundreds of millions of additional visitors. Assume you’re selling a product or service that can be delivered anywhere in the world. In such a situation, a metaverse connects you with consumers looking for a more engaging method to communicate with your brand.

In a capitalist environment, I believe that when consumers prefer a more engaging method to communicate with businesses, like the metaverse, major companies will invest more in building the metaverse and less in continuing to develop the 2D smartphone. It may appear to be a “futuristic” universe today, but I’m not convinced we’re that far away.

Where Should You Buy Virtual Land?

My opinion is that it’s still a bit too early to say. There are numerous metaverses today, but most of them are glitchy or have little consumer confidence in terms of potential growth. Furthermore, tech behemoths such as Microsoft and Facebook (now “Meta”) are investing billions of dollars in developing their metaverses.

I’ve researched a few early investors who have already purchased virtual land in their favorite metaverse. But I believe that right now, it is more about staying informed and aware that this exciting new technology is coming — and it will likely be here to stay.

How Would You Protect Virtual Property?

Potentially, using NFTs. Today, the best way to verify that a property belongs to you is with a deed, usually in the form of physical paper. Well, imagine being able to transfer a property from one person to another, entirely safely, online.

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NFTs are, in a highly simplified way, digital certificates that can guarantee you own something. They’re one-of-a-kind. Because of this, NFTs have the potential to become an avenue to keeping our real estate data reliable and safe while allowing us to transfer digital assets anywhere in the world safely.

What’s Next?

Stay informed — that’s what’s next. It’s critical to remember that real estate metaverses and NFTs are still in their infancy. There’s so much room for improvement and innovation that predicting what’s next could easily make us overwhelmed.

Anything can happen in the future when it comes to technology. But, as someone who pays careful attention to this arena, I can assure you that exciting things are on the horizon.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?


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