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How Metaverse Turns Physical Real Estate Into Virtual Spaces
The metaverse is synonymous with cyberspace. According to Wired, the meaning should not substantially change as the only thing changing is how we interact with technology. Therefore, it only means that the metaverse may include augmented reality while aiming to combine aspects of the digital and virtual worlds.
The metaverse is an excellent tool to showcase the beauty of the properties sold despite the buyers not visiting the site in person. The metaverse can also change how people buy properties as it offers a new platform to allow two parties to transact with each other. But aside from the fundamental changes brought by metaverse to how people do business, how else does it turn physical real estate into virtual spaces?
1. Redefines the Value of Land
A critical effect of the metaverse is that it can redefine the value of the land. For example, suppose that someone purchased a parcel of land in a popular location like Manhattan a long time ago. The property price is already very high at the time of purchase due to its appeal.
Today, the same person finds it hard to sell the land as it could not get the same price as it was purchased. However, if the person applies the metaverse concept, the ground may be considered virtual property. Even if the person cannot sell the land physically, they can do so virtually.
2. Allows More People to Invest in Real Estate
The metaverse allows more people to get a foot in the real estate industry because unprofessional people, such as typical consumers, can buy the virtual land. As opposed to the traditional means of purchasing property, where the real estate sector is only for professionals, buying virtual land is much easier because it can be done online.
Since purchasing virtual land is easy, many people can participate in the real estate industry. That is why the metaverse may create a new way of understanding wealth. For example, those who do not have the money to secure a piece of real estate can get a taste of the experience.
3. Always Considers the Future
As mentioned above, the metaverse is technology, which can continually improve over time. The metaverse is unlike buying land in real life because it can be changed in the future without any physical changes. The owner could change the virtual land anytime they want.
For example, the owner can change the sizes of the land or the surrounding landscape. Also, it is possible to sell the ground with the price going up over time. It is an excellent advantage to the owner, especially when the economic situation is not great.
It is important to note that the metaverse concept is quite similar to virtual reality. But the main difference is that the metaverse also focuses on the virtual landscape, the virtual world. It is the reason why the metaverse is a combination of both worlds.
The metaverse is quite similar to the digital world because they feature virtual characters, events, and activities. The virtual characters are identical to the avatars displayed in the digital world. The events, activities, and landscapes are similar to what people experience in the digital world.
For now, the metaverse is still in the conceptual phase. However, it is widely considered that it is just a matter of time before this technological innovation will reach the market. Hence, it is best to familiarise yourself with this concept to maximise the right time to invest in this futuristic business.
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Written by Hiran Wickramasinghe