Just like any other world, a metaverse is made up of real estate. It is important to work on the ground and build good real estate properties in order to make a place that is both socially and economically useful. This guide tells you everything you wanted to know about building real estate in the metaverse.
Web 3.0 is all about giving users an immersive experience that they own, and metaverse development is the perfect way to do that. Imagine it as a new city with many different kinds of homes.
For example, a home, a school, a community centre, a market, an e-store, a game battleground, etc., are all places where people gather.
Let’s find out what Metaverse Real Estate is.
In the metaverse, real estate is land, buildings, or infrastructure that takes up a certain amount of space.
To put it simply, metaverse real estate is the digital version of real estate properties from the real world that exist in the virtual world and have an interaction layer.
People can buy land in the metaverse through metaverse real estate. These pieces of land work like pixels, but they are much more than just digital images.
In the Metaverse, real estate spaces can be programmed so that people can play games, make friends, sell their NFTs, go to meetings and virtual concerts, and do a lot of other things in real time.
Users can also make their own 3D experiences, like walking through a metaverse store setup or playing a game in real time. They can also use NFTs to buy land in Metaverse.
The User’s Path through a Metaverse
So, let’s imagine what a person who wants to buy land in the metaverse does.
Users go to different real estate sites or properties in different metaverses like Axie Infinity, Decentraland, Sandbox, etc.
Same as how they would visit multiple property sites in different places or even regions. They look at the price, size, and other details of several pieces of land. Also, you can find out about the features and other details with just a click.
Next, the user would link his or her digital wallet that works with the metaverse to the platform. Metamask, AnCrypto, Binance, and other wallets work with most of the top blockchain metaverse platforms.
They should put the currency that is used in the metaverse into their wallet. For example, if they are building the metaverse in the Decentraland, they should get MANA.
After you finish the transaction, the piece of digital land you bought will be stored in your linked digital wallet as NFTs. Under the “NFTs” tab in your digital wallet, you can see the land you’ve bought.
Opportunities for Real Estate in the Metaverse
In the Metaverse, it’s easy to build, buy, and sell properties, just like in the real world. The owners of virtual land or space can easily rent it out to other people.
When compared to traditional real estate, real estate transactions on the Metaverse are much easier because users can find suitable properties, do the paperwork, and deal with agents, brokers, and transactions without leaving their homes.
Because of these features, real estate in the Metaverse can be used in many different ways. Users can buy a plot of land and easily build anything they want on it, like a school, shop, gallery, or event center. Real estate companies can make huge amounts of money in this area.
How to Get Property in the Metaverse
At the component level, building the infrastructure, making content, and defining the operational logic through protocols are all part of developing metaverse real estate.
At this point, you are putting together the structure of the house. The digital infrastructure should let users in the metaverse do a lot of different things.
The next step is to add content to the properties, like designs, layouts, assets, and the scope of the activities.
Lastly, set the rules and procedures for how things will be done. These would spell out the rules and policies, as well as the business logic behind things like buy/sell rental agreements, etc.
Step 1: Choose a platform for the Metaverse
Now, it takes a lot of different skills to build a real-estate space in a metaverse. First of all, you need to choose the blockchain platform.
So far, all of the major blockchain platforms, like Ethereum, Polygon, Algorand, Solana, and others, have the tools to build a virtual world that is democratic and run by the community.
That means a metaverse on the blockchain is backed by the functionality of a smart contract that makes certain things happen based on conditions that have already been set.
We need decentralized finance to work well, which is why it’s important to allow cryptocurrencies and NFTs.
You can either use already-made blockchain metaverse platforms like Decentraland, Sandbox, etc. to build real-estate properties in them, or you can make your own.
If you want to make a platform that is bigger and more unique, you need to start from scratch and build a metaverse ecosystem and real-estate properties.
Since the existing metaverse platforms are still in their early stages, it is best to start from scratch and add the features and functions you want.
A professional metaverse construction company can help you find the best way to do this.
Step 2: Write a smart contract for the Metaverse
A smart contract in the metaverse is a set of rules that can’t be changed and tells computers what to do when certain conditions are met. One function of a smart contract is to start a transaction between a buyer and a seller when both sides click on “Agree.”
Smart contracts can also set up and carry out rental agreements between two parties.
This means that the contract can be ended if the tenant breaks certain rules or codes of conduct.
Smart contracts are the most important part of a virtual real estate metaverse environment if you want to get the most out of it. You can also use an NFT smart contract to turn real-estate assets into tokens that can’t be exchanged with other tokens.
You will need to work on smart contracts based on the blockchain platform. At this point, you would need the help of a company that builds metaverse blockchains.
Since real estate, whether it’s in the real world or online, needs money to grow, blockchain is an important part of your project.
Step 3: Make a plan for the metaspace
After picking the platform for your digital real estate in the metaverse, the next step is to design the metaspace.
A metaspace can be an app, a virtual home theater, a virtual meeting room, or a virtual conference hall.
Metaspace is a virtual place that a VR headset user can go to.
After deciding on the platform, the next step is to come up with ideas for the metaverse real-estate property. It means putting together the building’s structure.
The size of a metaspace can be anything from a room to a building to a stadium or even a whole city. It takes the same level of architectural design skills as building real estate in the real world.
With the help of a metaverse development company, it’s easy to make 3D designs and develop virtual reality apps that meet the goals of a blockchain-enabled platform.
Step 4: Make a layer for interactions
The interaction layer is the next thing to build. At this stage, you are putting together the application logic that will allow characters and assets to interact with the digital real estate in the metaverse.
This layer controls how users can access, move around, communicate, and use user controls. A simple example is a person using an admission pass to get in through the main gate of a piece of real estate, like an event hall.
At this layer, you have to decide how to connect to other applications. For example, video calling apps like Zoom, smart glasses, virtual reality goggles, headsets, haptic gloves, sensors, etc. are needed.
Everything at this level makes it possible for the physical world and the metaverse to interact with each other.
Step 5: Make a layer that lets things work together.
Interoperability makes the metaverse bigger and makes more people want to join. For example, a person in one metaverse might want to pay for and go to an event in another metaverse that is being held in a real estate property.
To do the same, it is important for different blockchain systems to be able to work together.
It is important to drive cross-environment transactions if you want to make a virtual world that works well. So, choose a blockchain that makes transactions through payment gateways safe and quick.
How to Find the Best Metaverse Real-Estate Development Company?
Now that you know about the development of the digital real estate metaverse, it’s time to find a tech partner.
Check for the following things:
You must have worked with blockchain development before. Even though metaverse is still pretty new, your tech partner should have enough experience building different kinds of blockchain applications.
The best company would have worked on Ethereum, Polygon, Solana, Algorand, and other projects before.
Next, they should have worked on NFT real estate metaverse projects before and done a good job. Most people use the metaverse to do things with NFTs. They make it possible to pay for digital assets, such as real estate properties.
So, if you want more people to use your real estate property in a metaverse, NFTs are a must. Your tech partner should have enough experience tokenizing a wide range of assets with NFTs.
The tech partner should know how to build game environments from start to finish. Now, the scope of real estate doesn’t always require gaming experience, but it does show how good a team is at building virtual worlds based on a story.
Aside from these, you can choose your tech partner based on how well they understand Web 3.0 and its effects and how well they can use virtual reality to solve real-world problems.