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about the metaverse

Top 6 questions about the metaverse in 2022

Have you heard about buying property in the Metaverse? If you don’t, here you will discover why to purchase fictitious land in the metaverse. That sounds crazy, right?

In the popular virtual world SANDBOX, many large firms are investing in real estate. In the Snoopverse, a virtual world owned by famous rapper Snoop Dog, one person bought a plot of land worth over $400,000.

Virtual land investments have seen significant increases in the metaverse. Metaverse Group, a real estate business specializing in the metaverse economy, recently purchased a plot in DECENTRALAND for approximately $2.4 million.

Now, as you are aware, the metaverse holds some serious futuristic plans. In fictitious land, people are investing millions of dollars. The question is, why? Let’s start with understanding “What is the metaverse” and how it pertains to real estate.

➢ What is a metaverse?

A metaverse actually fuses the real and digital worlds. It is a creative vision that integrates the real and the virtual world using innovative technologies such as Augmented Reality (AR) and Virtual Reality (VR). These immersive environments can only be experienced with VR headsets, AR glasses, or smartphones/tablets.

Metaverse users will interact as digital avatars, discover new opportunities, and create new content. Socializing, working, playing, learning can all be performed in this virtual space.

Note: Mimar offers Augmented Reality (AR) and Virtual Reality (VR) services to help their clients visualize their real estate projects before construction begins.
Learn more about the Difference Between AR /  VR  & Mixed Reality In 2022.

➢ Are You Aware of the Existing Metaverses?

The famous Metaverses – have you heard of them? We’ll take a look at some of the most known ones

■ Decentraland

Decentraland is a free and open-source 3D virtual world based on the Ethereum blockchain. A virtual world owned only by its users, it’s the first non-profit virtual world ever created. Decentraland offers a variety of different lands and amazing scenes owned by its users.   

Using Decentraland platform, its users can go beyond the limits of their imaginations. With a simple tool they can make characters, scenes, artwork, and so much more. Additionally, they can participate in different events and make awesome prizes. 

A virtual world for your digital properties, Decentraland is the first of its kind. Land, wearables, avatars, names, and many other items are available for purchase and sale.  

■ Sandbox:

Sandbox offers a virtual game metaverse where users can create, customize and monetize their own virtual worlds. It is a virtual space in which artists, creators, and players can always interact and express themselves. Sandbox has its own SAND token, which can be used to buy or sell assets in the Sandbox Metaverse.

The sandbox allows you to create on your own land with non-fungible tokens (NFTs). NFTs are the digital tokens that belong to the owner of a piece of land in the sandbox or in another metaverse. Blockchain-based NFTs are digitally scarce, authentic, and secure. Their interchangeability and indissoluble nature ensure true ownership by their users.

➢ Facebook changed its name to Meta. Why?

Facebook recently changed his name to Meta. This means the brand unifies all its products and technologies under this new name. And have you any idea why they are doing this? In case you don’t, I will tell you why. By rebranding Facebook to Meta, Facebook intends to create a metaverse in which people can meet virtually, find new opportunities, and grow their businesses. 

➢ Is Metaverse Powerful?

Today’s social interactions are going to change because of the metaverse. Because with the metaverse, expansion into a 3D virtual world or projection into real space are both possible. This opens up the possibility of engaging with others without physically being present. According to Mark Zuckerberg’s latest founder letter “It is the next evolution in social technologies, and it marks a new chapter in our company’s evolution.”  

➢ Metaverse - What is its potential?

Metaverse aims to bring together AR and VR developers, content creators, and social media experts. A key objective is to explore what the metaverse will look like in the next decade. Using a metaverse, experts examine social interactions, entertainment, gaming, business, and education. As mixed reality experiences become more common, new tools are being developed to allow creators to train the next generation. 

➢ How to buy real estate in the Metaverse?

Here is a step-by-step guide on how you can buy your own land in the metaverse.  

  1. You can visit any of the metaverse marketplaces such as Decentraland, Sandbox, etc.

     

  2. Start finding land on your favorite metaverse market. Once you find a perfect piece of land for you just select it.  

     

  3. Upon selecting your desired land, it is important to remember that each metaverse has its own currency. And that currency can only be used in that specific metaverse. When you buy land in decentraland, you need their currency, called Mana. Where only Mana can be used in Decentraland when buying and selling. 

     

  4. The next step is to link your metaverse marketplace to your digital wallet. For this, you need to have a compatible digital wallet like Metamask. It is the most well-known digital wallet available and is compatible with any digital metaverse platform.

     

  5. Once you have a digital wallet, you will need to connect it to the cryptocurrency supported by the metaverse platform of your choice. Once your wallet is funded, you can buy the land you desire.

     

  6. Once you have created your digital wallet and have connected it to the supported currency and metaverse, your purchased land will be stored as NFT in your digital wallet. To view your purchased land, simply open the NFT tab in your digital wallet. 

Final Words

In light of the fact that metaverse is taking off as we start the new year, it’s going to grow enormously in 2022. The fact that it is transforming all of our social interactions makes it exciting and of great importance.  

NOTE: NFTs are playing a key role in the functioning of the metaverse. Want to know what NFTs are and how they work? Check out our article about NFTs.