Non-Fungible Tokens (NFT) are data stored on the blockchain that certify the ownership and uniqueness of a digital asset.
A Metaverse is a shared virtual space that is a digital reproduction of our world. It is full of millions of possibilities where we can fulfill any fantasy. In this space it is totally possible to create the feeling of presence and social interaction at parties, walks, festivals, sporting events, dinners, etc.
The development of different metaverses such as Decentral and Super World, The Sandbox, among others is what allows the rapid and exponential growth of the NFT economy.
NFTs are blending into all aspects of society, there is a growing trend for NFTs to collaborate with the real estate market.
How does real estate work in NFTs?
Contracts are made in an intelligent format that is digital so that it is recognized by the government.
NFTs can be archived on NFT market platforms dedicated to real estate.
In NFT real estate you don’t have to physically move or do anything to the property. All work revolves around paperwork.
Sectors that most use NFT as assets:
Video games: NFT or play to earn games have been a boom in the last two years. An NFT game is a video game where some of its parts is an NFT. Normally the characters, but it can also be the weapons the house where you live household objects, vehicles, etc.
You earn in-game cryptocurrencies, which you can exchange for real money on the exchange platform.
Sports: The most common transaction of a sports industry NFT will be the sale of limited edition videos of sports moments and player cards.
As with every NFT the value will depend on the athlete, the importance of the event the existence of additional content and the demand for it.
Art – Most NFT platforms require buyers to have a digital wallet and use cryptocurrency platforms such as Ethereum, World Asset exchange (WAX), or Flow.
Digital art trading platforms allow creators to collect royalties. Some are more exclusive, while others focus on allowing anyone to create and sell their own artwork.
For professional digital artists, NFTs have opened up a windfall for creators.
Movies: NFTs opened up a new market for movie funding and profits. Some examples of this are the animated series Stoner Cats which raised $8.4 million through an NFT sale.
Large studios are also joining this new method. Production company Legendary Entertainment put out collections of NFTs from their Godzilla vs Kong movie. Fox entertainment announced a fund of 100 million dollars for the creation of its own section of collection tokens.
💻Physical and virtual real estate
Virtual real estate isn’t that different from physical real estate except for the fact that you can’t actually live in a house in the metaverse.
Decorating their homes with artwork walking with friends, visiting art galleries and museums, and attending events.
If you like having a diverse investment portfolio for real-world real estate. The same is true for metaverse properties. Even in its early stages virtual real estate is becoming an asset class comparable to traditional real estate.
💻Why invest in virtual real estate?
We could compare this demand with the race to acquire certain domain names when the Internet was in its infancy.
Not everyone in the world can buy shares of big companies but virtually everyone with an Internet connection can buy virtual land.
Real estate investing has a huge growth opportunity in the metaverse, even with the potential for digital homeowners putting up billboards on their properties to generate passive income.
Since NFTs are ultimately digital certificates they also certify ownership, making it easy to digitally transfer your ownership rights to the new owner.
NFTs can not only help tokenize property by simplifying contracts, but can also help homeowners use their homes as collateral for loans without the complicated approval process.
Summary NFT and virtual real estate, what are they and how can they impact the real estate sector?
We can define non-fungible tokens (NFT) as data stored in the block chain, whose peculiarity is that its property is certified.
This trend of acquiring NFTs in different areas of the market is evolving and growing by leaps and bounds.
NFTs are a reality and it is not something that is going to be stopped. In recent years there has been a boom in its growth.
In addition, we have a series of plans that allow you to analyze which is the right option for you when it comes to advertising your properties.