Officially, the dawning of the metaverse has arrived. This means that virtual reality, immersive gaming and socializing are all now possible. The future of reality is digital via Web3.
It is difficult to comprehend the concept of digital assets being valued. What is the purpose of non-tangible property? The technical definition of digital real estate is also called virtual lands. It allows individuals to live together in the metaverse.
In digital real estate, you can make multiple income streams. Investors can first buy land parcels and then build on it. For example, Snoop Dogg is currently developing a “Snoopverse”, his own virtual world in the metaverse, on Sandbox, which he claims is “Future virtual hangouts, NFT Drops, and Exclusive Concerts”.Although intangible, property in the metaverse can definitely be profitable. In June 2021, a piece of land sold for more than $900,000 in Decentraland, one of the metaverses’ most popular digital real estate platforms.
What is the best way to become a property developer within the metaverse? Appraisals are no longer valid, unlike traditional real-estate. But, you can still negotiate the price. You can submit an offer on most digital real estate platforms, and the owner will accept or reject it. OpenSea for instance has an open auction that lets users place bids. This means that the market determines the property’s value, and not an appraiser.
The metaverse allows buyers greater autonomy, which is a result of the motivation for decentralization. Real estate agents negotiate on one’s behalf and commission fees are non-existent when purchasing land on the metaverse. Buyers need only have a funds wallet and select parcel, along with a decided price, to buy virtual land. The transaction is then recorded on the blockchain and an NFT is generated as a title deed with exclusive ownership.
The award winning metaverse pax.world will launch in 2022. Users can buy land through either outright purchase or by participating in the creator competitions. Users can log in to pax.world to create their mini metaverse by owning land. They can create any feature or service they want, and no detail is too much.
Pax.world created an application for land sales to assist customers in making their property choices. Through this users can purchase a seaside property, be up in the hills with a lake view, next to a building designed by a world-renowned architect, or just find a quiet space with friends.
Pax.world already has a island with 30,000 tiles. 8,000 go directly to the community and other goodwill organisations. These tiles can be sold by the community, but only a portion will be available for purchase.
It is rapidly rising that digital real estate prices on major metaverse platforms are increasing. The exciting world of digital real estate attracts investors, creators, and communities worldwide. If you are interested in getting in on the action early, pax.world currently has 10,000 parcels that can be purchased by your community. It will also be available to distribute 4,000 parcels in the first quarter of 2022.