Metaverse is the process of digitizing the real world, through a combination of virtual reality (VR) and augmented reality (AR).
For those who do not know the difference between them; Augmented reality is the technology based on projecting virtual objects and information into the user's real environment, while virtual reality is projecting real objects into a virtual environment.
Where the world of metaverse allows users to work, play and even buy land and you may know for the first time that metaverse has existed for years in electronic games, and the first game to allow metaverses was Second Life in 2003.
After that, many games appeared, such as Fortnite and Roblox vr chat, and the difference between them and metaverses is expected to allow you to roam open in real worlds and not just a game, in which parallel virtual companies and cities live in them, as in reality you work, study, shop, play and own.
As soon as the American company “Facebook” announced on October 28, 2021 that it had changed its brand to META, many major companies accepted to buy real estate in the new virtual land in order to invest and rent it despite their lack of certainty that there was actually wealth, which raises fears that it is a new bubble! For example, the New York-based "Republic Realm" company paid $4.3 million for a plot of land in the "Sandbox" platform, the largest real estate platform in Metaverse, and is developing 100 islands called Fantasy Islands.
The Canadian company "Tokens.com" also allocated $16 million to purchase virtual lands and spent $2.4 million on a plot of land in the fashion area of the "Disentraland" platform, to host fashion events and retail stores, and bought 12 waterfront properties on the "Suminium" platform, which is expected to increase Its value is due to its rarity and visual appeal.
Through virtual platforms, most notably “Sandbox”, “Decentraland”, “Crypto Ovoxels” and “Somnium”, and through a digital technology called (NFT), which is an acronym for non-fungible tokens, any non-fungible tokens that depend on the blockchain and are treated as contracts Ownership of digital assets registered through these platforms and secures the properties you buy with virtual currencies such as Bitcoin, Ethereum, and others.
During 2021, sales of virtual real estate exceeded $500 million in 2021, with expectations of entering the $1 billion threshold by the end of 2022, and the growth of the virtual real estate market as a whole at a compound annual rate of 31% between 2022 and 2028.
And no one knows if all this represents our future?
We go to work, borrow from banks, invest in real estate and trade property through a virtual world that reflects our reality or is it just a bubble, especially with the emergence of new Metaverse platforms weekly that sell real estate.
These investments are also not without risks, as these real estate and land may disappear if the virtual platforms from which they were purchased stop working.
On the other hand, it is enough just to remember the beginnings of the Internet, it was considered by some to be something beyond imagination, and now it has changed our lives completely and no work may be done or find a company that can dispense with the Internet now.
Finally, I hope you will benefit from this article
0 Comments