We are Wealth Clinic Team
New Delhi: Real estate developers and companies with technology think that more Indians will want to buy virtual property on the metaverse platform. Some companies have already made plans for virtual cities. When singer Daler Mehndi said he would buy virtual land, investors got excited, said executives in the industry.
“This is something that will always be interesting. “Anyone can make a platform and sell virtual land, but the price will depend on how good the virtual world is,” said Ashish Agarwal, co-founder of Lepasa, making virtual cities.
Over 416 sq. km, the company wants to build 15–20 different cities. Each city will have a different theme.
“Brands can also use the land on the metaverse to build experience centres and stores to show off their products. People can play all the games on the metaverse instead of downloading them. “This will make virtual land more valuable,” said Alok Joshi, one of the co-founders of Lepasa.
The metaverse is a reasonably new idea in real estate technology, coming after concepts like augmented reality (AR) and virtual reality (VR) (VR).
“There are many more people trading digital land and investing in virtual real estate now that millions of investors are open to the idea of the metaverse. “After virtual site tours, online bookings, and chatbots, many real estate investors see it as the next big step toward digitalization in the real estate industry,” said Nayan Raheja, director of Raheja Developers.
Companies that build virtual worlds divide it into smaller plots that anyone can buy with tokens that can’t be used to purchase anything else (NFT). Some companies also help buyers by keeping a registry that can’t be changed so that no one else can claim that plot.
Alakananda Menon, who is in charge of the MBA Real Estate Management programme at the NMIMS School of Business Management, said that the idea of virtual real estate on metaverse is excellent.
“However, the developers in the metaverse would decide. Like with real estate, the value of an asset goes up if the infrastructure around it is good. “Similarly, software developers would control the virtual space by making renderings and metaverse assets that would bring people or investors to the platform,” said Menon.
Many developers might try to get big brands to join the city and show off their products to make the land more valuable. It’s like real estate in a big city, where a property’s value goes up if it’s in the centre and close to a significant infrastructure project.
Experts said that digital real estate looks promising. People who have invested in cryptocurrency will invest in virtual land. “People want to get away from reality more and more, and real estate in the metaverse is a great way to do that. Technology can always play a big part in making transactions go more smoothly and keeping customers’ needs in mind. “It can never replace the basic idea of home,” said Ankit Kansal, managing director of 360 Realtors.
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