Metaverse – The rise of virtual reality

June 25, 2022 . Real-Estate Industry . 10 min read

In October 2021, Metaverse became the trendiest word that everyone was talking about. This happened because the social media giant Facebook was renamed ‘Meta’ by Mark Zuckerberg. This move was Zuckerberg’s way of staking the claim on the future of the internet, i.e., the Metaverse.

Another big company, Microsoft, has also announced that Metaverse will be brought to its online meeting platform, Microsoft Teams, in 2022. Hence, it can be said that tech CEOs are definitely on board with this next step of virtual reality.

But what is Metaverse, how is it linked to Virtual Reality, and is it possible to buy real estate in the Metaverse? Let’s find out.

What is the Metaverse?

The metaverse is an integration of the physical and digital worlds using technologies like AR (Augmented Reality) and VR (Virtual Reality). It will be a virtual world where real life is mimicked, and peer-to-peer interaction can take place. It is said to be the evolution of the internet as we know it today. The Metaverse will change education, networking, shopping, and other such experiences.

The Metaverse will possibly be introduced to its users by means of wearable VR technology. Digital avatars will be the identity of people. Representation and communication in the Metaverse will be through these digital avatars. Blockchain is also believed to play a major role in the workings of the Metaverse.

Virtual reality and the Metaverse

The Metaverse uses the technologies of virtual reality and augmented reality in different capacities. Virtual Reality will help in making the sensory experience of the artificial digital world similar to the real world. A computer-generated environment with scenes and objects helps to make the digital world look real for the users. Virtual Reality headsets or projectors will be required to enter and experience the Metaverse.

Through Virtual Reality, people can experience the virtual world without leaving their homes. They can visit schools, experience concerts, go to work, and shop as well.

Augmented Reality will be used in collaboration with Virtual Reality to transform the real world with visual elements and graphical characters.

Until now, Virtual Reality was a redistricted experience to the virtual world, but the Metaverse is a virtual space that is open, always present, and shared among lots of individuals. It will be the next step for Virtual Reality technologies.

Metaverse use cases

The 3D world of Metaverse will have a lot of real-world capabilities and advantages. The use case of Metaverse can range from improving the online gaming experience to virtual business and markets. It can also revolutionize the following sectors:

• The social media experience can be completely revolutionized by Metaverse by creating an immersive experience for socializing.
• E-commerce will be advanced by virtual marketplaces and digital asset readings.
• Remote work and online classes will become an even more engaging experience in the future with the use of the virtual 3D world.
• Virtual real estate will be the next big thing as entertainment spaces like cinemas, and amusement parks will be developed along with digital storefronts.

Metaverse and real estate relationship

It is easy to see the relationship between Metaverse and areas such as technology, gaming, and social networking but Metaverse and real estate also have a connection. The concept of buying and investing in virtual land is something those forward-thinking entrepreneurs have shown an interest in.

Cryptocurrency has made the sale of digital real estate a possibility. The investment in real estate will also increase because of it. This is so because cryptocurrency users from all around the world can invest in real estate without any barriers. The scope of real estate in the Metaverse is huge. Digital properties, just like real-life properties, can be flipped, leased, or developed for profit. It is a high-risk investment, but it also has high rewards.

To buy virtual real estate, a digital wallet is necessary. Sandbox, Somnium space, Decentraland, and Crypto Voxels are the four main platforms where the purchase of virtual real estate is a possibility. If you plan on investing in metaverse real estate, look for areas that have the potential for development. Places, where people can potentially assemble or flock, will attract more growth than those in areas with scarce development. Consider plots of land near but not within developed districts. You can score these properties at relatively lower prices, build on them, and wait for prices to drive up.

Conclusion

The future is now with Metaverse integrating into various areas of our everyday world. This isn’t actually a new development as technologies like virtual reality, augmented reality, artificial intelligence, and digital currency have been around for almost a decade. However, the implementation of the virtual reality of Metaverse is now in full gear, and soon it will be a part of our everyday life.