In the final part of our series focusing on NFTs (Non-Fungible Tokens), Francesco Vincenti, NFT creator, explores the possibilities for NFTs with virtual real estate.
In the last article, we looked at NFT applications in finance fractionalisation. Today, we explore the possibilities with virtual real estate.
Before any businesses were created, mankind needed a place to live. A home.
Since NFTs fully closed the circle of a complete autonomous virtual economy, we can see how this economy is starting from the two leading industries in the world: Finance and Real Estate.
We can easily track a trajectory of how history can repeat itself by seeing that virtual real estate is not a new concept, since ownership of land has been critical since the beginning of time.
The popularity and adoption of decentralized virtual worlds has led to the evolution of an entirely new asset class: digital real estate investment. Just as we need houses and land in our physical world, we will need these in our virtual world. People are spending increasing amounts of time in virtual worlds, or metaverses, for both leisure and work. At the intersection of emerging technology like virtual reality and blockchain, developers, investors and hobbyists alike are creating a vibrant digital real estate market.
Virtual native worlds offers a wide range of features: starting by purchasing virtual land, you can build whatever you want: an office, a gallery to display your NFTs, a meeting place or a stage for a concert. This is the starting point of the metaverse: a collection of our virtual assets (including NFTs).
The most popular world aiming to create a fully decentralized and interoperable metaverse is Somnium Space. Somnium Space is a virtual reality world built on the Ethereum blockchain. Anything that is inside this world is an NFT. Other than creating a software world, it also features an immersive experience by using virtual reality and an haptic suit provided by Teslasuit, that can let you feel the touch on your body if other players touch you in the game. Yes because Somnium Space is also a social media world in 3D, this means you can meet in real time people joining from all over the world.
Since anything in Somnium is an NFT, this allows an in-game economy where users can own pieces of the game. Users can access entirely for free through VR or through a web version via their PC, but if they want to become contributors to the creator economy they can buy and trade NFTs inside the virtual world.
And here is where virtual real estate comes from, since everything in Somnium starts from owning a piece of land that you can buy from Opensea. The initial pieces of land have been sold at auction and are now available on the secondary market. They are of different sizes from S to XL. The price range varies from 1 ETH to 50 ETH. Land in the metaverse is becoming increasingly valuable as more people participate.
If it’s too expensive to buy a land or if you want to monetize from other users using it, you can easily rent the land for a monthly payment.
On the land you buy, you can build a building for any use: some companies have created their virtual headquarters, some artists built their digital galleries where they display their NFTs, companies build a permanent showcasing room of their products (cars, dresses and more), people organize events like meetup or concerts to meet when the distances in the physical world are too far or if they want to try a completely new immersive virtual experience.
Fantasy is the only limit when building inside Somnium, and quicker than in the physical world.
I envision the future of NFTs where they all come together in one place and can be used and spent for any purpose, not seen just as pieces of digital art, but real 3D objects of any kind.
The place where they’ll all live can be only one: The Metaverse. Have a look around in Somnium and enjoy our future home!
Would you buy an NFT? If you want to invest and become more informed in this space, we’ve created Jersey’s first NFT art exhibition, planned for fall 2021. We will exhibit and sell NFTs from some of Jersey’s most renowned artists. Find more info below. We would love to meet you!
Francesco Vincenti, creator of 2 LIVES, Jersey’s first NFT Art Exhibition planned in fall 2021.
We are seeking funding from corporate sponsors or private individuals who share our vision of delivering growth of Jersey’s technology, finance and culture sectors. If you are interested in sponsoring 2 LIVES we’d love to talk with you. Details are available here or email us at firstname.lastname@example.org
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