Source: firsttuesday Journal—
Non-fungible tokens (NFTs), the cryptocurrency phenomenon quickly materializing in a real world setting, are becoming harder and harder to ignore. Many industries have hopped on board.
What does this mean for the real estate market?
The metaverse, while online, is a universe of virtual space and digitized reality. The algorithm may only develop and adapt as we move into the future — and real estate transactions already occur on it.
The power of selling and creating in this digital world is possible — and it’s futuristic in a way which boarders on dystopian, but a trailblazing development, nonetheless. The end of 2021 saw new movements in NFT sales — Tokens, a blockchain tech company, bought half of Metaverse Group.
Metaverse Group is the world’s first virtual real estate company. Other sites like SuperWorld offer ways to purchase plots of real estate all over the globe — listing literally everywhere on Earth. For example, even the Taj Mahal — which is not actually for sale — is “listed” on the site. The creators are making a point of showing authentic real-life properties virtually to make an idealistic carbon copy of the original available in the digital realm.