The year 2021 brought in many new things like the metaverse and virtual buying and selling. The most recent one is the virtual selling of houses on metaverse. These properties are constructed on real land but are available for sale virtually on metaverse. Sunil Tulsiani, a real estate expert, has said that real estate investment in the metaverse will soon be popular.
Sunil Tulsiani was a former police officer in Canada who left his job to be a real estate investor. Sunil has helped many people become millionaires by teaching them how to invest in real estate. He has mentored and tutored several people on how to gain financial stability and freedom.
Businessmen like Sunil Tulsiani are taking advantage of the presence of Metaverse to invest or find investors. The reason for this is that Metaverse is rapidly gaining momentum as a virtual platform in the world. An increasing number of internet users are registering their accounts on Metaverse to spend money and time there.
Metaverse itself is an interactive platform that has smaller spaces for people to build, interact, market their products, and explore. Hence, real estate agents have taken the chance to advertise real estate investment opportunities on the platform.
Is Metaverse the right place for Real Estate Investment?
Metaverse is the right place for advertising real estate investment opportunities. It has the right digital tools to make it easier and faster to do business. Besides, properties are classified as tangible assets because people can purchase empty land and build on it. Or they can buy land that already has a building on it. Either way, it is a profitable asset that stays with you for years until you sell it. And normally, financing or cash is involved when you sell or buy a property. The person that buys the property gets a property deed that indicates he/she is the owner.
How does purchasing a property works on Metaverse?
Purchasing properties or investing in a business on Metaverse is quite easy, thanks to technology. To buy a property on Metaverse, you will need cryptocurrency. This is because the property will be in the form of a token called NFT, which represents the property. This token indicates and represents the property and the owner of the property in the virtual world.
Then the intended buyer will buy the digital property with cryptocurrency. Once the purchase is completed, ownership of the property will be transferred to the new buyer. Then the buyer can develop his property however he wants.
Difference between buying properties on metaverse and in real life
In a nutshell, buying and selling properties on Metaverse is the same as doing so in real life. The only difference is that purchasing properties on Metaverse takes place in a digital space with the use of cryptocurrency. While purchasing properties in real life involves using real money to buy physical properties.
New Metaverse digital business tools
With the launch of the first Metaverse real estate digital space comes another new business platform. The first Metaverse real estate platform was already a successful one, as it is the first of its kind. The new digital space started with various investment opportunities for interested investors.
Notable ones include the sale of over 18 Metaverse properties in 2022 to Curzio Research. Curzio bought these commercial buildings for five million dollars. This shows that Metaverse’s virtual investment platform is on its way to becoming a popular venture. However, people should know that there is no new development that doesn’t come with problems or risks.
Challenges facing real estate investment on Metaverse
Private investment club owner, Sunil, said Metaverse has developed more technologically and has continued to do so. Still, some people don’t fully trust the platform. This is because the more sophisticated the platform becomes, the more complicated the issues become.
Furthermore, few regulations govern the use of Metaverse and protect the users. The constitution doesn’t protect the virtual assets of digital investors, unlike traditional investments. Therefore, there is a probability that Metaverse might be discontinued later on. And if this happens, any assets or investments made on the platform will be lost permanently.
In addition, transactions made on Metaverse are done from one digital platform to another. The platform uses Blockchain or cryptocurrency to pay for various transactions. Even though Blockchain and crypto are automated to secure transactions, some problems still arise. It is not clear if the use of Blockchain to make real estate investments on Metaverse is the right one or not.
In summary, people first looked at Metaverse as an unknown entity with an unknown future when it was first introduced. People didn’t understand what it is about and we’re skeptical about using it. But gradually, they began to figure out how it works and its prospects. “They didn’t care about the controversies surrounding the use of Metaverse,” says Sunil Tulsiani. He advises people to invest in real estate on Metaverse, but they should be careful. This is because they don’t know what might happen in the future.