How the metaverse is transforming the real estate industry
There is a revolution brewing in the real estate industry, one that is catching the attention of enthusiasts and property investors alike. The virtual world, popularly known as the metaverse, is where real estate deals are now taking place prompting interest from Dubai’s real estate market as well. Virtual real estate investments are quickly becoming increasingly popular, creating a $30 trillion market with potential for further growth in the near future.
The metaverse is where individuals can enjoy experiences in the digital world, whether that’s gaming, exploring the great barrier reef, or even enjoying a virtual concert from a beloved artist. This extremely innovative concept has now reached the world of real estate, making properties, viewings, and investing, all exclusively digital.
Virtual properties are bought and sold using non-fungible tokens, otherwise known as NFTs, and revenue is created through cryptocurrency. The process of constructing virtual properties is not very different from the physical one. A project is planned, designed, and executed, with finances, permits, and adjustments, all a part of the construction process. What differentiates virtual reality construction from the traditional physical process is that there are fewer labor challenges, making it an attractive option for property developers.
The rising rate of virtual investments has also prompted tech giants such as Meta and Apple to launch innovative devices that add to the viewing experience of virtual properties. These properties are then bought, sold, or leased similar to actual properties, and are used for a variety of purposes, including leisure, and entertainment. You could enjoy walks in a beautiful neighborhood, or enjoy your favorite film in an outdoor theatre, all through the digital medium. As UAE is investing in this fascinating concept, more projects are coming up as a result. And this continual real estate investment in a phenomenon that has garnered mass interest globally, has made Dubai at the forefront of this revolution.