When Web 3.0 comes out, it will start a new era of the Internet, which will be helped by blockchain technology. This gives people a whole new way to interact online by letting them use avatars, make virtual objects and characters, buy digital property, and do a lot of other things.
Both Web 3.0 and the metaverse have a huge amount of potential. Today, these technologies are used for more than just games and fun. They could change many fields, such as sales, communication, art, data visualization, education, and more. In the near future, Web 3.0 and the metaverse are most likely to improve virtual real estate and construction. This post will talk about changes that are coming up.
What’s next for “meta estate”?
CNBC says that sales of real estate in the metaverse reached $500 million in 2022, and this number is expected to go through the roof in the years to come. Increasing investments in virtual real estate show that entrepreneurs and regular people are becoming more interested in alternative realities. Users of today are no longer happy to just visit the metaverse as guests. They want to be able to spend their time in comfort, have their own place to work and unwind, and feel good about their future.
Given all of this, it’s becoming as common to buy land, houses, and furniture in the metaverse as it is in the real world. People have been buying skins, avatars, characters, and weapons in games for a long time. The same is true for virtual property. But users don’t play a game; instead, they live real life, just in a different world.
Digital twins and BIM
When you want to buy a house in the real world, you ask a lot of questions about your goal, including how the house is built. It’s common to look at the building plans, go over the technologies used, and make sure that everyone understands how the features work and that they work as planned. It could take weeks, months, or even years to find a dream house. But web 3.0 and meta development can speed up this process a lot by making shopping better and giving real estate agents better tools.
Digital technologies that let people see how buildings will look with 3D models are already helping the construction industry. Even more, it will be added to this experience by the metaverse. Customers will be able to see not only how the building looks but also how it feels inside, thanks to digital twins and BIM (building information modeling).
Web 3.0 real estate examples
Decentraland, Ethereum, and BigchainDB are all projects that are already using Web 3.0 and the metaverse. These projects are using the power of blockchain technology to change the way building and web3 real estate software development are done.
Users can make, share, and sell digital assets in Decentraland, which is a virtual world. There are 90,601 pieces of land in the world. The MANA cryptocurrency can be used to buy these plots. Before committing to a purchase, users can look at the land around it, figure out how far it is from known places, and decide if it meets their needs. In Decentraland, you can not only buy land, but you can also rent it. So, you don’t need to buy metaverse property if you only need to host one event, like a conference or an exhibition.
Where to start with the development of the NFT real estate market?
Web 3.0 and the metaverse will change the way real estate and construction are done and help businesses run their property operations more efficiently. Given that NFT marketplaces are becoming more popular and have a lot of different niches, it’s only a matter of time before there are more real estate platforms with a narrow focus.
Soon, construction companies, real estate agencies, and people who like to run their own businesses will look at NFT technologies and see that they have a lot of room to grow. But if you don’t know much about blockchain, it might be hard to turn a win-win idea into a successful project.