Owning a property is a big deal in the physical and virtual worlds. When people are present in the real world, at the same time, they are living a second life in the virtual world. This amazing dual-life is the gift of Metaverse.
The latest concept of Metaverse Virtual Real Estate is finding its way to grab a permanent place in this world. To prove this statement, let’s find some statistics:
- In 2021, the Metaverse property market reached $500 million, which is expected to reach $1 billion in 2022.
- By 2026, the metaverse real estate market will reach USD 5.37 billion.
These statistics clearly show how beneficial it would be to invest in virtual property. If you also want to establish a virtual real estate platform, this article will guide you to move forward with the metaverse real estate platform.
What is Metaverse Real Estate?
Metaverse is a vast concept, and the current term “Metaverse land” is gaining attention from users and entrepreneurs. Simplifying this term, Metaverse land is a plot of land in the metaverse space. This land in the virtual world is accessible to users for buying, selling, or exchanging. People can buy land from native or third-party Metaverse land trading platforms.
These plots of land are traded in the form of NFTs in exchange for cryptocurrency or fiat currency. Since Metaverse is decentralized and provides complete ownership to land owners; therefore, upon reselling the land, ownership would still fall to the original owner.
There are immense uses of virtual lands in the metaverse, which we will discuss further along with other aspects. However, it is important to identify the reason behind investing in virtual lands before moving further. Why does buying land in the metaverse can benefit us?
Metaverse real estate development company
The metaverse is the 3D representation of the real world. We can define it as a digital twin of the physical world, where everything present in the physical world is twinned in its virtual form. Talking about Metaverse real estate, then it is the internet-enabled virtual platform for buying property. Here, NFTs play a crucial role in the working of these platforms.
Suffescom has experts of metaverse platform developers with full-fledge knowledge of blockchain and NFTs. We utilize AR/VR, IoT, and AI/ML-based technologies to take your metaverse platform to the top level. Bring your requirements to us to get the best-in-class services for your business. We strive to deliver the best virtual land selling platform to our clients.
Our Metaverse real-estate platform development services
Design and development services
The development of a Land selling platform in Metaverse begins with the designing phase. Our team of eminent designers and developers collaborate with the project owners at various stages of the design and development phase to bring out the best of our services. We analyze the market, create a compelling UX/UI design, and develop front-end and back-end for commercial, industrial, and residential metaverse property with all required features.
Smart contract development
Our smart contract developers play a major role in metaverse real estate projects. We develop smart contracts to ensure safety, and security and maintain the terms and conditions involved in the work process of buying and selling virtual lands. Building smart contracts streamline the business workflow, improves efficiency, and allow permissionless transactions.
Our specialized integration services for the metaverse real estate platform ensure high-end application functionality with impressive features like API integration, payment gateways, etc., which are built to provide an amazing experience to users.
Maintenance and support services
We believe in providing top-notch services to our clients before and after deployment. Our 24/7 support services ensure that the client is not left behind once the platform is live. Instead, we guarantee to maintain the platform and solve the bugs or issues found at the user end. This help in maintaining a long-lasting relationship with the clients and offering a user-friendly virtual real estate platform with a high trust rate.
Steps involved in starting metaverse real estate platform
Building a compelling metaverse real estate broker platform is challenging. However, Suffescom accepts challenges and work with 100% dedication to deliver quality work to client. To develop such a platform, we follow some common steps:
- Creating a virtual environment
In order to grab visitors’ attention to your platform, a robust platform idea with a unique concept is a must.
- Begin development of the platform
In the above section, our development process is clearly explained. Following the same, we build reliable and user-friendly platforms to buy property in the virtual world.
- Step 3: Build Storage Systems
Storage systems are a must. These are required to protect and exchange information safely, for example, IPFS.
Why buy Metaverse land?
The reason for owning land in the metaverse is similar to buying property in the real world. First of all, a property is bought in a real as well as virtual world to ensure the safety of the future. Having property or land give financial strength to owners. The piece of land one owns can be utilized for numerous purposes like building a home, renting it out, or selling for better profits. In Metaverse, things go the same. A land in metaverse flaunts the owners’ status, which can be used for hanging out with friends or organizing events.
It is a form of investment expected to bring more ROI in the nearby future. This investment may lure users to invest in virtual real estate. When users attract to buying metaverse land, the need for metaverse real estate platforms also rises.
Therefore, considering the emerging demands of virtual property, Metaverse Development Company – Suffescom Solutions Inc. comes into play. Our developers will develop a robust metaverse platform for buying and selling lands in the virtual world. Connect with our advisory team to gain more insight into our offerings.
Work process of metaverse real estate platform
The well-known fact about metaverse real estate is that it is identical to the real estate industry in the physical world. Developing a metaverse real-estate platform won’t work until you have proper knowledge of its work process.
- First of all, to buy or sell property in the metaverse, you must sign up in the virtual property marketplace.
- In the next step, the owner of the virtual real-estate list the properties in the marketplace for selling or renting it out to virtual property seekers. While listing a property in the metaverse marketplace, the owner must add details like the cost of the property, area of the land, location of the property, etc.
- There are two ways of selling the property, either auction or directly selling to the buyer.
- When the virtual land is sold through auction:
- The seller adds the bidding price for the auction
- The buyers place a bid.
- Upon successful bidding, the buyer contacts the seller.
- After selling the property, a virtual agreement in the form of smart contracts is executed, and both parties are required to settle on this agreement. The smart contracts ensure land ownership and keep all the transaction details safe.
- Now, the land is ready to be used by buyers for various purposes like building any edutainment areas, etc., or giving it on lease.
How do businesses benefit from virtual real-estate platforms?
Businesses can get handsome earnings through Metaverse land selling platform development. Due to innumerable buyers and sellers involved in the virtual real estate platform for owning land in the metaverse, businesses expect massive income in a short span of time.
Advantages of metaverse real estate platform
- Through Metaverse, users can own land in virtual space.
- The owned land can be put on lease to other users.
- The owners of the property or buyers have the full right to use the land for any purpose or build anything on it without any restrictions.
- Having virtual property in Metaverse brings huge returns on investment.
- Metaverse real estate business enables real estate owners to find a tenant easily.
- Lastly, through this platform, users can build a second source of income in the virtual world by owning land.
Top Metaverse real estate platform clones we develop
It is a popular Metaverse land buying selling platform with MANA as a native currency. The transactions are carried out in its native currency, which can be purchased from platforms such as Coinbase, Binance, etc., and further forwarded to the Metamask wallet. Now, the user can finally bid for a property. Decentraland involves transaction fees to carry out operations. If you also want to build a platform like decentraland, then contact us now!
Sandbox is another popular platform to buy land in the metaverse. In order to start trading for landing, one needs to sign up with Metamask, Coinbase, or Bitski. As Decentraland has MANA as its native token, the sandbox has SAND as its native crypto token. To sign up with Vinyl wallet, users can also sign up with Facebook, Google, and Twitter. Building a platform like Sandbox is not a herculean task for Suffescom.
Somnium Space came into existence in 2018, and at the beginning of 2022, approximately 5000 virtual land plots were discovered. With $CUBE as its native currency, it enables its users to buy land via Opensea and Metamask. This particular metaverse real estate platform is based on virtual reality. Get a platform like Somnium Space for your virtual real estate business.
CryptVoxels is the smallest real estate platform in the metaverse, with 7351 land plots currently. Though it is expanding vastly, it will soon compete with other popular platforms. It has no native crypto token, so transactions are carried out in fiat currency and ETH. Metamask, Coinbase, Wallet Connect, and Torus Wallet are the payment platforms it supports. If you want to develop a Cryptovoxels-like platform, feel free to connect with us.
Why Choose Suffescom?
Although Metaverse real estate is a mind-boggling concept for many; however, with the right guidance and services from experts, you can excel at this and build a platform with cutting-edge technology. We at Suffescom, aim to deliver the best possible solutions for your technology-driven Metaverse Virtual Real Estate platform.
Our efficient developers are committed to providing end-to-end customized solutions to our clients to improve their business operations and make them a brand in the future.
What does Suffescom hold for you?
- Unmatched metaverse development services
- Blockchain Technology experts
- Latest tools and technologies
- 100% customer satisfaction
- Thorough testing for Bug-free solutions
- Whitelabel Solutions
- On-Time delivery of the project
- 24/7 support services
Don’t you think it is high time to give a boost to your business through blockchain-based Metaverse solutions? You may achieve success in the future for sure with a virtual real-estate platform.
Talk to our experts now!