Communications of the ACM
The Next Hot Housing Market Is in the Metaverse
Financial transactions in the metaverse are handled in cryptocurrency and powered by the blockchain, a digitally distributed public ledger that eliminates the need for a third party like a bank.
Credit: The Row
Real estate builders and investors envision the metaverse as the new housing market, with contractors like Gabe Sierra offering virtual twins of the properties they develop and sell as sweeteners.
Sierra, for example, had architectural firm Voxel Architects build a digital version of a real-life Miami mansion in the Sandbox metaverse environment with unique features, including a giant purple gorilla avatar.
Metaverse property, like actual real estate, follows a fixed scale where demand determines value.
Financial transactions for digital property use blockchain-powered cryptocurrency, with the metaverse real estate market expected to expand by $5.37 billion in three years.
The Sandbox's Sebastien Borget said, "In this ecosystem, there are actors that are developing and offering services for people to find the right land, buy the right land, and understand the value of that land."
From The New York Times
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