NFTs have transformed itself into game-changers in the blockchain ecosystem. Its ability to bring novel changes in each industry has made the concept unique. Still, the potential of NFTs is being explored to make the best use of it. Amidst various industries, real estate is a one-of-a-kind industry, which has been the eye-catcher for the majority of investors all over the globe. The growth of NFTs is in the stage where it can be used to represent real-time lands, properties as well as virtual lands. Astonishing right? This blog exclusively focuses on the NFT digital real estate platforms and would like to give insights on it – keep reading!
What Is An NFT?
We all would have heard about Bitcoins. The introduction of Bitcoins in the market brought alongside the fear of trust and virtual depletion while utilizing it. In order to overcome these shortcomings, the non-fungible tokens came into existence. These are also termed crypto-collectables, which are unique, indivisible and most importantly, non-interchangeable in nature. It can be used to denote both tangible and intangible assets. The protocols of these virtual tokens will be managed by smart contracts. This data makes each token unique, thereby making it non-interchangeable in nature. This means unlike normal fiat currencies or other cryptocurrencies, one NFT could not be exchanged with another NFT as both will not hold the same value. Also, it doesn’t permit the user to send a part of its value, thereby making it indivisible in nature.
In short, NFTs can either be a form of virtual assets or a tokenized form of real-time assets. Its innate nature makes it stand as proof of authenticity and ownership in the digital world.
What Is Digital Real Estate?
Procuring a land or property in real-time is more often a kind of investment, and doing the same in a virtual ecosystem would take it to a brand-new phase. To be more accurate, the first real estate in the digital world was developed as a game, where it permits users to buy and develop real estate. Though it was not a successful game, it laid a magnificent foundation. However, the recent developments in blockchain technology have given new life to such platforms. Also, the interest among the audience in virtual real estate increased dramatically.
This new-gen blockchain-powered virtual ecosystem is on its way to empower the platforms. Here, the real estate is tokenized as NFTs, and the ownership will be recorded on a blockchain. Ultimately, the unique assets create scarcity.
Top Virtual Real Estate Platforms:
Some of the well-famed and successful NFT digital real estate platforms include,
- The Sandbox
- Somnium Space
- Axie Infinity
Get To Know The Process Behind Virtual Real Estate Assets:
In order to purchase NFT-based virtual real estate assets, the NFT marketplaces are the perfect platforms. For instance, let’s consider Decentraland. IDecentraland is an Ethereum-based virtual reality platform that permits the user to build, own, and monetize digital assets. The properties or land in the marketplace will be owned by the community, and it gives them entire access to their creations. The participants claim proprietorship of digital land on a decentralized ledger. The landowners will be given the freedom to control the content that is published to their part of the property. The land is traced through a set of cartesian coordinates (x,y). The purchase of assets could be made possible using its native tokens – MANA and LAND.
MANA: It is one of the tokens that could be utilized to facilitate the payments and processing of entire goods, services within the environment. It is the perfect alternative for fiat currencies. It also could be stored in the crypto wallets as well as a custodian site that renders robust security.
LAND: It is one of the virtual entities that own the potential to split the virtual assets. Only by burning MANA, one could glean LAND token. A LAND token is primarily used in places to captivate the user’s attention. Each of the tokens will have a unique value, and it is utterly determined by MANA tokens. It is asserted that 1000 MANAs equates to a single LAND token.
Perks Of NFT Digital Real Estate Platforms:
Virtual Ownership: The users who purchased the properties are the true and permanent owners of the digital assets. Unlike the gaming industry, the assets are not abandoned by the developers. Also, blockchain technology allows users to tokenize digital assets and give them space to purchase, sell, and trade.
Robust Security: Following a distributed ledger-based technology, all the items are based on scarcity, and the risks are greatly diminished. Its immutable nature makes it impossible to change the value.
Trading: The tokenized digital assets could be traded in both the primary and secondary markets that are handled and facilitated by blockchain.
Cross-Chain Interoperability: It provides an opportunity to utilize the shared assets. The digital assets are not constrained to a fixed ecosystem. It can be accessed through an assorted range of other platforms as well.
Secondary Market Creation: The scarcity of assets will promote the secondary market to develop around land ownership and rentals.
Prompt Payment System Worldwide: The payment system facilitates rapid payments all over the world instantly.
The Bottom Line:
With such colossal potential, NFTs are on its way to develop industries. NFT digital real estate platforms are developing day after day to bring in a lot of surprises. In fact, now Decentraland has joined hands with Polygon to launch the Dapp portal to eliminate gas fees. Being the gold rush of the year, it has wisely seized the attention of investors and became a sure-fire business idea. Creating an NFT-based crypto business is now the trend to reap lumpsum profits.
We at Cryptocurrency Exchange Script provide a multifarious range of blockchain and crypto-based services. We are best-suited to develop NFT digital real estate platforms such as Decentraland clone. We exactly understand your requirements and bring out top-notch solutions. Further, we commit to finish the projects in a quick turnaround period at an affordable price.
Enquire now to step into the virtual world!