For architects, the metaverse is a place where they can push formal boundaries and redefine what “space” means. It provides an opportunity for them to share unbuilt designs, expand their RFP process to all corners of the earth and increase the value of digital property.
We explain what metaverse architecture is, the role of architects in this economy, and how it will affect businesses.
In essence, it’s a universe of surreal, interconnected virtual communities where individuals may interact via smartphone apps, augmented reality glasses, virtual reality headsets, and other devices to socialize, work, and play.
Companies such as Sandbox and Decentraland have made significant strides in their attempts to create in the metaverse complete with virtual economies and NFTs. These virtual economies are powered by smart contracts, usually native to that specific metaverse. However, the concept of a metaverse is too vast to be restricted to one particular company or product. That’s where a smart monetization modeling comes in. A good business model would be a multiverse marketplace where NFTs and tokens can be monetized across metaverses.
Along with the perceived value based on the “locality” of your metaverse land, design also plays an important role. Like villas and beachfront properties can demand higher prices, land with custom designs can generate higher rental revenue from people who want to extend their lavish lifestyle to the metaverse.
Naturally, as there is more demand for land plots in that metaverse, the land value would also increase over time. These sales could generate profits for both the land owner and the parent company through royalties.
Real Estate Developers
In contrast to traditional real estate, ownership in the metaverse is designed to be transferable, absolute and involve far less paperwork. Some professionals are considering buying metaverse land in the same vein as the opportunity to buy real estate in Manhattan 250 years ago. Virtual land could very well be a way to invest in a new real estate game ahead of your peers, with incredible growth prospects.
With the influx of commercial players and brands such as Nike and Adidas buying plots of land, the metaverse real estate economy could grow exponentially.
The metaverse now stands as the new hub for everybody, wherein the virtual spaces offers endless possibilities, although the metaverse is purely virtual reality - it offers endless realities which of course of not possible at all in our physical world.