Technology is challenging the way we think about real estate transactions | Business Observer

We’ve all dreamed of it: Miami Beach life. There, nestled among the rich and famous and the international jet set, we’ll sit sipping champagne, enjoying the scene and the sun.

One can dream, right? Well, one doesn’t have to anymore.

Now you can make that fantasy a reality by purchasing the Soho Beach House, a luxury oceanfront property next to Collins Avenue and next to the Radisson Miami Beach. If you act fast, this dream property can be yours for just $361. Including tax.

Too good to be true? It kind of depends on your perspective.

Landz.io is selling NFTs for 5,000 estates starting in July, which can be put into the metauniverse platform of your choice. (Courtesy photo)

This particular oceanfront property is in the metaverse, Tilia.Earth to be exact, which means the money you spend is real, but the property isn’t – at least in the sense that most people born before 2000 d., considered genuine.

The metaverse is a digital universe in itself. This world – actually worlds – lives online, allowing people to interact with each other, buy and sell property and build in virtual space, usually through virtual reality and augmented reality, but also in games.

That’s all great, but what exactly is the metaverse?

Here’s how Wired magazine, a sort of bible for techies, defined it in an April article:

“Mentally replace the phrase ‘metaverse’ in a sentence with ‘cyberspace.’ Ninety percent of the time the meaning will not change significantly. That’s because the term doesn’t really refer to any specific type of technology, but rather a broad (and often speculative) shift in the way we interact with technology.

confused? You are not alone.

“The next generation is excited about these things, whether we like it or not,” said Danny Rice, executive managing director and market leader for Central and West Florida at commercial real estate firm Colliers, who spoke on the topic of the future of real estate technology. real estate at a CCIM Florida event in Fort Myers in late April. “This is the first time I’ve started to feel old, and I’m only 38, and even I feel kind of creepy about how this metaverse thing looks.”

Here’s the thing. Whatever it is, the metaverse is with us—and it’s here to stay.

Some of the best metaverse platforms today, although still being built, include Cryptovoxels, Decentraland, The Sandbox, and Somnium Space.

The real estate market is big in these four worlds where space is limited and people are trying to buy a piece of property. According to a February CNBC report, real estate sales on the four metaverse platforms topped $501 million in 2021 and could double in 2022 to over $1 billion.

One Florida company is already taking advantage of the real estate boom by becoming something of an entrepreneur. Miami-based Landz.io, which operates Landz Estates, is selling non-fungible tokens (NFTs) in exchange for 5,000 mansions, 1,500 museums and 500 headquarters.

Politeness. Landz.io is selling NFTs for 5,000 estates starting in July, which can be put into the metauniverse platform of your choice.

The way it works is that a buyer purchases an NFT and receives a key that allows them to customize the NFT and then place it in the metauniverse of their choice. For now, Landz is working with The Sandbox and Decentraland, though more metaverses are expected to join soon.

Just like in the real world, the mansions, which Landz.io says are designed with “real-life insights from architects and space designers to give it a luxurious touch and sense of reality,” each come with unique features and amenities. Owners can then customize the mansions as they like, within reason.

Along with the mansion comes Landz Club membership, which gives owners access to DJs, speakers and community chats, as well as club-owned land in several metaverses for events.

The question that remains, then, is what exactly is the use of paying for a property in what is essentially a computer program? The answer may lie in a question that is probably similar to the one people asked in the early 1990s: “Why send a letter on a computer when I can just go to the mailbox?”

But one thing is certain in the world of real estate: If you’re one of those people who prefers the real world to the digital world, you can still live your dream in Miami Beach—it’s just going to cost you more. The oceanfront Soho Beach House sold a few years ago for $103 million.


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