The Federal Accounting Standards Advisory Board (FASAB) has clarified that seized crypto assets should be treated as “nonmonetary property” while central bank digital currencies (CBDCs) should be treated as monetary instruments. The federal authority claims that cryptocurrencies “do not typically possess all monetary characteristics,” emphasizing that they “are not effective as a unit of account, […]
Bitcoin News
Wealthy London Residents Reportedly Use Cryptocurrency for High-End Property Rent Payments
Some of London’s wealthy residents are reportedly using cryptocurrency to pay for luxury home rentals. High interest rates and a dampened real estate market have led the city’s affluent residents to opt against buying properties. The acceptance of payment in cryptocurrency demonstrates the real estate agency’s openness and its eagerness to become “a leader within […]
Bitcoin News
New Zealand Police Seize Residential Property and Cash Owned by Fugitive Former Luxembourg Spy and Onecoin Adviser
A residential property in Wellington, New Zealand and more than 2,000 belonging to an adviser of Onecoin mastermind Ruja Ignatova was recently seized by the police. Detective Inspector Christiaan Barnard said his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand.
Property Purchased by Third Party
The police in New Zealand have reportedly seized a residential property and more than 2,000 in cash, both of which allegedly belonged to Frank Schneider, the fugitive adviser to the Onecoin mastermind Ruja Ignatova. According to the police, the seized assets might be proceeds of a global Ponzi scheme.
A report in The Post states that Schneider, a Luxembourg national, may have purchased the residential property through a third party. The money used to buy the property is thought to have been sent to the unnamed individual sometime between 2018 and 2020.
After his arrest by the French police in April 2021, Schneider reportedly spent seven months in prison before being released under house arrest. In August, while awaiting his extradition to the U.S., where he faced the prospect of 40 years in jail, he reportedly claimed in a podcast that he would not get a fair trial in that country.
Schneider cited the cost of litigation as well as the so-called plea bargain system commonly employed by U.S. prosecutors. However, just a year after vowing to fight his extradition, Schneider disappeared even though he was wearing an ankle tag.
Onecoin Masterminds Are Not Hiding in New Zealand
Meanwhile, in his remarks following the New Zealand police’s seizure of the assets, Detective Inspector Christiaan Barnard, said:
The New Zealand Police will continue to work with our international partners to ensure that New Zealand’s financial system is not abused to hide illicit income.
The detective inspector added that his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand. According to the report, the New Zealand police are now seeking to forfeit the seized assets.
What are your thoughts on this story? Let us know what you think in the comments section below.
How To Buy Metaverse Land And Property | Guide
Welcome to the world of Metaverse land and property investment! This guide provides essential insights into buying and owning digital real estate. From understanding metaverse land value to navigating legalities, we cover all you need to start your journey in the virtual property market.
What Is Metaverse Land
Metaverse land is a revolutionary aspect of digital real estate within virtual worlds. Unlike tangible property, this land exists exclusively in online environments such as Decentraland, a prime example of a thriving metaverse platform. What sets metaverse land apart, and integral to its function and value, is its close relationship with Non-Fungible Tokens (NFTs).
NFTs are critical in defining ownership of metaverse land. When you purchase a plot of land in the metaverse, you’re essentially acquiring an NFT. This NFT is unique, holding specific information about your piece of digital property, such as its coordinates, size, and other distinct characteristics. This uniqueness ensures that every metaverse land parcel is one-of-a-kind, with its ownership securely recorded and verifiable on the blockchain.
The use of NFTs for metaverse land transactions eliminates the risk of duplication or fraud, common concerns in the digital world. This secure framework not only provides peace of mind for buyers and sellers but also enhances the land’s value as a digital asset. Notably, land transactions using NFTs are typically executed with cryptocurrencies, marrying two pivotal aspects of the digital economy.
The phrase “I just bought more land in the metaverse” reflects an emerging trend in digital investment, underscored by the role of NFTs in these transactions. As the metaverse grows, so does the sophistication and appeal of owning NFT-based land, making it a coveted asset in the digital age.
Understanding The Value Of Metaverse Property
Grasping the value of metaverse property requires an appreciation of its unique characteristics. Unlike physical real estate, the worth of metaverse land isn’t based on location in the traditional sense. Instead, it hinges on factors like the popularity of the virtual platform, potential for user engagement, and the digital neighborhood’s growth prospects.
In the metaverse, properties in high-traffic areas, akin to bustling city centers, often hold higher value. These locations, frequented by more users, offer greater visibility and potential for commercial activities. Similarly, proximity to popular virtual landmarks or hubs can significantly boost a property’s value, mirroring the real-world real estate dynamics.
Another key aspect influencing metaverse property value is its potential for customization and development. Unlike physical properties, metaverse land offers limitless possibilities for building and modification without the constraints of physical resources or geography. This freedom allows owners to create unique spaces, from immersive gaming zones to innovative retail outlets, adding to the land’s intrinsic value.
The speculative nature of the metaverse real estate market also plays a crucial role. Much like early investments in emerging neighborhoods, buying property in underdeveloped or new areas of the metaverse can be a gamble with high potential rewards. As the metaverse platform grows and attracts more users, these early investments may see significant appreciation.
How To Buy Land In The Metaverse
Buying land in the metaverse is a process that blends traditional real estate principles with the nuances of digital transactions.
A Step-by-Step Guide: How To Buy Metaverse Land
To start your journey in acquiring virtual property, follow these key steps:
1. Choose A Metaverse Platform: Begin by selecting a metaverse platform like Decentraland or others that offer virtual land. Each platform has unique features and communities.
2. Set Up A Digital Wallet: To buy metaverse land, you’ll need a digital wallet compatible. This wallet will store your digital currency and hold any NFTs representing your land ownership. The most popular option is ConsenSys’ MetaMask.
3. Fund Your Wallet: Purchase a cryptocurrency. Ensure your wallet is sufficiently funded for both the purchase price and any associated transaction fees.
4. Explore Available Properties: Platforms typically have marketplaces or listings showing available land parcels. Spend time exploring different areas and consider factors like location within the metaverse, potential for traffic, and development possibilities.
5. Understand The Pricing: Metaverse land prices can vary widely. Research current market trends, check metaverse land price charts.
6. Make A Purchase: This process often involves bidding in an auction or buying at a set price. The transaction will be recorded on the blockchain, ensuring the security and authenticity of your purchase.
7. Develop Your Land: After purchase, you can start developing your virtual land. The scope of development depends on the platform’s rules and your creativity—from constructing buildings to creating virtual experiences.
8. Stay Informed: The metaverse is rapidly evolving. Keep up with trends, platform updates, and community insights.
Metaverse Land For Sale: How To Find The Best Deals
Finding the best deals when looking for metaverse land involves a blend of market savvy, timely research, and strategic planning. Here’s how to secure valuable virtual property without overpaying:
- Research The Market: Stay informed about the latest trends in metaverse land prices. Regularly check metaverse land price charts and follow news updates to understand market dynamics.
- Identify Emerging Games And Areas: In the metaverse, just like in the physical world, emerging games or areas this metaverse can offer great value. Look for up-and-coming locations within your chosen platform that have potential for growth.
- Monitor Auctions And Listings: Many metaverse platforms conduct land sales through auctions or direct listings. Keep an eye on these, as they often present opportunities to buy land at competitive prices.
- Join Community Forums And Groups: Join forums, social media groups, or Discord channels related to your chosen metaverse. These communities often share insights on land deals and upcoming sales.
- Compare Prices Across Platforms: Don’t limit your search to just one metaverse platform. Different platforms might offer similar land at varying prices. Comparing these can lead to finding a better deal.
- Be Patient And Ready To Act: The best deals in the metaverse often require prompt action. However, patience is key. Wait for the right opportunity but be ready to move quickly when it arises.
- Consider Future Development Potential: Sometimes, the best deal isn’t the cheapest land but the one with the most potential. Evaluate how the land can be used or developed in the future.
“I Just Bought More Land In The Metaverse”
The phrase “I Just Bought More Land In The Metaverse” resonates both as a popular cultural reference and a statement reflecting a growing investment trend in the digital world.
As a cultural reference, this phrase gained fame from a song, embedding itself in popular culture. The song captures the essence of the metaverse’s allure, highlighting the excitement and novelty of owning digital land. Its lyrics and rhythm tap into the futuristic and innovative spirit of the metaverse, making the concept of virtual land ownership more mainstream and relatable.
“I Just Bought More Land In The Metaverse” is a song from an advertisement for Atlas Earth, a game where users buy virtual real estate. The ad gained attention for its catchy tune and the character resembling Derek Anderson, the game’s marketing associate. This song and its ad became a meme, highlighting the growing interest in virtual real estate.
However, Atlas Earth faced scrutiny, with some questioning its legitimacy and criticizing the long time required to earn real money from in-game investments. The game’s concept of turning virtual land into a monetizable asset sparked both interest and controversy in the realm of digital investments.
Technical Hurdles: Buying Land In The Metaverse
Navigating the technical aspects of buying land in the metaverse can be challenging, especially for those new to the concept. Understanding these hurdles is crucial for a smooth transaction and effective management of your digital real estate.
- Cryptocurrency Transactions: Most metaverse platforms require cryptocurrency for purchases. Familiarizing yourself with digital currency, from acquiring to transacting, is essential.
- Digital Wallet Setup: A secure digital wallet is necessary to hold both your cryptocurrency and the NFTs representing your land ownership.
- Blockchain Understanding: A basic understanding of how blockchain technology works and its role in verifying and securing your purchase is vital.
- Platform-Specific Rules: Each metaverse platform has its own set of rules and guidelines for land transactions. Understanding these specifics is key to ensure compliance and avoid potential issues.
- Technical Specifications For Development: Developing your virtual land requires knowledge of the platform’s technical specifications, like 3D modeling and coding, depending on how interactive and complex you want your space to be.
- Market Analysis Skills: Evaluating metaverse land requires understanding virtual real estate market trends and price charts, which can be quite different from traditional real estate.
- Privacy And Security Measures: Ensuring the privacy and security of your transactions and digital property is crucial, given the online nature of these assets.
- Long-Term Viability: Assessing the long-term sustainability and growth potential of the metaverse platform is important for the future value of your investment.
Metaverse Land Price: What You Need to Know
Understanding metaverse land prices is crucial for making informed investment decisions. Here are key factors to consider:
- Platform Popularity: Prices vary across platforms. More popular ones often have higher land values.
- Location In The Metaverse: Just like in the physical world, location matters. Land near popular virtual areas tends to be pricier.
- Market Demand: High demand can drive up prices, especially for land in developing or highly interactive areas.
- Size and Potential For Development: Larger or more versatile plots can command higher prices.
- Economic Dynamics: The virtual economy, including cryptocurrency fluctuations, can impact land values.
- Historical Data: Analyzing past sales and price trends helps gauge future value.
Remember, metaverse land prices are dynamic and influenced by various factors, making thorough research a key component of your investment strategy.
Best Place To Buy Metaverse Land: Top Platforms
When considering where to buy metaverse land, these top platforms stand out:
- OpenSea: A popular marketplace for NFTs, with a wide range of virtual properties across different platforms.
- Decentraland: Known for its user-friendly interface and active community, it’s a popular choice for both beginners and experienced investors.
- The Sandbox: Offers creative freedom for development, attracting artists and developers.
- Axie Infinity: Ideal for those interested in integrating gaming with land ownership.
- Somnium Space: Provides a fully immersive VR experience, appealing to tech enthusiasts.
- Cryptovoxels: A simpler platform, perfect for newcomers to the metaverse.
- Upland: Allows users to buy, sell, and trade virtual properties mapped to real-world addresses.
Each platform caters to different needs and investment styles, making it important to choose one that aligns with your goals.
How Much is Land In The Metaverse?
Determining the cost of land in the metaverse requires considering various factors, including platform, location, size, and demand. Prices can range significantly, with some notable sales reaching substantial amounts.
For instance, in Decentraland, the Fashion Street Estate sold for approximately .42 million, or 618,000 MANA, encompassing 116 land parcels. Another significant sale was in Axie Infinity, where a Genesis Plot sold for around .33 million, or 550 WETH, known for its rarity.
Additionally, in Decentraland, the Hotel Booking Marketplace BookLocal sold a parcel for about .09 million, or 210,000 MANA.
Other notable sales include Land Parcel #4247 in Decentraland, which went for around 4,000, or 1,300,000 MANA, located near key virtual locations like Dragon City, and the Coliseum’s premium NFT asset in Decentraland, acquired for 6,000, or 225,000 MANA tokens. Furthermore, a premium estate in Decentraland was purchased for approximately 9,000, or 759,000 MANA.
These examples show the higher end in pricing and the potential for high-value transactions in the metaverse, influenced by the platform’s popularity, the virtual land’s location, and its potential for development.
Where To Find A Metaverse Land Price Chart?
To find a metaverse land price chart, you can visit several online resources:
- Official Metaverse Platforms: Many platforms like Decentraland or The Sandbox provide price charts and historical data on their websites or user forums.
- Cryptocurrency And NFT Marketplaces: Platforms like OpenSea and NonFungible.com offer detailed analytics and price charts for virtual land and other assets.
- Real Estate Tracking Websites: Websites dedicated to tracking virtual real estate prices, such as DappRadar or Metaverse Property, can be valuable resources.
Metaverse Decentraland
Decentraland is a trailblazer in the metaverse realm, offering a virtual world where users can buy, develop, and engage with digital land. This platform stands out for its use of blockchain technology, enabling users to have true ownership of land as Non-Fungible Tokens (NFTs). This unique feature allows for extensive customization and development of virtual spaces, from building structures to creating interactive experiences.
The popularity of Decentraland stems from its dynamic economy, powered by its native cryptocurrency, MANA. Users engage in various transactions, from land purchases to availing services within its ecosystem. The platform is renowned for its vibrant community and diverse events, ranging from art exhibitions to live concerts, fostering a rich social experience.
Decentraland’s accessibility via web browsers makes it a user-friendly gateway into the metaverse, attracting a wide range of users from casual explorers to serious investors and creators. Its blend of technology, economy, and community engagement positions it as a prominent and influential player in the expanding world of virtual real estate.
Legal And Practical Aspects Of Metaverse Property
Navigating the legal and practical aspects of metaverse property requires a comprehensive understanding of several complex factors. Legally, the ownership of digital land, often tied to Non-Fungible Tokens (NFTs), is governed by the platform’s terms of service and the overarching legal framework surrounding digital assets.
This involves understanding property rights, regulatory compliance across different jurisdictions, and the tax implications of virtual real estate transactions and profits.
Practically, managing metaverse property means adhering to the specific rules and guidelines of the chosen platform. Investors must be aware of potential policy changes that can impact land usage, development possibilities, and value.
Additionally, assessing the long-term sustainability of the platform and the engagement level of its community is crucial for ensuring the enduring value of the investment. As the metaverse evolves, so do the legal and practical landscapes, making ongoing education and adaptability key for anyone involved in this emerging sector.
Can You Buy Property In The Metaverse? Legal Perspectives
Buying property in the metaverse, typically through NFTs, is a legally complex process. Legally, these transactions are recognized as legitimate ownership transfers, recorded on a blockchain. However, the enforceability of property rights in the metaverse is still a grey area, as laws governing digital assets are in their infancy and vary widely between jurisdictions.
The legal status of metaverse property also intersects with intellectual property rights, data privacy, and consumer protection laws. Additionally, there are questions about jurisdiction: which country’s laws apply to transactions and disputes in a global virtual space?
As the metaverse evolves, so too will the legal frameworks governing it, necessitating ongoing vigilance and adaptability from investors and legal professionals. Therefore, it’s advisable for potential buyers to stay abreast of legal developments and consult with experts in digital asset law.
Digital Property Metaverse: Rights And Regulations
In the metaverse, digital property rights and regulations are distinct from those in the physical world. These rights often depend on the specific virtual environment where the property exists. Platforms may have varying policies on how property can be used, altered, or transferred.
Regulations are still being formed, focusing on how virtual property rights are protected and enforced. Key issues include digital ownership validation, conflict resolution in virtual disputes, and data privacy. As the metaverse becomes more integrated with real-world economies and legal systems, these regulations are expected to become more comprehensive, potentially including cross-jurisdictional laws and international agreements.
FAQs: Metaverse Land And Property
Can You Buy Property In The Metaverse?
Yes, you can purchase property in the metaverse, typically as NFTs.
How to Buy Property In The Metaverse?
Select a platform, set up a digital wallet, fund it with cryptocurrency, explore available properties, and then purchase.
Can I Buy Property In The Metaverse?
Yes, anyone with the necessary resources can buy property in the metaverse.
Where To Buy Metaverse Land?
Land can be bought on platforms like Decentraland, The Sandbox, Axie Infinity, or through marketplaces like OpenSea.
How Much Is Land In The Metaverse?
Prices vary greatly, influenced by platform, location, and market demand.
How Much Is Metaverse Land?
The cost can range from modest amounts to millions, depending on various factors.
How Much Does Metaverse Property Cost?
The cost varies widely, depending on the platform, location, size, and other factors.
How Much Does Property Cost In The Metaverse?
Prices can range significantly, with some notable sales reaching into the millions.
How Do You Buy Property In The Metaverse?
Property is purchased through specific platforms or marketplaces using cryptocurrency, with each platform having its own process.
NBA Star Seeks to Void Property Sale After Learning of Canadian Crypto King’s Past Occupancy
National Basketball Association player Shai Gilgeous-Alexander is suing owners of the lakefront mansion previously occupied by Canada’s “crypto king.” The basketball player also claimed to have learned of Pleterski’s occupancy of the property after his girlfriend reported the threatening visit to the police.
Voiding Sale Agreement
Canadian professional basketball star, Shai Gilgeous-Alexander, is reportedly suing owners of the lakefront mansion previously occupied by Ontario’s self-proclaimed crypto king Aiden Pleterski. In his suit, Gilgeous-Alexander accuses the property’s unidentified owners of failing to disclose Pleterski’s tenancy in the ,000-per-month mansion.
According to a CBC report, the National Basketball Association (NBA) star claims to have been threatened by a victim of Pleterski’s collapsed crypto investment scheme. Gilgeous-Alexander also claimed to have learned of Pleterski’s occupancy of the property after his girlfriend reported the threatening visit to the police.
Upon learning this, Gilgeous-Alexander and his girlfriend are said to have vacated the .4 million property and filed the lawsuit. The basketball player insists the property owners’ alleged misrepresentation is enough to void the sale agreement.
“The defendants knew that if the history of threatening visits to the property, and ongoing risk of same, was disclosed, then no reasonable person looking at properties of that type, quality, and price would purchase it,” the NBA star said in his statement of claim.
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Aiden Pleterski’s Abduction
However, lawyers for the property’s sellers reportedly rejected the misrepresentation claim. Since the collapse of his crypto investment platform, Pleterski (24) received threats from investors who lost more than million. At one point, he was reportedly kidnapped by a man who claimed to have lost 0,000.
Meanwhile, a Toronto-based real estate lawyer, John Zinati, has cast his doubts on the lawsuit’s success prospects. Still, Zinati said if Gilgeous-Alexander and his girlfriend were to prevail, the court would only award money to fix the property’s problem.
“The law is generally more inclined to award damages … awarding money to fix a problem, not saying you can get out of the deal,” the lawyer said.
What are your thoughts on this story? Let us know what you think in the comments section below.
Charlie Munger Raises Concerns Over Troubled Commercial Property Loans at US Banks
Charlie Munger, the vice chairman of Berkshire Hathaway, stated in a recent interview that American banks are burdened with poor-quality commercial real estate loans. His comments arrive amid the collapse of three major U.S. banks and the expected seizure of First Republic Bank by the federal government. Despite the potential challenges, Munger emphasized that the current situation is not as severe as the 2008 financial crisis, stating that “it’s not nearly as bad as it was in 2008.”
U.S. Banks Saddled With Poor-Quality Commercial Real Estate Loans, According to Charlie Munger’s Latest Interview
The renowned investor and vice chairman of Berkshire Hathaway, Charlie Munger, spoke to the Financial Times (FT) in an interview published on April 30, 2023, where he discussed potential issues facing the U.S. banking system.
During the previous financial crisis, Berkshire Hathaway provided capital injections to Bank of America and Goldman Sachs. However, the FT interview noted that the conglomerate holding company has not made any comparable moves amid recent events, including the failures of Silicon Valley and Signature Bank last month.
“Berkshire has made some bank investments that worked out very well for us,” Munger stated. “We’ve had some disappointment in banks, too. It’s not that damned easy to run a bank intelligently, there are a lot of temptations to do the wrong thing,” the investor added.
The 99-year-old American businessman discussed some of the challenges facing financial institutions today. Munger specifically highlighted the amount of commercial property currently held by U.S. banks.
According to sources, American banks hold nearly .5 trillion in debt, which is due by the end of 2025. The decreasing value of this property has raised concerns, compounded by the ten consecutive federal funds rate increases since last year. “A lot of real estate isn’t so good any more,” Munger remarked.
The Berkshire vice chair added:
We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there.
Following the publication of Munger’s interview, Jim Bianco, the president of Bianco Research, tweeted about the investor’s remarks. Bianco stated that “Buffett is the GOAT largely because he has invested in banks for over 50 years. No one understands them better. So, I have noted his absence in all the happenings in the regional banks in the last two months. He is not investing, and, to me, this speaks volumes.”
Bianco added:
Munger may have said the reason why.
Loan quality is a critical factor for American banks, alongside undercapitalization and the inability to meet obligations. If a bank makes too many bad loans, it can end up losing a significant amount of money, similar to what happened during the 2008 financial crisis.
Nevertheless, during his interview with FT, Munger expressed optimism that the economy’s current troubles will not be as severe as they were back then. “It’s not nearly as bad as it was in 2008,” Munger said. “But trouble happens to banking just like trouble happens everywhere else. In the good times, you get into bad habits . . . When bad times come they lose too much.”
What do you make of Charlie Munger’s remarks about the state of U.S. banks and their exposure to poor-quality commercial real estate loans? Share your thoughts about this subject in the comments section below.
Hong Kong Judge Rules Crypto Assets as ‘Property,’ Following Similar Rulings Worldwide
In a court case linked to the now-defunct crypto exchange Gatecoin, a Hong Kong judge has ruled that cryptocurrencies are “property” which is “capable of being held on trust.” According to the law firm Hogan Lovells, this case should provide greater clarity to insolvency practitioners and other common law jurisdictions.
Hong Kong Judge Designates Crypto Assets as ‘Property’ That Can Be ‘Held on Trust’
According to a summary of the ruling published on April 18, 2023, judge Linda Chan in Hong Kong has classified crypto assets as “property.” The decision was made in connection with the Gatecoin crypto exchange liquidation court case from 2019. Law firm Hogan Lovells opines that this decision provides clarity to officials, regulators, and other common law jurisdictions. In the United States, there is currently a debate in Congress about whether certain crypto assets should be classified as securities or commodities.
At the beginning of the Gatecoin liquidation process, liquidators had difficulty determining whether crypto assets constituted a form of property. According to the Hogan Lovells summary, judge Chan has defined crypto assets as a type of property that can be “held on trust.” Hogan Lovells notes that this ruling “should provide greater clarity to Hong Kong insolvency practitioners regarding the nature and scope of a company’s digital assets in a winding-up scenario.” The law firm adds:
The confirmation that holdings of cryptocurrencies constitute ‘property’ that is on a par with other intangible assets such as stocks and shares, brings Hong Kong into line with other common law jurisdictions whose courts have already decided the issue.
Judges in various court cases around the world have issued similar rulings. For example, last year, an intermediate court in Beijing, China ruled that virtual property is protected by Chinese law. Additionally, China’s Supreme Court has recommended increasing the legal protection of property rights that include crypto assets and virtual property. Research indicates that most countries consider virtual currencies as property, while others and regulatory agencies have yet to make a decision.
What are your thoughts on the classification of crypto assets as “property” by Judge Chan in Hong Kong, and how do you think this ruling will impact the treatment of crypto assets in insolvency cases and other common law jurisdictions around the world? Share your thoughts about this subject in the comments section below.
Become a Property Developer in the Metaverse
The dawn of the metaverse is officially upon us, which means immersive gaming, socializing, and property sales are now virtually available. Our reality is going digital through Web3.
The concept of valuing assets in the digital world is still mind-boggling to most. How does one actually own non-tangible real estate, and what is its purpose of it? Technically speaking, digital real estate, also known as virtual lands, serves as a place for individuals to coexist in the metaverse.. Digital identities can build restaurants, homes, recreational areas and everything else here, just as we do in reality.
Speaking in real estate terms, there are multiple revenue streams in digital real estate. Firstly, investors can purchase a plot of land and build with limited boundaries. For example, Snoop Dogg is currently developing a “Snoopverse”, his own virtual world in the metaverse, on Sandbox, which he claims is “the future of virtual hangouts, NFT drops, and exclusive concerts,”.Although intangible, property in the metaverse can definitely be profitable. In June 2021, a piece of land sold for more than 0,000 in Decentraland, one of the metaverses’ most popular digital real estate platforms.
So how exactly does one become a property developer in the metaverse? Unlike traditional real estate, appraisals are unjustified, thanks to the blockchain, but there are still opportunities to negotiate on price. Most digital real estate platforms allow you to put in an offer, which can be accepted or rejected by the owner. For example, OpenSea has an auction list, allowing users to place bids. In this sense, the worth of the land is dictated by the market instead of the appraiser.
In the metaverse, buyers have greater independence, reflecting the motive of decentralization. Real estate agents negotiate on one’s behalf and commission fees are non-existent when purchasing land on the metaverse. In order to purchase virtual land, buyers simply need to have a funded wallet, a selected parcel, and a price decided upon. The transaction is then recorded on the blockchain and an NFT is generated as a title deed with exclusive ownership.
Due to launch in 2022, award-winning metaverse pax.world allows users to buy land via outright purchase or through participation in its creator competitions. By owning a piece of land in pax.world, users are able to log on to their portal and create their own mini metaverse of their own. Here they can implement any service or feature their imagination can dream of, with no level of detail is off-limits.
To assist users in their property selection, pax.world has built an internal land sale application. Through this users can purchase a seaside property, be up in the hills with a lake view, next to a building designed by a world-renowned architect, or just find a quiet space with friends.
Pax.world has already created an island of 30,000 tiles, 8,000 of which are go straight towards the community and goodwill organizations. The community has the power to decide if these tiles are released for sale, with a certain portion set aside to be released throughout the year for those planning on developing the land.
The price of digital real estate in top metaverse platforms is quickly on the incline. Digital real estate is an exciting new space, attracting communities, creators and investors globally. For those who are looking to get in the space early enough, pax.world already has 10,000 parcels ready to be owned by its community of neighbours and will be ready to distribute 4,000 parcels before its launch in Q3 2022.
How Intellectual property could be Transferred through the Blockchain Ecosystem
While the world has evolved from storing and transferring information from paper to cloud storage, data is still not entirely protected. The existing cloud storage system used for sharing information while encrypted is centralized, and centralized systems have the inherent disadvantage of being vulnerable to hacks and attacks.
However, decentralized solutions such as blockchain technology have become an excellent alternative because of their immutability. Sharing intellectual property through the blockchain network can create a more secure and reliable system because of its several advantages.
The Inefficiencies in Centralized IP Storage Systems
The centralized intellectual property storage and management system suffer from outdated technology, improper management and recording of the files. Most of these systems rely on manual input of data which is not only prone to error but also lacks the precise and efficient output.
Moreover, most of the centralized IP storage systems utilize cloud storage or offline storage as paperwork, which both limit interconnectivity and are insecure methods. Cloud storage systems are prone to hacking because of a lack of a robust encryption mechanism and are not considered to be legally accepted when proving a chain of custody.
On the other hand, the paper trail can easily be manipulated making it less reliable which is a growing concern in the Intellectual Property management industry. The world is quickly moving to a more reliable and secure means of storing, managing and validating intellectual property, which is using blockchain.
Blockchain in the Intellectual Property industry
Blockchain is a digital ledger used to record information such as cryptocurrency transactions. As the name suggests, Blockchain is a growing list of blocks that stores record linked using cryptography. Every block contains a cryptographic hash linked to the previous block, transaction data, and a timestamp for the data.
While created as a peer-to-peer electronic cash system, blockchain has found use cases beyond the original intention. The data recorded on the blockchain has a timestamp and cannot be edited once registered; it creates a perfect solution to record data.
Time-consuming and costly disputes about the origin of an invention or copyright of intellectual property can quickly be resolved if recorded on the blockchain as they have a timestamp. Moreover, licensing agreements can be created and recorded using smart contracts to develop immutable proof.
Moreover, blockchain offers expert security as it is maintained by validators or nodes based in different parts of the world to keep the network decentralized. It can also be used to identify counterfeit goods by attaching blockchain tags to them. NFTs are a product of blockchain technology widely used to secure the ownership and copyright of an asset or intellectual property.
Blockchain is also helpful in speeding up the contract signing process, due diligence and file validation processes, as expertly demonstrated by KwikTrust. KwikTrust is a due diligence software-as-a-service platform that offers self-certified and third-party files verification by storing the results securely on blockchain to provide an irrefutable record.
KwikTrust offers several services such as recording, signing and validating contracts, invoices, accounts, references, identities, qualifications, intellectual property, audio and video files in a decentralized and secure environment. The platform also helps in maintaining records by reminding the users of their expiry date.
KwikTrust has developed the perfect alternative to the unreliable means of storing and managing intellectual properties with the help of blockchain technology. Not only does the platform create an irrefutable record of the IP, it also helps in smooth and easy management of the data.
KwikTrust aims to create a secure and fast method to create, store and validate files leveraging blockchain technology. To learn more about KwikTrust, visit https://www.kwiktrust.com/.
What Are the Next Big Trends in Virtual Property?
Virtual worlds have become popular because they enable users to experience something that is otherwise not possible in the real world. The possibilities are endless, and we are still only scratching the surface of what can be done in virtual worlds.
The next big trend in virtual property is that it will be more accessible than ever before, aided by the likes of Next Earth, which has made virtual property available to all through an NFT-based replica of Earth. Further accessibility will be made possible by a combination of technological advancements, including better rendering capabilities, better graphics cards, and cheaper VR headsets.
This accessibility is driving increased use of virtual property as well as creating new opportunities for creators and investors who want to get involved with virtual property at an early stage.
In this article, we’ll explore the trends that are leading us towards a future where virtual property is commonplace.
Virtual Property Art
One upcoming trend is the ability to create pixel art on virtual property land tiles.
Pixel art is a form of digital art that uses 2D pixels to create unique and expressive images. Pixel art is an emerging trend in the NFT space, and it’s only going to become more popular as creators start to explore new ways to express themselves through virtual property. Next Earth is planning a feature where landowners can draw pixel art directly on land tiles on Earth.
The ability to create pixel art on virtual land will open up a whole new world of possibilities for artists, who can instantly share their land art creations. The rise of social media has made it easier than ever for people all over the world to connect, which means this trend will likely explode over time.
Greater Accessibility
The accessibility of virtual property has been improving steadily. One significant step in the right direction was taken with the world’s first ITO, or Initial Tile Offering. With this offering, investors were able to purchase virtual land NFTs from a digital replica of Earth for the first time.
The ITO was made possible by combining a map of Earth with blockchain-based NFTs, that enabled people to select and mint tiles of Earth. The NFT economy makes it easy for anyone to create their own unique digital items, such as unique virtual properties like the Playboy Mansion, and then sell them on marketplaces.
These technological advancements are enabling more people than ever before to participate in virtual property investing through accessible channels such as online marketplaces and online auctions. The number of users who invest in virtual properties through these channels is only going to increase over time. Greater access will also lead to increased use of virtual property as a way for people from different walks of life around the globe to interact with each other.
Virtual Property As A Way To Escape From The Real World
Virtual property can be a great tool for escaping from the real world when you want or need some peace and quiet.
Virtual property gives us another outlet by allowing people to escape into a fantasy world where they don’t have to deal with problems. This can make all the difference in someone’s day-to-day life. Allowing people access to things like virtual land through accessible channels allows them access to something that they may not have been able otherwise – the opportunity for self-expression and connection with others in new ways.
Accessibility is crucial if we want everyone around the globe – especially those who may not have otherwise had access – the opportunity to experience these advantages that virtual worlds provide today and into the future as well as all of us being able to benefit from these opportunities down the line.
AR and VR NFTs
Augmented reality (AR) allows users to combine the real world with computer-generated elements, such as 3D models and virtual objects.
The combination of AR and VR with blockchain will create new ways for people to interact with virtual property. For example, artists are already creating interactive art experiences that allow people to walk through a sculpture while it plays different music tracks or videos based on where they stop in the space or how they interact with it.
Blockchain would provide a way for AR and VR NFTs to be verifiably unique and owned by their creators in a trustless manner. The possibilities are endless when you combine these technologies.
In Conclusion
Virtual property accessibility is improving all the time due to technological advancements and increased use of accessible channels like online marketplaces and auctions. This increasing accessibility will drive interest in virtual property investing from both consumers and creators alike – making this an exciting time to be involved in the space.
Photo by Fakurian Design on Unsplash
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