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Real estate NFT projects. What is virtual real estate?

The whole world is going online. Oddly enough, this also applies to real estate — after all, now, you can buy house even in the metaverse. What is a new trend, what are real estate NFT projects, and why buy real estate that you can’t live in — we’ll figure it out in this article.

Real estate NFT projects: what is it, and why do people buy houses online?

We won’t surprise you if we say that virtual real estate is one-of-a-kind Internet homes. NFT real estate is stored in a digital wallet, and its owner buys metadata (code) and a media asset (images of land, house, interior).

The real estate NFT projects trend has become popular during the pandemic and with the start of remote work. It turned out that virtual worlds attract people, and they are ready to buy virtual houses to hang out or work. Employees can interact in virtual offices and fully use the work environment, which special moderators manage.

Where are real estate NFT projects sold?

Among the most famous platforms:

  • The Sandbox is a place where you can buy land, building materials, or characters.
  • NFT Worlds is a collection of virtual real estate created using Minecraft code.
  • Worldwide Webb is a stylish 2D platform where users can create any kind of building content, including apartments and penthouses.

Characteristics of real estate NFT projects

For many, NFT house projects are not a joke or entertainment but a way to invest.

Alternative to an actual office

Employers use technology solutions to bring employees together and make working from home more comfortable.

It’s a safe way to own

Ironically, not everyone wants to own physical real estate — many Internet users see virtual real estate as a promising investment. Ownership of such homes resides on a public blockchain ledger, and the buyer owns the metadata and utilities of the original virtual home. In addition, buying an NFT home is not a cheap pleasure. In 2021, the world’s first NFT home was sold for over $500,000.

You can buy the whole house or part of it

Of course, not all investors in real estate NFT projects are willing to risk their money for something that doesn’t exist. However, users can buy a part of an NFT token or a share of shares, thereby becoming part of a decentralized fund.

Real estate NFT projects. Conclusion

So far, real estate NFT projects look like a funny whim. But at least it is part of our culture and technological development.

If you are not yet ready to buy virtual property, we are always ready to help you with real property. The LBC Mortgage team will help you resolve any issues related to finding financing while you choose your dream home.

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