guest post, Guest posts do not necessarily reflect the opinion of the editors.
28/07/2022, 5452 characters
Imagine being able to proudly tell your friends that you own the Taj Mahal or, for example, Berlin’s TV tower. Does it make sense? Yes, but only if you speak in virtual terms.
A villa was recently sold which in the real world would be a dream come true. We are talking about a huge swimming pool, beautiful rooms, a mega garden and all for only half a million euros.
Of course, it sounds like a super deal, but it is still incomprehensible to some, since it is a house that is 100% virtual. The swimming pool doesn’t cool you down in the summer, it’s just a property listed on the blockchain.
The virtual property is encrypted with an NFT that is stored on a blockchain and is not listed in the land registry.
The availability of Crypto Art
Since the beginning of this chaotic decade, a number of technological developments have entered our daily lives and made headlines.
A DCA bot now handles a significant part of the daily trading on the major exchange platforms, allowing investors to buy NFT or real estate afterwards. The physical and digital real estate market is mixed through all of this.
Crypto art has boomed since a digital artwork sold for €69 million at Christie’s in New York last March.
There are few products, such as sneakers, sofas, and trading cards, that have not yet been offered as NFTs. Even a vulnerability has been auctioned off as a token. However, virtual houses and plots are attracting the attention of more and more buyers.
Last year, the virtual property fund Republic Realm spent the equivalent of €900,000 on a property in the online game Decentraland, which is about 66,000 virtual square meters.
In Decentraland’s virtual world, users can talk to other players while traveling to different locations with their avatars.
Recently, auction house Sotheby’s opened its own virtual gallery in the game’s chic Voltaire Art District.
Get an avatar
Second Life is an online game that has been around for a while. In this game, users have the option to shop with their own money and avatars.
As long as you own property, you can acquire anything, including houses, gardens, castles and office buildings, provided you have the spare cash.
At the peak of the game’s popularity in 2007, when it had more than a million users, candidates for the French presidency bid for votes.
Sarkozy campaign workers handed out virtual pizzas and t-shirts on the island called “Ile Sarkozy,” which also featured deck chairs and tanned avatars.
Now be careful because property prices are rising
Last February, nine different properties from the computer game “Axie Infinity” were bought and sold for Ethereum, equivalent to 1.5 million euros.
The virtual real estate market is experiencing significant growth. The amounts buyers are willing to pay for homes and other real estate continue to rise. Property values increase as a direct result.
Compared to last year, the price of a piece of land in the virtual world known as “Cryptovoxels” has tripled in 2021. The virtual land market is well organized and transparent.
For example, Republic Realm works closely with real-world architects to create its own digital construction projects.
The website allows you to browse the available options for luxury homes, private islands and exclusive business districts as you would in a real estate agency.
Do we pay the price for the Eiffel Tower and Co.
For 0.1 Ether (€160), interested parties can even purchase well-known sights such as the Taj Mahal, the Golden Gate Bridge and the Eiffel Tower on the Super World platform.
The question is whether this rights management is considered acceptable. What good is a title card if the monument is no longer there? Why would you pay so much money for a house you can’t even live in?
The obvious answer is that in the 2022 Metaverse, virtual real estate is a speculative investment with huge profit potential. Investors buy virtual houses and land with the intention of later reselling them at a profit.
In a way, they succeed. For example, a cryptocurrency trader in “Axie Infinity” recently made a profit of 9,200% on a property he bought for $300 and sold for $28,000.
However, financial experts warn that these investments come with a high degree of uncertainty.
Wired, a technology-focused publication, predicted that 2010 would be a peak year for the virtual real estate market. At the time, “Second Life” alone generated total sales of 567 million euros.
The use of cryptocurrencies continues to grow and there are currently a significant number of them available for purchase. The chances of the bubble bursting are increasing every day.
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