There’s a huge real estate boom taking place in the Metaverse. It doesn’t take any special hardware to access the Metaverse. Still, digital real estate investing means exchanging your cash for the platform’s cryptocurrency where you’re interested in purchasing virtual real estate. Virtual real estate in these platforms is secured with genuine
deeds in the form of non-fungible tokens (NFTs). When you buy a piece of digital real estate, your purchase is recorded on the Blockchain, and the NFT is transferred to your digital wallet, the same place you store your cryptocurrency.
Parcels of land in the MetaWhale (in the game) are called “Properties.” These Properties are based on real-world parcels of land and real-world locations.
Minting Properties
Each parcel of land “Property” is owned by Metawhale. When a player purchases this land from MetaWhale using either in-game currency, “MTW” is considered “Minting Property. When this occurs, the player’s purchase is recorded on the Binance Blockchain and the owner of this property obtains a “Deed NFT” to the property in the form of an NFT inside their in-game account.
Selling Properties
After the property is minted on the Binance Blockchain and owned by the player, the player can then decide to list this property for sale on the “MetaWhale Real Estate Market.” The property owner can list this property for sale to be purchased by other players with the in game currency. If this property is sold, the deed of this property is changed to reflect the new owner’s information, and the updated “Ownership Code” – is utilized to prove this player is the most recent (and true) owner of this specific “Property.” The old deed is removed from the previous owner’s account, and the new deed is placed in the new owner’s account with the updated information. The old owner may still have the “Deed NFT” in their crypto wallet if they choose to export it as an NFT, but it is no longer tied to “Real Ownership” as the “MetaWhale Binance Blockchain. “Account Name” and “Ownership Code” on the new deed which exists on the Blockchain and in the game is now changed to reflect the most recent & accurate information.
Buying Properties
If a player has enough in-game currency to purchase another player owns property that has already been “MINTED,” & therefore, they can choose to buy that property. They can send an “Offer” to the owner of this property in a specified amount, offering a specific amount of in game currency to purchase and obtain Ownership of this property – or they can buy this property immediately because it is listed on the “MetaWhale Real Estate Market” for a specific price specified by the seller. If the buyer purchases this property, the deed of this property is changed to reflect the new owner’s information, and the updated “Ownership Code” – is utilized to prove this player is the most recent (and true) owner of this specific “Property.”
Renting
When players mint or buy a home, they can rent out the home or real estate to other players in exchange for platform tokens. Renting occurs between 2 parties; The Landlord & Renters. Landlords are Real Estate owners who temporarily allow other players to rent their real estate. Players who are renting a structure owned by a “Landlord.” Players can be landlords & renters simultaneously, capable of owning a Real estate that is being rented out while renting a Real estate from another player.
