There has been a lot of talk about buying virtual land in the virtual “meta” universe. Just imagine owning the retail store or a luxury property that folks can virtually see or stop by. Investors can purchase that land or build something on it today. Metaverse Property
is alleged to be the first real estate company to sell virtual real estate in meta, brokering the purchase of the virtual land and even customizing branded buildings using their Metaverse Architects for different businesses. The company is even helping you to virtually host a decentralized fashion show or music festival.
The ownership of the virtual land is built using NFT (non-fungible token), while the market value is only defined by recent sales of the virtual land. If you would like to find the owner of the virtual store or property, the task is very difficult, but not impossible. The first step would be to locate the NFT ID of the property which represents the investor. The NFT ID can be researched by finding the information on open sea NFT pools. You would need access to the investor’s crypto wallet where NTF IDs are kept and cross reference the NFT ID to the investor’s wallet. To cross reference the above with real property title search terms, the virtual ownership of the land is similar to private county records, where the public cannot view them but one can file a petition to the county clerk or obtain a court order to unlock the records for viewing.
NFT has a chain of title (IDs of prior investors’ crypto wallets) stored via block chain, very similar to a chain of title in the real title search report
. The sale price is available on prior transactions and can be done via sales comparisons (floor price of NTF) for recently sold virtual properties. Unique features of the land can drive the value of the property up or down, just like an upgrade to real property.
I would envision that real properties can be put as collateral for virtual properties in the future. The metaverse could become a lender to extend money (cash or crypto currency) to potential investors to purchase virtual land. You will have rental opportunities with lease options, contracts for deed or advertisement sales for everyone who visits a particular area/city of the meta universe to see.
Legally speaking, in order to capture the buy/sell transaction, there should be a legal purchase agreement with a clear description of virtual land (example: NTFID#12345, Lala Land, Meta). Virtual land becomes a part of the asset’s holdings and can represent a large monetary holding. The virtual legal description can be used for real title collaterals or to borrow money. Potentially, securitization funds can be created for investors to invest into the concept.
For virtual real estate lenders or funds, before giving money or crypto currency for virtual purchase, ProTitleUSA can run a title search
on the real collateral property and create an entry in the block chain ledger of the transaction to be used for the potential of borrower default on mortgage payments.
For companies that are looking for partnerships to build the new technology for virtual land title search, don’t hesitate to reach out to ProTitleUSA
for further discussions.