Your neighbor is buying property away from you – in the Metaverse

Property on Lake Garda, or rather on the east coast of Australia? While the dream of owning your own plot of land is becoming increasingly expensive in real life, it is quite affordable in the Metaverse “NextEarth”. This could change soon.

In the movie “Another Earth”, released in 2011, an unknown celestial body approaches the Earth. It looks like a reflection of our planet, which is why scientists called it “Earth-2”. Science Fiction? Of course, the planet does not exist. But there is such a picture of our Earth – on the Internet. There is no life there as in the movies, but there are the same seas, mountains, cities and roads as here. And: the same plots. Some are sold, auctioned and resold for a lot of money.

The platform on which plots of land are sold is called NextEarth and is a metaverse. The term is a combination of the meta – which means as far as beyond – and the word universe. So the metaverse is a place that is on a higher plane than our reality. Kind of like the Earth in Another Earth. We can see them but we can’t touch them.

Basically, the metaverse is a virtual world programmed by developers like a video game. There are many companies creating their version of the metaverse. The most famous companies are the Meta and I group on FacebookT Maker Microsoft.

In the future, life will increasingly take place in digital worlds

These companies see the metaverse as the next step in the evolution of the Internet. They want our social and professional interactions to occur in these digital worlds at some point. To do this, users need the appropriate hardware, such as data glasses, in order to meet there, play games together, and talk to each other.

Then there are companies like NextEarth that have made selling real estate and land their business model. The platforms of these companies use technologies like the Ethereum blockchain to record money transfers and sell things like ledgers. For this, companies usually use their own so-called tokens, which are linked to the respective blockchain and with which users can buy their real estate with real money.

Only a few tiles remain at the Tiergarten in Berlin. (Source: NextEarth)

To do this, users must first purchase digital tokens with real money. The most famous virtual scientist who created his own Ethereum token is Decentraland. The company, which was launched in 2015, sells its holdings on its platform to companies and countries, which build showrooms and embassies there, in exchange for its digital currency MANA.

$4.3 million for a plot of land in Metaverse

examples? In November last year, Canadian crypto company Tokens.com purchased a plot of land in Decentraland for $2.4 million. Just days ago, the island of Barbados opened its embassy in Metaverse. In another metaverse, The Sandbox, New York-based Republic Realm has purchased a plot of land for $4.3 million.

Unlike ‘Decentraland’ and ‘Sandbox’, the worlds in ‘NextEarth’ are not made up. On the contrary: the platform presents an accurate picture of the Earth, almost as in the movie “Another Earth”. Except that our planet is not visible in the sky on “NextEarth”, but as a satellite image like Google Earth on a website.

However, on the platform, users can buy real estate, for example in Cassrup-Rauxel, New York, Port-au-Prince or on Sylt, just like in the real world. The whole world is for sale there. For this, “NextEarth” divided the world map into squares. Each of them is 10 by 10 meters. In “NextEarth” our world is made up of many boxes of 100 square metres.

Urban land is sometimes expensive

Tiles cost an average of $1.97. Payment is made in “NextEarth” (NXTT) currency. So users can buy a 400 square meter plot of land for around $8 at NXTT. Provided that the territory is not owned by another owner. Then users can make an offer of the space to the owner.

In big cities like Berlin or New York, most of the attractions and properties in well-known neighborhoods like Manhattan or Berlin Mitte have already been sold out. And sometimes expensive. The cost of the memorial property of the World Trade Center along with the Millennium Hilton in New York is $31,045. The Victory Column in Berlin is made of several tiles and costs $2,469.

NFT art on Miami Beach, Florida (Source: NextEarth)NFT art on Miami Beach, Florida (Source: NextEarth)

Also on the beach in Miami Beach Florida the opportunities for cheap real estate are bad. Many companies have purchased the boxes by the sea there and put their company logos or small artwork on them in front of the popular beach. According to NextEarth, this is only possible if the properties are outside cities or in watery areas.

Blockchain is like a land registry

How do users know that you own a property on NextEarth? Each tile is linked to a part of NextEarth’s Ethereum blockchain. This part is called NFT (Non-Fungible Token). NFTs are certificates of unique digital objects and confirm their ownership.

Just like in the real world, a Tile or NFT in NextEarth can only have one owner. A blockchain is like a land registry that shows the user which piece in question belongs to. Or with which account the tiles were purchased.

How is the purchase process? It’s true that getting a property in the Metaverse is easier than it is in real life. There are no brokerage fees or notary fees. There are also no fees for entering the land registry. However, there are some obstacles for users.

Obstacles to buying a virtual land

On the other hand, interested parties need an account on the website of the respective provider. With “NextEarth” membership is essential. Since the company also offers its tiles on the bidding platform for NFpungent, OpenSea, sold out, there’s enough account too.

However, the biggest hurdle for new users is likely to be converting real money into cryptocurrency. Because this is the only way to get land in “NextEarth” and “Decentraland”. Cryptocurrencies such as Ethereum can be purchased from trading platforms such as Coinbase or Binance.

Since NextEarth only provides the option to make purchases with the crypto-wallet MetaMask, users must first transfer their digital funds to this wallet. A wallet is a digital wallet that stores cryptocurrencies.

NextEarth invests in game studio

If the cryptocurrency is in the wallet, nothing stands in the way of buying a property in the metaverse. What does the user do with the purchased land? At least with “NextEarth” there is currently nothing else to do than owning and modifying tiles with artwork. But this must change. The company plans to integrate virtual reality so that you can virtually visit the country.

In addition, NextEarth has invested in a game studio that specializes in developing adventure and role-playing games. Such content could also be visualized on the platform in the future and could attract new users.

This would make “NextEarth” very different from “Earth 2” in the movie “Another Earth.” In the film, scientists suspect that life on “Earth 2” evolved in parallel with that on our planet. In NextEarth, on the other hand, developers create completely new content. It remains only a visual similarity with real land.

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