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Poland is a country with one of the best-promising opportunities for FinTech industry, considering legislation, education, infrastructure and innovation culture. The FinTech industry continues to mature, and it comes to . This rapid growth of interest makes FinTech startups flock in Boston, Silicon Valley or New York, that are among world’s biggest tech hubs. In Europe, the same role is automatically assigned to London, Dublin or Berlin, which also gather owners, innovators, and business investors. , with as its “CEE Silicon Valley,”is another emerging star, that holds the potential of becoming the next El Dorado for a number of reasons. grow in milliards of dollars each year startup Poland Cracow FinTech Legislation The dynamic development of FinTech sector is obviously influenced by law regulations. In case of Poland, this includes both local law and European Union directives. And those are fairly promising. The Polish government is currently working on “Sandbox regulations,” that are to soften the way of to market. In other words, they are going to improve user safety and smooth out the restrictions for FinTech startups. implementing FinTech solutions The Innovation Hub Program, recently set off by Financial Supervisory Commission, brings promises even further: According to the Program, The commission members are to open the dialogue with to work out legislative solutions for the entire . Given all that, chances are big to see Poland literally flooded with FinTech startups in a matter of months. FinTech entrepreneurs FinTech industry Considering the legislation, we also need to keep in mind , administered by the European Commission. The directive will let non-banking institutions the access to information about customers (just these, who gave their agreement) from banking databases. From the perspective of , this law will bring significant improvement and speed up the delivery of market-fit products. Revised Directive on Payment Services (PSD2) FinTech startups FinTech infrastructure Poland is a real FinTech experimental polygon and the so-called ”launchpad” for testing FinTech solutions. Let’s consider the example of PayPass. According to MasterCard report, This means we’re using contactless payments and . Besides all this, 85% of Polish respondents declare their payment card has a PayPass function. 25% of Poles declare they use their PayPass every day. 20 times more often than e.g. Germans 3 times more often than the European average When we look back to the history, we saw Polish WBK Bank implementing Maestro paypass cards as the first institution in Central Europe (2007). The dynamic development of paypass payments in Poland is a success on a European scale. Or Blik. Blik innovatory solution invented in Poland lets millions of Poles safely use their smartphones to withdraw cash from ATMs, pay in traditional stores and transfer money immediately to other users phone number, without knowing their bank account. The system is a national, universal payment standard and the fastest method of making a purchase. The balance of 2 years of Blik existence is 10 million transactions and 3,5 million users. According to estimates, 70% of Polish society uses the solution. The system is appreciated in a number of European countries, that look up to the level of Polish FinTech and the intensity of its market absorption. The solution is probably also the favorite of that wants to Polish market in the second half of this year. And, yes, this will supposedly happen Apple to introduce Apple Pay with the help of Blik. The absorption of gives us a huge advantage while developing and testing FinTech apps, for foreign and native companies. FinTech solutions in Poland , for instance, we come up with our ideas and suggest optimal solutions. If we couldn’t test these solutions in real life, we obviously wouldn’t go beyond the guess-stage. But with the FinTech ICT infrastructure around, we can propose validated options that take off, although they weren’t even previously taken into consideration by our clients. At Untitled Kingdom Poland’s potential is becoming noticed by prominent FinTech companies from overseas (like , that based one of their offices in Cracow). As Polish society absorbs FinTech like a sponge, . While developing their products, the startups simply test their solution on the local ground, gather feedback, implement user-validated improvements and scale their business globally. Revolut the number of native financial startups is also skyrocketing FinTech FinTech Polish scene via Poland report Our leading status in FinTech across Europe is confirmed by one of the best known and renowned research and consulting companies in the world — , and underlined by foreign industry media, including . Our FinTech solutions are ahead of trends and are an inspiration for foreign banking institutions. The Forrester Research American Banker The Potential of Polish Programmers Poland is the Mecca of , that makes us stand out among other counties. We rank 4th in the world in the , and land in the top 3 for multiple categories in list). top-talent software experts Top Coder ranking Hackerrank Rankings don’t lie — Polish progammers are leading experts in Europe. If we utilise this potential in FinTech , the sector can soon peak higher than ever before. Even now, are admired worldwide for their ingenuity, reliability and professional expertise. They are encouraged to travel abroad and join foreign FinTech companies’ teams, or support them remotely. Polish IT specialists Also at , we’re quality-focused, so we’re gathering the savvy team of , that makes us stand out among our competitors. We’re explorers, who always jump into to challenge and continuously pursue for improvement and innovation.And we believe in utilising this power in Fin-Tech. Untitled Kingdom top-talent experts Innovation culture Poland loves testing. We also cherish new ideas, and praise innovation. This gives businesses a fertile ground to validate their inventions and scale globally, repeating the sucess of , and dozens of other FinTech startups born in Poland and flourishing worldwide. We’re not afraid of business risk — Polish entrepreneurs create startups reknowned and appreciated globally. All of this combined makes Poland a great place to invest and develop word-class FinTech solutions that take off, scale and bring a real impact. Azimo Atsora ➡️Check our ⬅️ Privacy Policy Read more from : Untitled Kingdom How to choose a company for app development? Lean product development is possible, also in corporate environment 4 types of Machine Learning that can enrich your digital product Why you don’t want freelancers for your product And remember to ! VISIT OUR WEBPAGE

Why to develop your FinTech solution in Poland

There is a mystical aura around password creation. Some kind of occult knowledge reached only by the distant cryptographic hermits who ascended to nirvana after decades of meditation on the Patagonian glaciers and liters of instant coffee. In this article, we will try to translate a few drops of this ancient wisdom so that we, mere mortals, have secure accounts to store pictures of cats and e-books that we will never read. First of all, this article is recommended not only for novice programmers, but for users who want to know why the hell they need a humanly unpronounceable password. Requirements: If you are reading this article, I assume you are familiar with programming languages or, at least, with their logic. We will use Python 3 to create a user creation program as simply as possible. If you are a beginner, please read about data entry and exit before proceeding. In the beginning, God created a to-do list, and human beings, in his image and likeness, tend to copy this strategy. This is what we need to do: Save the user name; Ensure that his password is secure; Save the password securely; Rest on the seventh day; The Holy Name of the User [Don't forget it, please] There are no secrets here. Let the user be called the way they prefer, it is not our duty to judge him. Let's take the opportunity to get our basic class ready. The digital representation of God's : Ctrl + C/Ctrl + V self.username = user
        self.passwd = passwd
        self.salt = salt : class User : def __init__ (self, user, passwd, salt) Don't worry about "salt". We will talk about it soon. Is Your Password Worthy? I would love to talk about how a code of less than forty lines can generate millions of passwords per second, pull hidden words from the depths of your soul and test them with the same ease with which we procrastinate on Netflix or check our email. However, stick to what is strictly necessary. Let us leave the whys to the philosophers, drunks and beggars. <----------------------------------------------------------------------> Safety Practicality The stunningly beautiful hieroglyph above describes how advanced societies calculated the need for their passwords. They found that the security of a system is proportionally inverse to its practicality of use. That is, pulling the coal to our sardine, the more secure a password is, the more complex it will be. [found in the gold halls of Eldorado, South America] In our study, we will arbitrarily decide that a decent password needs: At least six characters; At least six digits; At least two special characters; Which leaves us with fourteen characters minimum; Let's create the method that will receive the password and check the level of dignity : (For the sake of simplicity, we are not distinguishing between uppercase and lowercase characters.) : len(passwd) < :
                print( ) counter = i passwd: i self.passwd_characteres:
                    counter += counter < :
                print( ) counter = i passwd: i self.passwd_numbers:
                    counter += counter < :
                print( ) counter = i passwd: i self.passwd_special:
                    counter += counter < :
                print( ) : def check_passwd (self, passwd) """ Check if is a valid password """ while True # Check Size if 14 "This password is too short." break # Check Ascii Letters 0 for in if in 1 if 6 "Your password need at last six (6) characteres." break # Check Digits 0 for in if in 1 if 6 "Your password need at last six (6) digits." break # Check Special Characteres 0 for in if in 1 if 2 "Your password need at last two (2) special characteres." break # The password has passed! return True You may have noticed that this method belongs to a class. We created a manager to test these functions. We are only discussing the main functions, the complete code will be available at the end. The Password Seems Worthy. And now? is exactly the word. Nothing prevents the user from typing or , or anything like that. We are taking on the role of enlightened beings and therefore do not trust the user. If his password is weak it is our system that will be insecure, not just his data. Damn users! Fortunately, in , there is a secret called : "Seems" aaaaaa000000 ** @abcedf123456@ Python secrets secrets import Everything you need to know about it is . (#ReadtheDocs) Let's get straight to the point. That's where our comes in. is a pinch, a little thing that we add to the user's password to ensure it is secure. We can generate it automatically using the secrets module. It provides several types of tokens, particularly I prefer this one: here "salt" "Salt" secrets.token_urlsafe( ) # 32 is the number of bytes of the text to be generated. 32 You can add the salt at the beginning, in the middle or at the end of the password. Here, we will use the end and the password will end more or less like this: "aaaaaa*000000*ALE_tEwJXs87D-yfgU-D7DWbASX5g_D-oENWUIBi1q8" If someone can figure this out through trial and error, please give him all of your other passwords. He deserves it for the effort. Are we done? There is an Episode Waiting for Me. No. Bring the mouse pointer back and read. Now we have a reasonably secure password, how should we save it? It's time to activate the last trap card in the article: you must know something about before continuing. If you don't know, roll the dice with disadvantage and try again later. There are a few reasons why you should encrypt a password before saving it. hashes The most important is that if an attacker has access to the database, he will not have the passwords available immediately. Therefore, even if a large part is compromised, he will not be able to access the accounts and their respective data. Finally, let's turn the potentially suspicious password into a nightmare for spy decoders: worthy_password = hashlib.sha256((password + salt).encode()).hexdigest() Stay strong, life won't wait for you. We are finishing. In the end, God made another list. One about the completed tasks. He (or us) had a username, a for this user and an encrypted password. We saved this separately, as the class allowed us. We saved the salt so that, in an attempt to login, we add it to the password entered exactly as we did at creation and check if the hashes are identical. If they are, the password is correct and we will have no complications for the next few minutes. Or until the user forgets the password again, whichever comes first. "salt" User So, we're done. Now we understand, now we get it. Now all the pieces fit together and we feel stupid for not having noticed before how the gears turn and the world rotates. Below is the complete code, organized in a manager ready to be tested. For more drops of Patagonian wisdom - or excerpts of guessing - access the on . Prometheus Prototype Telegram hashlib secrets string self.username = user
        self.passwd = passwd
        self.salt = salt self.users = []
        self.passwd_characteres = string.ascii_letters
        self.passwd_numbers = string.digits
        self.passwd_special = string.punctuation input( ) input( ) user self.users: user.username == new_username:
                print( ) : len(passwd) < :
                print( ) counter = i passwd: i self.passwd_characteres:
                    counter += counter < :
                print( ) counter = i passwd: i self.passwd_numbers:
                    counter += counter < :
                print( ) counter = i passwd: i self.passwd_special:
                    counter += counter < :
                print( ) salt = secrets.token_urlsafe( )
        encripted_passwd = hashlib.sha256((passwd + salt).encode()).hexdigest() (encripted_passwd, salt) :
            user = input( ) self.check_username(user): :
            passwd = input( ) self.check_passwd(passwd):
                pass_pack = self.protect_passwd(passwd) new_user = User(user, pass_pack[ ], pass_pack[ ])
        self.users.append(new_user)
        print( ) manager = Manager()
manager.create_new_user() print( )
print( + manager.users[ ].username)
print( + manager.users[ ].passwd)
print( + manager.users[ ].salt)
print( )
input( ) # ================================================================== # # The **basics** of how to save a reasonably secure username and # password. # ================================================================== # #  DEPENDENCIES # ================================================================== # import import import # ================================================================== # #  USER CLASS # ================================================================== # : class User : def __init__ (self, user, passwd, salt) # ================================================================== # #  MANAGER CLASS # ================================================================== # : class Manager : def __init__ (self) : def input_username (self) """ Gets the Username """ return "Enter your user name: " : def input_passwd (self) """ Gets the Password """ return "Enter your user name: " : def check_username (self, new_username) """ Check if is a valid Username """ for in if "This username already exists." return True return False : def check_passwd (self, passwd) """ Check if is a valid password """ while True # Check Size if 14 "This password is too short." break # Check Ascii Letters 0 for in if in 1 if 6 "Your password need at last six (6) characteres." break # Check Digits 0 for in if in 1 if 6 "Your password need at last six (6) digits." break # Check Special Characteres 0 for in if in 1 if 2 "Your password need at last two (2) special characteres." break # The password has passed! return True : def protect_passwd (self, passwd) """ Encrypt the password before save it. """ 32 return : def create_new_user (self) """ Create a new user. """ while True "Type your username: " if not break while True "Type your password: " if break # Well done! 0 1 "\nWellcome to this database!" # ================================================================== # # We're done here. To load the user safely, simply add the 'salt' # saved in the profile to the password entered at the time of login. # ================================================================== # # TESTING: # Let's see: "\n" "User name: " 0 "Saved password: " 0 "This-user salt: " 0 "\n" "Press anything to quit."

Saving Passwords with Relative Security [A Guide for Dummies]

Since the creation of the , and its virtual currency Ether came to compete with bitcoin, the technology behind it, the blockchain, is attracting increasing interest. Presented as a true revolution in the field of development, it is still in its infancy. Although it seems difficult to estimate its potentialities, it seems destined to play a big role in the future. Ethereum protocol in 2015 Developed by programmer , the enables the creation of decentralized applications across a number of extremely diverse domains. This technology is mainly known today for its use as cryptographic currency, the second largest in the world. However, many other applications are already envisaged. Vitalik Buterin Ethereum blockchain For developers, the blockchain is a complex and feature-rich database technology. Very young, it asks to be better controlled and to mature to give her full potential. Because of its advantages (the blockchain is secure, impossible to falsify and destroy, and freely available for free), it is now an Eldorado for developers. We’re going to see where this technology is at a global scale, where it’s a great for developers, but also what are its main benefits and how to take advantage of them. Finally, we will focus on the future of the blockchain, considering how this innovative technology could evolve over the next few years. opportunity for technical jobs It means that a will grow rapidly in the upcoming years. The demand for hiring the freelance community which has the cryptocurrency expertise will increase in the coming years. The job postings related to cryptocurrency will be multifaceted in the economy and it will help the individuals to make a lot of money. There are many individuals who are already using more than one way to generate a decent amount of income with the help of . career in blockchain cryptocurrency jobs The current situation of the blockchain If one can consider that the birth of the blockchain goes back to the creation of the bitcoin in 2008, this one began to be massively used only with the emergence of the Ethereum. Its capitalization has increased considerably in what years to exceed the current 15 billion euros. At present, the blockchain goes beyond the scope of digital currency and other applications are under study. Companies are trying to understand the . This technology could indeed constitute the basic architecture for the applications of tomorrow: it is, therefore, a major stake in many sectors of activity. Its main flaw is its complexity, which makes it accessible only to a few developers. true potential of the blockchain The Ether is gradually overtaking the cadre of the initiates to be known also to the general public. Cryptocurrency is more and more traded and has generated many publications in recent years. It is used as a means of payment in certain establishments as well as in various artistic events. Based on peer-to-peer and blockchain, there are now 796 virtual currencies in circulation, although most of them have an only marginal use. Internet sites like , are home to businesses that recognize both bitcoin and Ether. Showroomprive and Expedia accept bitcoins The Ethereum blockchain stands out from bitcoin by the concept of “intelligent contracts” which allows triggering the most varied applications, especially between connected objects. The possibilities seem endless for developers who will manage to master the subtleties of this emerging technology. All sectors, from marketing to energy, are concerned by these opportunities. One of the problems of the is to be little known to the general public yet. Ether, like all cryptocurrencies, remains very volatile as well. The decentralized applications available today can be slow and contain bugs that are hard to fix. Despite these shortcomings, this technology is considered to be the current great innovation and could become widespread in the future. chain of blocks New job opportunities in the blockchain Given the importance that the could take in the coming years, developers specialized in the field will become extremely sought after. In 2016, there was a ten-fold increase in on search engines. In 2017, the offers should be much more numerous. technology of the blockchain blockchain job openings The most represented sectors are telecommunications, banking, and insurance, followed by consulting and industry. With 157 job offers counted against only 15 in 2015, we can see how far the chain of blocks has gone in the space of a year. The evolution curve has been constantly rising throughout 2016 and should continue as well. Having become a rare commodity, are already sought after in the job market. This trend is likely to increase in the coming months and years. Start-ups wishing to create decentralized applications via the blockchain are the first generators of jobs in this field. Many opportunities are already being seized in the sector. blockchain developers Companies are also looking for specialists to position themselves among the first to benefit from this technology. Telecommunications companies are the most interested. Groups like Atos, Orange or Safran are looking for new . The banking and insurance companies are not left out, the chain of blocks offering real guarantees in terms of security. blockchain developers The listed offers show that the profiles sought are those of engineers proficient in English and several computer languages (C ++, Java, Python). They mainly concern R & D missions as well as market and feasibility studies. For developers, this is a brand-new sector that is expanding rapidly, offering significantly increased opportunities in recent months. The future for blockchain developers Rich in multiple applications, the chain of blocks is, in the general opinion, the essential technology for years to come. For developers, it seems to be a particularly promising field of work, as evidenced by the increase in job offers posted in this area. Revolutionary from a technical point of view, the still uncertain. blockchain has a future It is not possible to know now how this technology and virtual currencies based on it will evolve. This is a complex technology that requires high-level skills, even for seasoned developers. Decentralized applications are still slow and development costs can be significant. One can think thus that the is not a technology arrived at maturity for the moment. For businesses, it is an attractive bet, but not a guarantee. Many companies will certainly seek to recruit specialists in the field for their research and development sector. Start-ups based on the blockchain will probably have more difficult to break through. chain of blocks The shines especially through the many areas in which it can be used. A wide variety of decentralized applications have already emerged: UjoMusic for the distribution of copyrights, Transactive Grid for the purchase and sale of energy credits, Filecoin for the rental of storage space, Initial Coin Offering for fundraising, etc. chain of blocks at the heart of this technology are now essential for developers to master. These self-running, self-running programs are full of potential applications in both the private and public sectors. Banks could use them to avoid the risk of fraud, where governments could use it to organize tax collection, for example. Smart contracts The certainly needs to improve to reach a wider audience. The technology is still too intuitive for users and raises questions about security. Nevertheless, the spectacular rise in specialized job offers in this sector shows that it is closely monitored by the private sector as public. Ethereum protocol The blockchain represents a particularly interesting opportunity for engineers and developers. The prospect of creating decentralized applications of a new kind is today the spearhead of many start-ups. Finally, given the revolutionary nature of this technology, it is a safe bet that still unsuspected projects using the in the coming years, offering new job opportunities. chain of blocks will emerge

Blockchain: Revolution and Technical Job Opportunities

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A 31-years old Indonesian, named Clerkclirk, bought a virtual penthouse for $36,000 and sold it just two days later for more than triple of the original price. Another investor in real estate in the metaverse, Armando Aguilar, proudly said, “My metaverse backyard is appreciating more than my real estate.” Aguilar’s virtual land in the Sandbox metaverse platform its original value. surged 1,400 times To replicate the aforementioned success, more and more businesses and private investors buy land in the metaverse. If you are considering purchasing virtual property and benefiting from , you are probably asking yourself a set of questions: How to buy virtual real estate in the metaverse? Is it safe? How to choose the right spot? And how much will it cost? metaverse software development services Keep reading, and hopefully, this will help you make your decision. What is metaverse real estate? Metaverse real estate are parcels of land or commercial and residential buildings that exist in a virtual world. On that land, you can create all types of property — from advertising billboards to commercial districts and headquarters of companies that exist in real life. In the simplest sense, the metaverse real estate objects are pixels on your computer screen. But they are also programmable spaces on different platforms where people can socialize, sell non-fungible tokens (NFTs), play games, advertise their products and services, and even attend business meetings via 3D avatars. This is how Janine Yorio, CEO of Republic Realm, metaverse real estate in New Rules of Business podcast, “Metaverse real estate is an NFT. They are a JPEG or [digital file that] points to a specific file that is logged on the blockchain, which is this ledger that tracks who owns [each asset]. Much the same way that if you bought land in a town, you'd go to the town hall and open a drawer to find your deed. Instead, you're looking at the blockchain.” explained Since Facebook rebranded itself as Meta, in 2021, the value of real estate in the metaverse market has increased significantly, and it is predicted to continue rising at a from 2022 to 2028. CAGR of 31.2% How to buy real estate in the metaverse? To buy virtual land in the metaverse, you first need to get hold of cryptocurrency. Some metaverse platforms provide their own coinage. For example, Sandbox trades its native cryptocurrency SAND, and Decentraland uses MANA. Sometimes, general-purpose cryptocurrencies, such as Ethereum, work as well. Even though the land is virtual, it is secured with a very real thing, NFTs. When someone purchases real estate in the metaverse, this transaction is recorded on the blockchain, and the corresponding NFT transfers into the buyer’s digital wallet. and wallets are rather popular. Metamask Binance You can buy virtual properties directly from your platform of choice, or you can benefit from third-party resellers, such as , a platform that allows owners to list their property and buyers to negotiate the price. nonfungible.com Metaverse real estate prices Real estate in the metaverse costs are skyrocketing. Take, for instance, Decentraland. When the platform held its first auction in December 2017, it sold parcels of land for . By 2021, the cost of this commodity catapulted to $6,000, and it kept increasing to reach $15,000 by the start of 2022. Virtual land on the Sandbox, another metaverse platform, grew by . $20 each 15,000% in 2021 Prices of virtual land plots can vary significantly based on their size, platform, and location. You can get a small parcel in Somnium Space , while a lavish plot on Decentraland would cost you . for $6,362 $2.4 million When you prepare for metaverse real estate investing, don’t forget about all the accompanying expenses. Besides the parcel’s price, you are likely to pay processing fees, which can amount to 5% of the land price, in addition to gas fees for Ethereum-based projects. Also, some metaverse platforms require you to trade in their native cryptocurrency. If you don’t have those, be prepared to exchange one currency for another with all the losses that this transaction entails. Metaverse real estate platforms There are four commonly used metaverse platforms – The Sandbox, Decentraland, Cryptovoxels, and Somnium Space. The first two offer a well-established infrastructure and feature celebrities as landlords and tenants. The Sandbox is particularly popular with celebrities. According to Yat Siu, Co-founder of Aminoca Brands, the owner of the Sandbox, "What makes Sandbox land valuable is not the fact that they're blocky pieces of land. It's the fact that the most influential people in the space are building on it." This list includes Paris Hilton and Snoop Dogg, who owns a mansion and throws parties. The four platforms together offer varying in size. Below you can find a brief description of every platform, and a graph representing sales for a one-month period. The graphs for all four platforms are constructed for the same timeline, so that you can compare them for profitability. 268,645 parcels of land Sandbox https://www.youtube.com/watch?v=ltwH9RjGdxc With 166,464 parcels, 96 x 96 meters each, this metaverse real estate platform owns approximately 62% of the entire market. It has its cryptocurrency – i.e., SAND — and it uses the Ethereum blockchain. The Sandbox leans towards gamification. It supplies users with tools to craft items and even create their own games. The platform consists of three integrated products: This is a powerful 3D voxel modeling and NFT creation package, which allows participants to build and animate objects, such as humans, animals, tools, etc. Created items can be exported into the Sandbox marketplace to represent game assets. VoxEdit. This is the marketplace where users can upload and sell their VoxEdit creations. All items are first uploaded to the IPFS network for storage and are registered on a blockchain to prove ownership. Afterwards, items become assets and can be exhibited and sold in the marketplace. Marketplace. It allows users to develop games for free with the help of visual scripting tools. Game Maker. Participants can generate revenue by creating assets and games, and by buying and renting land. The Sandbox secured over 50 partnerships with renowned companies and brands, such as Atari and Dapper Labs. Decentraland https://www.youtube.com/watch?v=-HmXrOTEmxg Decentraland contains 90,601 parcels of land 16 x 16 meter each, and the whole metaverse is divided into several districts. This real estate in the metaverse platform is built on the Ethereum blockchain and is entirely user-owned, allowing the participants to create avatars, marketplaces, and virtual settings. It offers its native cryptocurrency, MANA, which can be easily purchased through popular crypto exchanges. There are two ways to create digital content on Decentraland: is a drag-and-drop visual tool. Users have access to a large number of pre-made items, including interactive items that react to players’ feedback. It is also possible to import custom models. The Builder supports writing code, which gives great flexibility for creating items and scenes The SDK Participants can generate revenue by creating and selling items, but also by advertising and offering paid experiences to other users. Cryptovoxels https://www.youtube.com/watch?v=PMAkpeyWGWA This real estate in the metaverse platform is also powered by the Ethereum blockchain. It offers 6,554 land plots with an average price of , but some premium locations can sell for as much as $10,000. $5,000 per lot Users can buy land parcels and create storefronts, art galleries, theaters, and mazes. Visually, this game looks like a combination of Minecraft and Facebook. Users build blocks and then customize their design by adding text, images, and audio files. Participants can make money by selling their avatars, unique usernames, and NFT items, as well as reselling virtual land. One innovative feature of this platform is supporting VR headsets, such as Oculus Rift and HTC Vive. Somnium Space https://www.youtube.com/watch?v=OzmSpC6cP3M This metaverse real estate platform contains 5,026 parcels of land that can come in three different sizes: small, medium, and extra-large. One can buy small parcels for , while large plots can cost up to $43,000. $2,000 to $4,000 Somnium Space offers an immersive VR experience and can be accessed through a laptop or a mobile device. It offers a software development kit to support users in the creation and customization of their own avatars and property. The platform’s cooperation with the Polygon network allows participants to transfer their assets in and out Somnium Space to reduce fees. This metaverse platform allows users to tokenize their avatars, land, wearables, vehicles, tickets etc. using the Ethereum blockchain and has no stakes in their earnings. In addition to monetizing items, property owners can sell teleportation hubs and organize treasure hunts. Why invest in the metaverse real estate? Generally speaking, . There are several reasons to purchase land and other real estate objects in the metaverse: metaverse technology presents many opportunities for business leaders Buy and sell when the property appreciates in value Conduct business by selling advertising spots, hosting events, collecting rent, etc. For example, to host an event, you can simply rent a concert hall or another space, create and sell tickets, and create NFT merchandise to monetize at your event Have fun with the property and use it to socialize, express your personality, and demonstrate digital collectibles Even though the real estate in the metaverse market fairs rather well at the moment, there is no guarantee that prices will keep going up. There are several risks associated with this type of investment: This market lacks regulations. If the seller acts in bad faith, the buyer’s opportunities for seeking restitution are limited. Virtual land’s valuation. In the real world, land is a finite resource, and it increases in value as more people show desire for ownership. However, virtual land is infinite in theory. Metaverse platforms are enforcing artificial scarcity by limiting the number of land plots they sell. But if all is sold and the demand remains, nothing prevents those platforms from programming more land plots. Potential technology-associated risks. The trade occurs in cryptocurrency, and the proof of ownership is stored as an NFT. If the buyer forgets their password or otherwise fails to authenticate, the ownership right will be compromised. Also, if your metaverse platform goes offline, the property disappears. Technological advances, such as quantum computing, can, in theory, render today’s cryptographic security methods obsolete. How to choose the right spot to invest in Study the performance metrics of the selected metaverse platforms, such as the number of users interacting on each platform and the type of companies conducting business in this virtual reality After settling upon one metaverse platform, carefully consider the location of your prospective land. Parcels around famous brands and celebrities are fetching premium prices. Check out the price history at your metaverse real estate of choice to see how much it has appreciated or depreciated over time Examples of real estate in the metaverse , purchased land worth $4.3 million from the Sandbox. The company decided to develop 100 islands on the property with their own villas and boat market. Ninety of them were sold on the first day for $15,000 each, and some owners are listing their acquisitions for resale for over $100,000. Republic Realm Another large transaction comes from a crypto investor Tokens.com who acquired virtual property on Decentraland . The land is located in the Fashion Street area, and the company is planning to host digital fashion shows with brands such as Dolce & Gabbana and Tommy Hilfiger. As Tokens.com CEO, Andrew Kiguel , “We don’t want to sell the land, we want to continue buying land.” for $2.4 million said Property development companies also don’t want to stay behind and try to harness this new technology to gain competitive advantage. For instance, Magnolia Quality Development Corporation (MQDC), a leading international property developer, teamed up with Accenture . Visit Malaisirirat, Chief Executive at MQDC said, "This approach has made us a technological pioneer to bring sustainable well-being to people and society in an era of digital transformation." to create a virtual real estate metaverse According to Mr. Malaisirirat, the collaboration with Accenture focuses on providing MQDC’s customers with experience beyond imagination, opening opportunities for clients interested in the metaverse in the context of property development, and simply offering a space that connects virtual and real worlds, allowing people to have a hybrid experience. Other activities include: Warner Music is planning on at its property in the Sandbox hosting concerts Barbados decided to in the metaverse open its embassy An anonymous user has recently to acquire a land parcel in the Snoopverse – a metaverse owned by Snoop Dogg paid $450,000 Real estate in the metaverse: market trends and predictions Real estate in the metaverse sales amounted to and already exceeded $85 million in January, 2022 alone. Going at this pace, this market could reach $1 billion by the end of 2022. $501 million in 2021 Big companies, such as Meta, Nvidia, and Microsoft, are betting on the metaverse to become the next generation of the Internet. If this materializes, real estate in the metaverse will offer many opportunities for businesses and influencers to build new audiences, create and market new products and services. This excitement is supported by Accenture’s recent survey, which shows that questioned by the consultancy report that metaverse will be beneficial for their business, with 42% believing this technology will have a transformational impact. 71% of global executives However, there are factors that work against the metaverse. The Quarterly NFT Market Report shows that NFT sales volume in the metaverse is still rather modest in comparison to other NFT segments. Additionally, some audiences, especially the older generation, doubt that the metaverse will live up to its promises. For example, Edward Castronova, Professor of Media at Indiana University, , “The Metaverse is El Dorado for internet startups. They chase it into the jungle and die.” believes Andrew Kiguel, CEO at Tokens.com, a digital assets company based in Canada, replies to this by saying, “The problem a lot of people have is that there are generations that have a difficult time attributing value to things that are digital, that you can’t hold and that don’t have weight.” Deloitte, also concerned with the future of the metaverse, recently saying that the future of this technology depends on four factors: published a report Standardization: will there be a unified economy across metaverse platforms together with consistent design and programming standards? Market fragmentation: will different platforms serve different use cases, or will they compete for the same customers? User interface: will the platforms offer intuitive interface and seamless user experience? Governance: will there be strong government regulations to ensure secure transactions and prevent fraud, or will every platform have to implement their own rules? There is no reliable way to determine whether your real estate in the metaverse platform of choice will survive in the future. But it is safe to say that if this platform has an engaged and loyal community, its chances of flourishing are higher. So, if you decide to purchase virtual land in the metaverse, you can try organizing community events or building something interesting that people would want to be around. Thinking about investing in real estate in the metaverse? ITRex experts will help you select the metaverse platform that satisfies your needs. Then you, together, will build real estate 3D models and implement the business logic behind your custom solution. Get in touch!

Real Estate in the Metaverse: Market Trends, Opportunities, and Tips

This article is proudly written in partnership with Khalid Howladar , Dr. Farukh Habib , and Deniz Dalkilic August 15, 1971 Richard Nixon made a fateful announcement: Putting an end to the , meaning, that the U.S. would no longer officially convert its dollars for gold. This effectively meant, . Bretton Woods System "Trust the value of our currency and our promise to pay you" This unilateral breaking of the subsequently made the value of other pegged fiat currencies linked to the value of unbacked US dollars. This move established the dominance of US dollars as the global reserve currency ever since and made fiat the monetary standard for all sovereigns. ‘Gold Standard’ Until the of 2008 brought unprecedented ruin and highlighted the flaws of excessive capitalism compounded by an absence of ethics and socially misaligned incentive structures, the capitalist economic model was considered a successful example. financial crisis Widespread economic displacement, millions of job losses, trillions of dollars of new indebtedness, the list of damages could go on. The government's solution was to socialize the losses created by the crisis despite the fact that the gains had been privatized by the select elites. We don’t need economic theory or financial charts to show why this is a red flag, such dominance is highly undesirable from a global economic stability perspective. Here comes the monetary savior, the rise of blockchain and Bitcoin. No one knows who he is or was, where he came from, and why he started the movement that would bring winds of change transforming and disrupting industries, forever. The so-called Satoshi Nakomoto has so many myths the list is staggering. We let you explore it and pick the one that you think is close to you. here Jokes aside, his was the seed that created Bitcoin, the world's first widely used digital cryptocurrency based on what we now call blockchain. now-famous whitepaper A pure peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. This e-cash would be recognized by members of the community as having value and therefore meriting use as a medium of exchange and similar to fiat (real-world) currency. As shown in the White paper: Community is one of the essential components that made Bitcoin mass adoption possible along with its for scarcity and keeping it as a long-term store of value rather than just currency. limited supply of 21 million coins creating roo m In less than a decade, institutional adoption of cryptocurrency continues, more and more banks are offering crypto services, some of them include among others, and that made the top of tabloids recently. Wirex, Revolut, Monaize, National Bank Of Canada, Goldman Sachs, Barclays El Salvador`s latest move to  Break its USD Dependency The number of public companies that are taking positions in bitcoin is simply staggering. Today bitcoin is simply one of the rock stars in the investment industry and one of the most valued digital currencies that keep. It took a little more than a decade to get viral and deeply integrate into the DNA of netizens making it now unstoppable, unbreakable and unapologetically a  challenge to the central banking system and their abused fiat currencies. cryptonians The Rise of Smart Contracts, Ethereum, and the Evolution of the Industry. In his , Ethereum`s argued to bitcoin core developers that Bitcoin and blockchain technology could benefit from other applications besides money and needed a more robust language for application development that could lead to attaching real-world assets, such as stocks and property, to the blockchain, eventually increasing possibilities of removing intermediaries and making smart contracts the norm for transaction execution. white paper Vitalik Buterin In a nutshell, Smart contracts allow you to autonomously conduct transactions without human intervention (or error) and perform several tasks. To give some examples: Government Voting System Smart contracts provide a secure environment making the voting system less susceptible to manipulation. Votes using smart contracts would be ledger-protected, which is extremely difficult to decode. Healthcare Blockchain can store the encoded health records of patients with a private key. Only specific individuals would be granted access to the records for privacy concerns. Similarly, research can be conducted confidentially and securely using smart contracts. Supply Chain Traditionally, supply chains suffer due to paper-based systems where forms pass through multiple channels to get approvals. The laborious process increases the risk of fraud and loss. The same may apply when purchasing a house, car or any other item. Smart Contracts enabled the creation of an entire ecosystem of developers across the world to build their making Ethereum one of the widely used platforms to build products on, to this day. DApps  (Decentralized Applications) The first person who suggested the idea of smart contracts was , but practical implementation of the idea was ostensibly carried out by Buterin and the other creators of Ethereum. Nick Szabo Like Bitcoin, Ethereum smart contracts run on a public distributed network of computers. Everybody can see the execution and results. The more complex way to look at smart contracts is in their use cases. You may refer to the video below for more information. Literally anyone today could jump and start developing their smart contracts, commercializing them, and developing tribes, that's exactly what had happened during the era of ICO—  a type of project funding using cryptocurrencies. . Ethereum raised money with a token sale in 2014, raising 3,700 BTC in its first 12 hours, equal to approximately $2.3 million at the time The industry did not limit itself to ICOs. Other forms of fundraising such as EDI and IEO came to fruition offering various options both for investors and startups to benefit and bring value to the industry. Ethereum remains the dominant pioneer in the industry and remains the best chain for many enthusiasts. Other notable players include all of which have a similar mission and yet different approaches in deploying smart contracts and designing architecture. EOS, Solana, Binance Smart Chain, Polkadot, Cardano, Cosmos After 500 years of CeFi   a new paradigm emerges - enter DeFi Fintech products and services have drastically improved financial/banking experience and user interfaces but fundamentally, the role of technology is restricted to being a better facilitator of the old world network of financial system transactions. DeFi is a game-changer however. It places new technology at the front and center of the financial services industry to build a new system from the ground up. Done correctly it will allow true peer-to-peer transactions for a more socially impactful economy. What are the Advantages of DeFi? DeFi is a financial system that can offer services without any centralized institution sitting between transactions creating friction and charging higher rents to users. But wait, what exactly is DeFI? With DeFi, the markets are always open and there are no centralized authorities who can arbitrarily block payments or deny you access - the DeFI communities through various protocols and tokens can provide most of the financial products needed. Transactions settle automatically and immutably on a blockchain – essentially a digital ledger of transactions that is distributed across a network of computers – rather than through a bank database or network. Whereas banks hold your money, DeFi turns this arrangement on its head by re-conceiving financial services via decentralized software applications that operate without ever taking custody of user funds. To give some examples, imagine you want to borrow US$10,000. You first need some assets or money already in the bank in the form of collateral. Bank staff will review your finances, set an interest rate for the repayment of your loan, then you get the loan, pay interest, in case of failure, your collaterals or other assets will be taken away from you. Everything depends on the bank: It sits in the middle of the process and controls your money often with poor service and high fees. Even with Fintech pioneers such as Chime, Affirm or Robinhood, banks still occupy the same intermediary role. That raises the cost of credit and limits borrower flexibility. Want a DeFi loan? You can get one instantly by simply putting cryptocurrency up as collateral. This creates a “smart contract” that finds your money from other people in the community who made their pool of funds available on the blockchain. No bank loan officer is necessary. The comparison provided below is one of the great examples to celebrate and support DeFi. DeFi gave birth to some of the best projects around such as Compound, Yearn Finance, Uniswap, MakerDao, Curve Finance, Sushiswap, Aave and dozens of others that can be found making DeFi the darling of the Financial industry. here Today there are already many DeFI projects. In fact, according to there are 200+ officially registered DeFi projects and there is one more? Why? DeFi Prime The Need for Ethics and the Birth of MRHB DeFi Unfortunately for the cryptoverse ethics and DeFi don't usually go together. Caveat Emptor (buyer beware!) is the law of the land and scams or frauds known as 'rugpulls' are common. Even beyond criminality, the volatility and risk is very high - not for the faint-hearted. This keeps out many people - excluding them from the new el Dorado of cryptoassets. Making ѕеnѕе of all recent developments in cryptoverse is tough for newbies. Indeed only a very small handful of реорlе seem to understand the big picture, while for others everything is bаrеlу соmрrеhеnѕіblе, furthermore, complexities and manipulation of markets allowing well crafted and experienced ones to make a quick buck at the expense of the less informed population. Marhaba was created to assist the excluded communities, help them make sense of DeFi and provide a crypto 'safe space' for new participants. The founders are fully aligned with long-term community prosperity and success.  Initially, some centralization is necessary but later more autonomous DeFi is the aspiration. Marhaba simply offers a new 21st-century DeFi implementation of an older, ethical, and moral approach to finance. While religion and cryptoverse don't seem to mix, bringing in some of the older universal ethics (especially around indebtedness and usury) around social justice and equitable opportunities resonates strongly with the mood of millenials and Gen Z who no longer aspire to a neoliberal or Orwellian world to live in. Marhaba’s ambition is to build an entire trusted DeFi ecosystem that focuses on building an ethical, inclusive, and simple halal ecosystem, and nothing can detail our vision better than a well-detailed white paper that can be found here.

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