[2B3D’s recently acquired beachfront estate in the Pavia.io metaverse]
By Robert Bell, CEO of 2B3D
Just as real estate ownership in the physical world gets its value from the utility of one’s own individual space–be it through living, working, renting, profit raising and advertisement, etc.–cyberspace is a territory that can be used for any number of purposes. When we think of cyberspace at its most basic level–let’s consider Facebook profiles, Instagram accounts, YouTube channels, and email accounts–all of these things have one thing in common: they need to exist somewhere in cyberspace, be it on a personal server or at a data center in the middle of a Reno, Nevada opportunity zone. When considering digital real estate, there has never been a moment of more opportunity to invest in this new asset.
To begin talking about digital real estate, we first need to establish a base knowledge of the metaverse and its metaworlds. The metaverse exists as a singular space with endless bounds- a digital alternative to our real-world universe. Within the metaverse, there are metaworlds, and within these worlds, there are limited parcels of land; just as on Earth, scarcity of land, and access to desirable locations, among many other factors, contribute to the demand and consequently the price of each lot.
Think about it this way, remember GeoCities? In many ways that defunct platform, with its neighborhoods, subdivisions, and personal addresses, was a precursor to everything we see online today. It was simple and elegant, if not a particularly long-lived platform; however, few users knew of the intrinsic value and potential inherent in their digital property in the late '90s and early aughts. In 2022, there is no end to the ideas and uses to which cyberspace may be put, and just like real-world land, digital real estate is about location and quantity. Today, entertainers and businesses alike see the potential in virtual land for both pleasure and transacting, and those investing in the land include JPMorgan Chase, Adidas, HSBC, Samsung, and Snoop Dogg.
To scale it back to the individual, let’s consider the Covid-19 pandemic, which saw the overnight transition of most of the physical workspace to a digital interface. While sitting in one's modest studio apartment, inside of a neighborhood, one is also simultaneously occupying online space, which is both real and conceptual. Companies and employers are seeing the benefit of a workspace or office in the Metaverse, where employers work from home in real life but can meet with clients, publish Substack articles, produce podcasts, etc.
The metaverse and digital real estate allow for an existence that isn't restricted to our hypothetical apartment and can take on the appearance of anything; living and working environments will be bound by creativity and imagination. Do you prefer a tasteful and historically accurate townhome with a rotating view of hyper-realistic cities and landscapes or the bridge of a starship? Are your walls adorned with high-resolution images of loved ones and friends or are two and three-dimensional NFT artworks more your style? Obviously, this is the high-end Gibson-esque view of cyberspace we've all become accustomed to in popular culture, but make no mistake, this future is coming and the time to invest is now.
In 2021, virtual land sales surpassed $500 million, and in 2026, it is predicted that 25% of the population will participate in the Metaverse daily, spending a minimum of an hour there, if not more. With the digital economy already estimated at 20-25% of the global economy, all of this leads to investment and consulting groups predicting a multi-trillion dollar market opportunity of – definitely a compelling pitch! Digital investment can be as simple and inexpensive as picking up a handful of domain names for $20 or as spectacular as purchasing a dozen virtual acres for $1 million near Samsung's online property, where much like Times Square, Piccadilly Circus, or Hollywood Boulevard, everyone has a front row seat to your digital advertisements.
While operating in this space, digital real estate brokers have become helpful for investors considering spaces to live, set up a workspace, vacation, etc. Their advice even extends to which metaworld is right for you, based on an understanding of your needs and goals. Just like any other land investment, knowing your community and understanding the needs and goals is key. Leading real estate communities like Sandbox and Cryptovoxels are rapidly gaining traction as we shift into the digital age.
When one transacts property in the digital world, it is also important to understand the process, as the real-world purchase of real estate can be arduous and challenging. In the Metaverse, each plot of land is wholly unique, and due to each property’s specificity, they are typically bought and sold with NFTs. The deed to your property exists as a token and that information is stored as an NFT on the blockchain. As long as your community continues to persist, your investment will be secured by the NFT you own. Metaverse worlds are protected by those invested in them as well as by the currency of it as well. Just as a DAO, the decentralized nature gives no one person complete power; essentially the global nature of whether or not to divest from the deep investment of a metaworld in and of itself will keep your real estate valuable.
Long story short, digital real estate can be as elementary as owning your own blog or as next level as buying several virtual acres in the Metaverse. Consider communities you wish to participate in as that will contribute to the life, persistence, and overall value of your digital real estate.
There is limitless potential in this digital universe- good luck out there!
About Robert Bell Robert Bell is an entrepreneur, investor, and philanthropist who founded 2B3D Inc. in 2020 as an all-in-one gaming studio, non-fungible token mint, auction house, and storage system. Bell’s mission is to push the bounds of virtual, augmented, and mixed reality technologies as a way to help military veterans suffering from post-traumatic stress disorder. Bell’s mission to bring peace and healing to veterans is fueled by play-to-earn games, utility NFTs, and exclusive in-game cryptocurrency within a wider decentralized metaverse. Bell is also the founder and CEO of Bell Medical solutions.
About 2B3D Virtual reality succeeds where video conference calls fail. In 2B3D’s metaverse, military veterans will be able to reach out to mental health professionals using a customized avatar for more personalized online interactions. 2B3D is developing VRx to be more than just a portal to access VR therapy. This is where veterans can rally, regroup, play games, and spend time with friends and family, no matter where they are in the world.