These startups are changing the metaverse real estate landscape
As virtual land sales gain substantial traction, technological innovations will alter the real estate business. YourStory has curated a list of startups changing the dynamics of metaverse real estate.
Metaverse real estate is the talk of the town!
As virtual land sales gain substantial traction, technological innovations will alter the real estate business.
According to Technavio, the global metaverse real estate market will grow at a CAGR of 61.74 percent to $5.37 billion between 2021-26.
The metaverse real estate replicates real-world situations. The virtual ecosystem integrates technologies, including augmented reality, virtual reality, etc., to create a digital realm where users can engage, play, and converse in the same way they do in real life.
YourStory has curated a list of startups changing the dynamics of metaverse real estate.
MetaMall
Founded in 2021 by Serge Gianchandani, London-based is built on the Solana Blockchain network and provides a first-of-its-kind virtual reality experience on the blockchain.
Users can explore, build, and trade in Metamall’s virtual mall. Its features include a native token MALL for users to own virtual real estate and earn money by advertising, leasing, staking, and developing real estate.
The startup has named all its token holders Metamallers as it aims to serve as a primary centre for crypto enthusiasts of all levels.
Metamall says its users can develop properties using virtual reality (VR) to deliver VR experience and charge people for accessing them. Additionally, mall owners can stake the token for an assured APY return.
FiEx
Singapore-based FiEx, founded in 2021 by Tushar Gandotra and Rajesh Kumar, is an AR-based NFT marketplace that allows users to track and monetise their digital assets on a map.
At present, the startup offers two primary service platforms: the NFT marketplace and a digital asset trading platform.
Additionally, it has two business verticals, FiEx Labs, which encourages entrepreneurs and startups in Web 3, and FiEx Studioz, which is oriented towards business customers. It is launching a $13 million fund to develop metaverse properties.
Under its FieX project District Rubicon, the platform lets users build and manage virtual real estate. District Rubicon is a 200 sq-km building with multiple places to be used by brands for either offices or stores.
PartyNite
Hyderabad-based PartyNite, founded by Rajat Ojha, is a digital parallel universe powered by blockchain, where friends can hang out, create their customisable avatars, join parties, listen to music, sell or buy NFTs, etc.
In March 2022, pop singer Daler Mehndi bought virtual land in the metaverse and named it the ‘Balle Balle Land."
In the same month, antacid brand ENO claimed land within the metaverse with the launch of EnoVerse, where it will host a stand-up comedy festival with comedian Zakir Khan.
On PartyNite, the Telangana government announced the launch of its spacetech framework with ISRO.
In June 2022, Bharti Airtel launched India’s first multiplex Xstream Multiplex on the platform. The 20-screen platform will have access to content portfolios from OTT partners available on the app.
Lapasa
Jaipur-based Lapasa, founded by Alok Joshi and Ashish Agarwal in 2021, is a planned metaverse with real-life use cases, real estate replicas, and digital twins (digital replicas of real-world possessions).
The digital asset-based ecosystem develops a decentralised virtual world with numerous opportunities for content creators, businesses, and consumers.
Lapasa uses realistic 3D rendering technology to give an immersive experience to users. The startup says the users’ land ownership is kept on the blockchain.
Its captures are Fine Art 3D Fame Ready NFTs, which give the owner access to the actual source file. The owner can animate and use it in videos, 3D metaverse, games, and more.
The design concept of Lapasa Metaverse is inspired by cosmic energies. The startup has partnered with Polygon, FalconX, Forward Protocol, and EPNS, among others, for technical infrastructure, liquidity management and advisory, industry partnerships, and community engagement.
Edited by Suman Singh