How will Web 3.0 Change Building and Real Estate?

When Web 3.0 comes out, it will start a new era of the Internet, which will be helped by blockchain technology. This gives people a whole new way to interact online by letting them use avatars, make virtual objects and characters, buy digital property, and do a lot of other things.

Both Web 3.0 and the metaverse have a huge amount of potential. Today, these technologies are used for more than just games and fun. They could change many fields, such as sales, communication, art, data visualization, education, and more. In the near future, Web 3.0 and the metaverse are most likely to improve virtual real estate and construction. This post will give you information about changes that are coming.

What’s next for “meta estate”?

CNBC says that sales of real estate in the metaverse reached $500 million in 2022, and this number is expected to go through the roof in the years to come. Increasing investments in virtual real estate show that entrepreneurs and regular people are becoming more interested in alternative realities. Users of today are no longer happy to just visit the metaverse as guests. They want to be able to spend their time in comfort, have their own place to work and unwind, and feel good about their future.

Given all of this, it’s becoming as common to buy land, houses, and furniture in the metaverse as it is in the real world. People have been buying skins, avatars, characters, and weapons in games for a long time. The same is true for virtual property. But users don’t play a game; instead, they live real life, just in a different world.

In the virtual world of Cryptovoxels, a view of branded real estate.

For people who are new to blockchain and web3 real estate software development, it may not be clear how real estate is sold in the metaverse and how the right to own it is given to a specific person. To understand this, think about non-fungible token (NFT) markets where you can buy and sell intellectual property, digital art, and other tokens that can’t be exchanged for cash. The same things happen when you buy a meta-real estate.

When you buy a piece of virtual property, you are actually buying a unique piece of code in a chain. If you own this code in the real world, you own whatever item you want in the metaverse. To sell or buy, you will need to make a crypto wallet and make sure that the meta real estate marketplace supports your cryptocurrency. After that, you can go to the platform where land or houses are for sale in the metaverse, just like you would go to an e-commerce marketplace, and choose the product that best fits your needs.

Digital twins and Building Information Modeling (BIM)

When you want to buy a house in the real world, you ask a lot of questions about your goal, including how the house is built. It’s common to look at the building plans, go over the technologies used, and make sure that everyone understands how the features work and that they work as planned. It could take weeks, months, or even years to find a dream house. But web 3.0 and meta development can speed up this process a lot by making shopping better and giving real estate agents better tools.

Digital technologies that let people see how buildings will look with 3D models are already helping the construction industry. Even more, it will be added to this experience by the metaverse. Customers will be able to see not only how the building looks but also how it feels inside, thanks to digital twins and BIM (building information modeling).

Say you liked an apartment, but you weren’t sure if it would be warm in the winter or cool in the summer. The digital twin will help you do this by giving you an accurate idea of how you will feel inside at a certain temperature. It’s important to note that the digital twin is not just a copy of how the building looks; it’s also a copy of the database, technologies, and the whole building experience. It focuses on interaction rather than visualization and tries to show everything about a house.

Digital twin vs. BIM

At the same time, the goal of developing BIM software is to help people with the design and look of an object. BIM is similar to traditional 3D modeling, but it is better because it lets users see the real sizes of the building and walk inside it.

Web 3.0 real estate examples

Decentraland, Ethereum, and BigchainDB are all projects that are already using Web 3.0 and the metaverse. These projects are using the power of blockchain technology to change the way building and real estate are done.

Users can make, share, and sell digital assets in Decentraland, which is a virtual world. There are 90,601 land pieces in the world. The MANA cryptocurrency can be used to buy these plots. Before committing to a purchase, users can look at the land around it, figure out how far it is from known places, and decide if it meets their needs. In Decentraland, you can not only buy land, but you can also rent it. So, you don’t need to buy metaverse property if you only need to host one event, like a conference or an exhibition.

Buying virtual land in the metaverse

Ethereum is a decentralized platform that lets developers make smart contracts and applications that don’t have a single point of control. Millions of transactions are put together into blocks, which are processed by the Ethereum machine. Each block is linked to the one before it. This makes a chain of blocks, which is what blockchain stands for. Ethereum has a lot of technical tools for making smart contracts, which are programs that use mathematical algorithms to control how transactions are carried out. Smart contracts are an important part of building real estate in the metaverse. They write down the terms of the transaction and make sure that everyone does what they have to do.

BigchainDB is a scalable database that lets users store a lot of data without worrying about scaling problems. If you want to build an NFT real estate marketplace or a property management tool in the metaverse, it will take care of safe data recording, storing, and processing, and you won’t have to worry about how the product will work as the project grows.

Where to start with the development of the NFT real estate market?

Web 3.0 and the metaverse will change the way real estate and construction are done and help businesses run their property operations more efficiently. Given that NFT marketplaces are becoming more popular and have a lot of different niches, it’s only a situation of time before there were more real estate platforms with a narrow focus.

Soon, construction companies, real estate agencies, and people who like to run their own businesses will look at NFT technologies and see that they have a lot of room to grow. But if you don’t know much about blockchain, it might be hard to turn a win-win idea into a successful project.