Ellen Britt for CNT #NFT
There are clear signs that virtual commercial real estate residing in the metaverse is going to have a huge role for the foreseeable future. We’ve already reported that Swivel, the Austin Texas-based firm, by all reports making the pivot from designing real-world corporate offices to bringing their talents to virtual commercial real estate clients.
And we got you up to speed on what JP Morgan Chase is doing with their opening of a swanky new office in the metaverse’s Metajuku mall.
First To Market
Plus we told you about the real estate firm Propy, who just completed the sale, by auction, of a home in Tampa, Florida sold as an NFT.
Making Their Move
But now there’s news that Tokens.com, in a move last fall, sent a letter of intent to purchase a 50 percent stake in a real estate portfolio. Not just any portfolio mind you, but a digital one owned by Metaverse Group.
REITs Explained
A REIT, if you are unfamiliar with the term, stands for real estate investment trust. A REIT, in the real world, is a company that owns, operates, or finances income-producing properties. This type of structure allows the average person to invest in properties the very same what they would invest in other industries and that is through the purchase of stock. The company plans to offer the first REIT to the public in 2022 or 2023, making it the first digital REIT for real estate.
Chompin’
And we also know that Meta, formerly Facebook, as well as Microsoft, are chomping at the bit to get in on this action as well, not to mention the soon-to-launch Mint City Places. As they say, you ain’t seen nothing yet!
