Ellen Britt for CNT #NFT
Although there are obvious differences between owning real-world and virtual real estate, such as not being able to actually inhabit your virtual house in the metaverse with your physical body, there are other differences you need to keep in mind.
One – Particular Uses
Ok so you can’t actually live in the metaverse (at least not yet!) but you can use it for socializing, shopping, attending virtual events, or even opening up a business there. On the other hand, real estate of some sort in the real world, whether you own it or rent it, is necessary for the majority of people to live, as the metaverse is not.
Two – No Centralized Command
In the real world, if you purchase a parcel of real estate, the deed gets recorded at the county courthouse. In the metaverse, yes, your ownership is recorded on the blockchain, but if you were to lose access to your cryptocurrency wallet, there is no county clerk to ask for help.
Three – Limited Land But Unlimited Platforms
Sure, there is a theoretical limit to how much physical real estate there is, but we aren’t likely to bump into a hard limit anytime soon. In the metaverse, land is purposefully limited to build in scarcity, but that doesn’t mean you can’t hop to another metaverse platform and buy more.
Four – A Metaverse Platform Could Vanish
Your piece of vacant land somewhere in Tennessee or elsewhere is not likely to disappear, barring the appearance of an unexpected sinkhole. But these virtual metaverse platforms are new and they could vanish due to funding troubles or other problems, along with your holdings. That’s a risk that anyone takes in making a purchase in the metaverse.
Five – No Zoning Codes Or Building Inspections
In the metaverse, you are allowed to build what you choose, depending on the design and construction capabilities of the platform you are using. No cranky inspectors or building permits are required!