In conventional societies, real estate is one of the most reliable forms of investment. In such cases, owning landed property is regarded as a fundamental achievement of grown-up due to reasons such as shelter, security and revenue generation, as the case may be.
Mirroring this structure in the virtual reality (VR) ecosystem, virtual lands can serve predominantly as an important revenue source and technically an element of security for their owners.
The potency of Virtual Reality
Still in its early stages, virtual existence is gradually, but continuously becoming a fundamental aspect of human existence. These days, almost everything happens in the cyberspace first, before finding tangible expression. Hence, the virtual allocation of real estate that is powered by Decentraland would eventually represent the legality of ownership of property within a short period of time, especially in choice areas where the pioneer society is finding base.
VR real estate ownership allows users to have full control over the content of their land and keep all the proceeds from the value they generate for other users. Landowners can publish any content onto their lands, without requiring third party approval. Potential land content ranges from static 3D content to interactive systems such as games and virtual shops.
A purpose-built landscape
The landscape is purpose designed in such a manner that specific kinds of traffic are channeled towards areas that contain related products and services, this implies that on the other hand, landowners will naturally be furnished with traffic that suits their kind of products and services. In doing so, content creators will establish a network that will allow them to own and capture the full value of their contributions.
Unlike web domains that are not connected and work independently to establish themselves and attract traffic, parcels do not exist independently. Any new parcel is located adjacent to an existing one. This creates a continuing social community where values can be shared seamlessly and effectively. Therefore, traffic and other resources are easily localized and sharable, introducing a cost-effective system as users may not need extreme measures in driving traffic or searching out services. Saving costs, in its own is a form of reward.
“Adjacency allows for spatial discovery of new content and the creation of districts devoted to a special topic or theme. While each web domain can have an unlimited number of hyperlinks to other content, parcels in Decentraland have a fixed amount of adjacencies. Additionally, the content of adjacent parcels can be seen from a distance. For content creators, the establishment of districts provides access to targeted traffic; for end users, it enables discovery of themed experiences. Users can travel through neighborhoods and interact with applications that they stumble upon.”
VR believers claim that there are several revenue opportunities within the use cases, depending on an individual’s area of expertise. These opportunities include:
The scripting language on the platform allows the development of applications, games, gambling, and dynamic 3D scenes. This scripting language will be designed to handle a wide range of capabilities, including creating objects, loading textures, handling physics, encoding user interactions, sounds, payments, and external calls, among others.
Users will gather around neighborhoods of shared interest. Being located near high-traffic hubs will drive users to the landowners’ content.
Brands may advertise using billboards near, or in, high-traffic land parcels to promote their products, services, and events. Some neighborhoods may become virtual versions of Times Square in New York City. Additionally, brands may position products and create shared experiences to engage with their audience.
Users are expected to publish, distribute, and collect rare digital assets issued on the blockchain by their creators. Just as it occurs today in other virtual worlds or through online forums, these digital assets will be traded inside this world through the scripting system and be backed by the aforementioned naming system.
Groups that currently gather in online forums, chat groups, or even other centralized multiplayer games could port their communities VR spaces. Offline communities could also find therein a space to gather.
Other use cases:
There are no technical specifications to what could be built on the platform. Therefore, other use cases could emerge, such as training and professional development, education, therapy, 3D design, and virtual tourism, among others.
As the Genesis City auction launches in December 2017, it is an opportunity for investors at every level to key into this automatic vehicle of revenue generation. Talk about making money while you sleep. Like tangible real estate, owning a parcel in virtual reality positions any individual for an automated source of revenue that is motivated by emerging technology.