So today we're going to talk about the Metaverse.
We're going to talk about what it is, what it will be.
With respect to real estate and the pros and cons,
so metaverse is lots of things, but here's what I've learned so far.
And so bear with me one.
It's a collective virtual shared space based on blockchain technology.
And for those of you guys
that know the web right now is based on a lot of centralized
platforms, and blockchain technology is now in metaverse,
and it can connect all of these social platforms.
And that's why Facebook is investing
$10 billion into this technology right now.
So the missing link with blockchain technology is identity.
So identity is one of the key ingredients to metaverse.
What will metaverse be?
Well, certainly I'm going to get to real estate in a minute.
But what Facebook is doing is they're going all in
and they have a five year timeframe to actually change
the name of their company and convert completely over to metaverse.
So it's something that you really need to watch.
So why would Facebook do this?
Because he's taking a centralized platform and connecting it to a virtual world.
So if you guys are confused like I was when I first started looking at this,
here's what one of the better explanations that I found it's
you and your avatar interacting with others in a digital environment.
Just go to the Facebook website, Medha, and you can kind of see more
and more information.
But you guys need to watch this technology because it's all moving this direction
and all the big players are there, including Microsoft.
And I guess Mark Zuckerberg really likes my be infinite logo.
It's important before I go into the next piece that I am
not advocating that you invest in meta real estate.
I'm simply just trying to understand it like you.
But what blows my mind is you can now be a landlord in metaverse
and you could actually buy real estate right now virtually.
In fact, in November, a company sold a track of virtual real estate
for about 2.5 million and cryptocurrency.
But this is not for the faint of heart.
You guys need to do your research before you jump in.
So here are three steps on how you can look at buying land in meta real estate.
The first thing is is you need to get a digital wallet,
and if you don't know what that is,
you should probably stop right here in this world.
You need cryptocurrency.
So if you're not a player in this world,
it's going to be really hard for you to do.
The two biggest companies right now are Decentraland and Sandbox.
Sandbox, of course, is where Snoop Dogg's Snoop first is actually being hosted.
Once you've opened that digital wallet, you now
have a few options on being able to buy real estate or buying land.
You can one buy directly on the Metaverse platform, like through Decentraland
or Sandbox, or you can go through a third party platform called OpenSea.
one thing that's really important here,
guys, is that every cryptocurrency has its own value independent of others,
so you really need to be careful on what you're paying for this stuff.
OK, the third step
this actually might be the easiest part for real estate in the real world.
This is the hardest process, the closing that is not the case
in digital real estate.
Once you find a parcel, all you have to do is click on it and buy it.
Couple of things here, though appraisals, they do not exist in metaverse.
Once the process is done, a transaction is recorded on your wallet
and it generates an NFT or non-fungible token
title to the property, which is exclusive just to you.
Now, it's important to know that I'm looking into this too,
because I really do believe
that this
is going to be a heck of an opportunity, but I don't fully understand it yet.
So now to the pros and cons, there certainly is not exclusive,
but I summarize the ones that I'm concerned about the first one.
It's the Wild Wild West, the social media experience,
as you know it today is going to be dramatically better, which is why
Facebook and some of these other companies are investing billions of dollars.
There's going to be a lot of new
opportunities, just like in the days when we saw bitcoin rise up.
And of course, lastly, I think it's going to be a lot of fun
to be able to be in a virtual world and check things out.
Now the Con, there's privacy issues, and if you're going
to put your stuff out there and get your own avatar,
this thing is completely unregulated right now.
Just like there's a lot of fraud and default in the cryptocurrency world,
this has the potential
to have the same kind of issues, of course, that all leads to cybercrime.
Like it or not, there are people out there.
They're going to prey on other people.
So you really need to be careful.
Of course, the last thing is this the addiction factor.
I think a lot of people already are not in touch with reality.
And of course, this is just going to make it worse.
So be careful before you take the next step
with your money or somebody else's money and buy real estate in.
Out of Earth, because I guarantee you it's definitely going to happen
with or without you.