{"id":2890,"date":"2023-04-04T10:00:00","date_gmt":"2023-04-04T14:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2890"},"modified":"2024-04-25T23:18:08","modified_gmt":"2024-04-26T03:18:08","slug":"the-new-york-times-tours-the-metaverse","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-new-york-times-tours-the-metaverse\/","title":{"rendered":"The New York Times Tours the Metaverse"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"314\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/04\/new-york-times-explores-the-metavers-1024x314.jpg\" alt=\"\" class=\"wp-image-2891\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/04\/new-york-times-explores-the-metavers-1024x314.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/04\/new-york-times-explores-the-metavers-300x92.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/04\/new-york-times-explores-the-metavers-768x235.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/04\/new-york-times-explores-the-metavers-1536x470.jpg 1536w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/04\/new-york-times-explores-the-metavers-2048x627.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u201cThe Next Hot Housing Market Is Out of This World,\u201d announces <em>The New York Times.<\/em> \u201cIt\u2019s in the Metaverse.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.deeds.com\/articles\/taking-the-real-out-of-real-estate\/\">The metaverse<\/a> is an online landscape, which people visit using their own digital twins. Metaverse real estate deals, says the <em>Times<\/em> in its recent article, happen on the blockchain \u2014 a \u201cdigitally distributed public ledger that eliminates the need for a third party like a bank.\u201d<\/p>\n\n\n\n<p>And <a href=\"https:\/\/www.nytimes.com\/2023\/02\/19\/realestate\/metaverse-vr-housing-market.html\" target=\"_blank\" rel=\"noreferrer noopener\"><em>The New York Times<\/em><\/a> says other-worldly real estate markets stand to gain strongly in the years ahead.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Seven Bedrooms and a Green Gorilla?<\/h2>\n\n\n\n<p>Gabe Sierra, a construction pro, has a new listing. A seven-bedroom mansion with a pool in Miami.<\/p>\n\n\n\n<p>But there\u2019s more. A digital twin of the home, for one thing. And a giant, green gorilla that climbs the Miami skyscrapers \u2014 or rather, their replicas in the metaverse.<\/p>\n\n\n\n<p>The virtual land cost $10,000. It\u2019s in The Sandbox Metaverse<sup>TM<\/sup>, trademarked by Pixowl Mobile Games Studio. The Sandbox came on the scene early, and has solid metaverse street cred.<\/p>\n\n\n\n<p>Sierra worked with Voxel Architects to create the home for the newly purchased, internet-based plot. Voxel has a knack for creating 3-D and augmented-reality homes. Sierra\u2019s virtual mansion, Meta Residence One, would become part of a $10 million listing, together with the posh Miami mansion that\u2019s its real-life double.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Zuckerberg and Snoop Dogg Walk Into a Bar\u2026<\/h2>\n\n\n\n<p>Snoop Dogg is one of the best-known residents of The Sandbox. To get a prime location near the Snoopverse, a buyer paid nearly half a million for a piece of virtual real estate. Funny how that works. As in the real world, people want the most prestigious areas. Prices quickly rise where the action is.<\/p>\n\n\n\n<p>The Sandbox has its own shopping districts, too. Record labels and sportswear companies have designed virtual places to see and be seen, to hold festivals, to host corporate meetings, and, of course, to sell merch.<\/p>\n\n\n\n<p>Mark Zuckerberg changed Facebook\u2019s name to Meta to show off the social media company\u2019s metaverse ambitions. It was just the latest signal. According to <a href=\"https:\/\/www.voxelarchitects.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Voxel<\/a>:<\/p>\n\n\n\n<p><em>In the coming years, not having a Metaverse strategy will be equivalent to not having a website nowadays.<\/em><\/p>\n\n\n\n<p>Staking a claim to metaverse real estate, then, is no joke. In the Sandbox, virtual real estate investors are <a href=\"https:\/\/www.sandbox.game\/en\/nft-lands\/\" target=\"_blank\" rel=\"noreferrer noopener\">buying<\/a>, renting out, and selling their metaverse residences.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Virtual Investments, Real Profits<\/h2>\n\n\n\n<p>Some metaverse projects have mapped the actual Earth. This enables people to buy places on a map that correspond to places they love, but could never buy in the real world.<\/p>\n\n\n\n<p><em>The New York Times<\/em> mentions an investor who owns various parts of a virtual Detroit in a metaverse known as Upland. But here\u2019s the kicker. After beginning to resell virtual Detroit land last year, this investor is reporting a 10% return.<\/p>\n\n\n\n<p>The <em>Times <\/em>talked to Mike O\u2019Brien, head of Web3 and Digital Assets for Ernst &amp; Young. O\u2019Brien says investors do not face traditional property taxes in metaverse worlds.<\/p>\n\n\n\n<p>That noted, digital real estate transactions involve cryptocurrencies (like ether, the coin of the Ethereum blockchain) as the key form of payment. And there are taxes on cryptocurrency gains during conversion to U.S. dollars. So aspiring metaverse investors should map out expected taxes before designing any green gorillas or snapping up land near the virtual Motown Museum.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Developers Are Now Making Model Homes in the Metaverse<\/h2>\n\n\n\n<p>If all of the above sounds just a bit too fanciful for your tastes, consider what might just be the most practical real estate use case for the metaverse era. Actual building companies are creating digital models of the homes and developments they\u2019re bringing to market.<\/p>\n\n\n\n<p>KB Home is a major U.S. developer. This year, it\u2019s open for business in the metaverse world called Decentraland.<\/p>\n\n\n\n<p>Home shoppers can tour the virtual models and use online tools to put the finishing touches on their future homes.<\/p>\n\n\n\n<p>As <em>The New York Times <\/em>put it: \u201cKB Home Buyers can swap out everything from countertop materials to overall architectural style.\u201d<\/p>\n\n\n\n<p>For real-world real estate companies, working in the metaverse is just the next step in the evolution of virtual home tours.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Debra Kamin for <em>The New York Times<\/em>: <a href=\"https:\/\/www.nytimes.com\/2023\/02\/19\/realestate\/metaverse-vr-housing-market.html\" target=\"_blank\" rel=\"noreferrer noopener\">The Next Hot Housing Market Is Out of This World. It\u2019s in the Metaverse<\/a> (Feb. 19, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/www.pexels.com\/photo\/modern-styled-house-with-overviewing-swimming-pool-2034335\/\">Konstantinos <\/a><a href=\"https:\/\/www.pexels.com\/photo\/modern-styled-house-with-overviewing-swimming-pool-2034335\/\" target=\"_blank\" rel=\"noreferrer noopener\">Eleftheriadis<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cThe Next Hot Housing Market Is Out of This World,\u201d announces The New York Times. \u201cIt\u2019s in the Metaverse.\u201d The metaverse is an online landscape, which people visit using their own digital twins. Metaverse real estate deals, says the Times in its recent article, happen on the blockchain \u2014 a \u201cdigitally distributed public ledger that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85],"tags":[],"class_list":["post-2890","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The New York Times Tours the Metaverse - Deeds.com<\/title>\n<meta name=\"description\" content=\"\u201cThe Next Hot Housing Market Is Out of This World,\u201d announces The New York Times. \u201cIt\u2019s in the Metaverse.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/the-new-york-times-tours-the-metaverse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The New York Times Tours the Metaverse - 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