December 2, 2017
Virtual real estate is the perfect storm in the making, and blockchain technology may become its driving force in the 2018 and beyond.
VR is projected to become a $40 billion industry by 2020. Today’s modern VR platforms leverage emerging technologies such as blockchain to make virtual property ownership and trade more secure. Virtual reality platform Decentraland, for example, uses blockchain to identify and designate ownership of land in its virtual world.
Because of the various possible applications of VR, virtual real estate can function similarly to real-world properties that they can be sold, leased, and used for virtual activities. Blockchain could help formalize the market for these virtual properties.
New VR technologies are bringing a resurgence of interest in virtual worlds. Improved headsets now showcase high-resolution display panels that allow for better visuals. Hardware such as tactile gloves can now also offer finer controls and haptic feedback creating more immersive experiences for users.
As an investment opportunity, virtual real estate offers rewards comparable to real-world properties. High traffic areas in virtual worlds are prime locations for commercial use and brand visibility.
Modern VR platforms can even allow for a variety of campaigns that maximize the sensory capabilities of the new hardware. Businesses could create showrooms where customers can see products in 3D and even feel them. The perfect storm is brewing for VR. The improvements in the VR hardware are allowing for richer experiences.
Beyond gaming and virtual exploration, developers on decentralized platforms could even look into creating virtual venues for events such as concerts, shows, and sports. Similar to real-world events, marketers can use these to push brands and even virtual merchandise.