Owning Part of the Metaverse: Real Estate NFTs
Into the Metaverse
Metaverses can be defined as collective virtual shared spaces and can be used to describe a future iteration of the internet that is made up of persistent, shared, 3D virtual spaces linked into a perceived virtual reality.
As technologies and movements such as augmented reality (AR), non-fungible tokens (NFT), metaverse platforms, decentralized finance (DeFi) and even popular culture take root, a new frontier for online interaction has emerged where owning virtual assets and enjoying a lifestyle with them is no longer the realm of science fiction (ala Ready Player One).
Growing Interest in NFTs
The explosive interest in NFTs in the earlier half of 2021 with the tokenisation of collectibles, both virtual and physical, in the spheres of art, gaming, and sports, is just the tip of the iceberg. Besides NFTs of physical collectibles, people are embracing the purchase and sales of art, fashion, furniture, and even houses and land that exist only virtually as they spend more and more of their time in the virtual world.
NFTs can be thought of as digital collectibles. These cryptographic tokens allow you to truly own a one-of-a-kind or rare digital asset. Each has a unique digital fingerprint that specifies that it is an original item. Prior to NFTs, it was almost impossible to authenticate and “own” digital art or music, since it is so easy to take a screenshot or download a file. NFTs with their unique, unforgeable digital fingerprints, provide provenance, create trust and enhance the value of these digital assets.
You can learn more about the benefits of NFTs from our article ‘Why is NFT advantageous?’.
Is Real Estate the Next NFT Wave?
Mars House, a digital house designed by artist Krista Kim, sold for half a million dollars. A patch of virtual land in the blockchain-based online world Decentraland sold for almost a million dollars. Depending on who you ask, these are either fads that will fade with the hype or it could probably herald the future of real estate.
You could argue that NFTs and real estates are strange bedfellows. You are also probably scratching your head in wonder as to why people are paying real money for virtual property in a simulated world.
That is probably because we are moving into a state where the lines of a virtual world and the physical one are getting blurred. People are spending significant amounts of time in front of their computers, engaging in most day-to-day activities online. The pandemic has also shifted cultures online and online social gatherings are becoming increasingly normalised. It is indeed a when but not if that some of us will live our metaverse alter egos in digital homes and digital spaces.
There is a strong likelihood that virtual real estate will grow in tandem to become the industry it is in the physical world. Vibrant NFT markets for sales and purchases, digital furnishings and appliances, decorative artworks, rentals, and leases, are likely to gain mainstream traction in the foreseeable future. Commercial activities and large-scale events being held in virtual spaces will probably become commonplace occurrences too.
Benefits of NFTs for both Physical and Virtual Real Estate
Once the legal complexities are sorted out and interoperability between blockchains native to the minted NFTs becomes a reality, we will be able to use NFTs to buy buildings, buy the air rights, and buy the virtual rights of any physical or virtual space.
In addition, the peer-to-peer nature of NFTs will minimise the amount of paperwork involved when transacting real estate. After buying a house or land as an NFT, you could also use DeFi to borrow against the NFT, all without any banks or intermediaries and their slow, paper-driven administrative processes, and at a much lower cost as well.
With the tokenisation of property rights, it will also become easier to trade and manage properties. Fractionalisation becomes a possibility too, and the financial barrier to entry to own your first property becomes lowered, making real estate ownership more inclusive and enlarging the overall captive market.
Mars Panda World Land Plots
The Mars Panda Mars Planet Game will feature NFTs on virtual space and property ownership. Players can look forward to owning in-game real estate, land, and being part of the city building and playing a role in the development of a thriving economy — while being rewarded at the same time.
There will be land plots within the planet of Mars that will be available for purchase. These land plots will be in the form of NFTs, segregated into different tiers. MPTs (Mars Panda Tokens) will be used for the purchase of these plots of land. The land plots will have an associated bonus that are given out as MPCs (Mars Panda Credits). These bonuses are awarded on a daily basis. Different tiers of land will enjoy different bonuses. The intrinsic value of the land will be appreciating at a rate proportional to the daily MPC payout. This intrinsic value will be the total MPCs payout. The land-owner is entitled to the ownership of the land for as long as desired.
There will be in-game items, character, buildings, and artefacts NFTs that will boost the bonuses of the land. These NFTs can be earned either from unique in-game events, trading with other players, or purchasing them from Mars Panda’s NFT Marketplace. There will be NFTs of resources such as minerals, gas, precious metals that can be employed to build the city. Characters like Scientists, Engineers, Mystic, and Settlers will be part of the land development. Each land plot will have a specific milestone to achieve that will unlock additional increments in daily credit bonuses. The owner can opt to sell his land back to Mars Panda at its intrinsic value or at an agreed price in the Marketplace.
These land plots can be developed into a cosmopolitan or medieval archaic city, up to the fancy of the land-owners. There will be various NFTs in the game that allow the player to develop the city while increasing their credit bonuses.
These land plots are aimed to deliver an open-world gaming environment that lets the player immerse in the gaming environment. The land can also be utilised as an advertising space to other gamers within the platform, this confers land-owner complete ownership to the land.
NFT for Real World Assets
Mars Panda is currently in discussion with our Thai partners for real-world real estate tokenisation. Stay peeled, as we will release more information soon.
The Mars Panda Advantage
Mars Panda is Headquartered in Singapore, and while trying to best comply to Singapore Regulations, has commissioned an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services, Legatus Global Pte Ltd to be issuing the Mars Panda Token (MPT) as well as doing the KYC/AML during the private sales and distribution of tokens to private investors. Mars Panda is in a unique position and will be one of the few platforms to offer both virtual and real-world real estate NFTs. Join our exciting ecosystem, embark on your NFT adventure and be a part of the future.
The future is now, and the future is Mars Panda.
About Mars Panda
Mars Panda is a complete eco-system which consists of:
• Games, Social Media and Ecommerce Aggregation
• Yield farming DeFi
• Mars Panda game with NFT game elements
• NFT Marketplace
We aim to fuse mainstream eCommerce and Gaming to the crypto world of NFTs and DeFi, on one seamless, unified platform.
Find us at:
Legatus Global Pte Ltd is an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services. Legatus Global is commissioned to handle the issuance of Mars Panda Token (MPT) as well as the KYC/AML during the private sales and distribution of tokens to private investors. Legatus Global is also handling the process for private sales and distribution.