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Why People Won’t Stop Talking About Virtual Real Estate

November 13, 2020

As we count down to the Initial Bonding Curve Offering (IBCO) modelled public token sale on 30 November, we are receiving a lot of interest in the virtual real estate aspect of the OVR augmented reality world.

So in this blog post, we discuss that very topic — what virtual real estate is, the potential of the growing market and the future prospects and, more importantly, how you can finally enter into the market as a participant easily with OVR.

Virtual land grabs: the scramble for space goes digital

Real estate, which, in the physical world industry, refers to property consisting of land and the buildings on it, has historically been proven to be a long-term appreciative market — depending on location, and political and economic landscape.

In larger urban areas, however, some people find that they are priced out by the increasingly high cost of real estate — but many are now moving to the digital world, where real estate is booming as people buy up land and property existing in the virtual realm.

One of the early companies creating this opportunity is Decentraland, which has created a virtual city called Genesis City, which is supposed to be about the size of Washington D.C. in the USA. A piece of virtual land roughly the size of 1,100 square feet, for example, sold for as much as $200,000 even in 2018, according to Bloomberg.

More recently, this year, it set a record of selling $1 million in land plots in just ten days, proving that the rush for new virtual land is becoming even more popular with investors, especially given that the original buyers are able to flip their property (sell it on) to others at a much higher price.

Digital Currency Group COO Mark Murphy said: “We believe it’s inevitable that people will spend a significant amount of time in virtual worlds.”

Business Insider puts the 2020 expected revenue of virtual reality (VR) and augmented reality (AR) markets — which is where most virtual real estate is being built — at $162 billion, and this market is expected to grow every year as more technology becomes available to the consumer at cheaper prices.

Why choose OVR to participate in virtual real estate?

Unlike most other types of virtual real estate that have been popular in the past, what OVR offers to people is tied to the actual world that we live in. This means, instead of virtual and alternate worlds, OVR’s digital realm actually exists on another layer on top of our real world.

This means that the land in OVR is limited, in fact, we have divided the entire known world’s map into  1,660,954,464,112 pieces of OVRLands (each divisible into 7 hexagons for an even more precise location). Unlike other virtual real estate built in virtual realms where you basically can just expand land to a limitless number OVRLand is scarce!

And on each of these hexagons, called OVRLand, you can bid to buy it. Yes, that means, you can actually buy the actual house you own or live in, or buy up the entire street around it, or even the entire neighborhood if you so choose! What’s more, on each of these pieces of digital land, you can build whatever you want later on, or put your own digital content. Anyone who uses OVR to then navigate to these pieces of land will also see the new content that you’ve created there.

The possibilities are endless. Maybe you prefer your house painted a different color every day. Or maybe you want to show off your art and place it on that mall you like. If you want, you can even buy up a famous landmark and decorate it the way you would have wanted, as if you’re the architect and designer — and everyone who goes there can see it! 

This is what we call the spatial web — a space on top of the existing reality you already live and breathe in. 

Want to earn from it? Sell your spaces to other bidders, or rent out the space for advertising or others who might want to use your space to organize events.

OVRLand tokens is a non-fungible token based on the ERC-721 standard, meaning that each piece of land is unique, along with its digital assets OVRExperiences, the superimposed reality

seen with an AR-enabled mobile device or a smart glass. Sounds interesting? You bet it is! OVR is having a public token sale, for you to buy OVR tokens, which is the currency used to bid on land auctions and rent spaces. Sign up now!