Discover Why Real Estate Investors Are Going Crazy Over Virtual Lands

September 16, 2019

The future is once again knocking on our doors, and this time it comes in the form of virtual real estate.

Virtual real estate has finally become a thing, and people are forking out thousands on virtual pieces of land.

Imagine owning high-demand real estate. You can picture it to be however you want it to be: pristine, untouched, and spacious.

A plot of land that you can call your own. A couple of thousand square feet of untouched soil, trees and all, where you can let your imagination run wild.

Augmented reality-based apps like OVR, makes it possible for users provided with a mobile device or smart glasses to live interactive augmented reality experiences customized in the real world. A world with limited land that can be owned, build on or even rent.

A dream come true, right? Well, sort of. This is “virtual real estate”, and this quick overview should give you an idea as to why real estate agents and investors are going crazy over it. Don´t worry, there´s more to come.

Ray Kurzweil has predicted that, in a matter of years, physical workplaces will be a thing of the past, replaced by virtual ones. By 2020, augmented reality is predicted to rake in an estimated $162 billion in revenue. So, naturally, if there’s real estate to be had (even if it’s virtual), people will pop up to buy and sell it.

During this article, we´ll give you more reasons as to why real estate investors and agents are going crazy over virtual lands, the opportunities and how you can get involved.

All this innovation is powered by augmented reality and blockchain, and OVR is unleashing the full potential of virtual real estate, by allowing investors and agents to start building and monetize what could be become a real estate empire.

In real estate, augmented reality allows buyers and sellers a new way to experience properties and improve customer experience, filling any gap in imagination that has been void.

This technology is now bigger than virtual reality and is becoming a critical part of the real estate industry. In real estate, the digital technology of augmented reality allows users to see their surrounding world through a screen but with an extra layer of interactive information inserted into the vision — think self-guided tour and property walkthroughs.

Augmented reality has also the ability to provide key information, including amenities, tenant industries, and vacancies, about commercial properties surrounding a given location using geo-positioning and image detection.

OVR aims at providing a single free augmented reality tool that allows you to live 3D quality experience contextualized in the surrounding environment.

GPS-based augmented reality has become very accessible with the use of smartphones. When it comes to virtual staging, augmented reality goes beyond with the capability to stage a property with specific details that are unique to the potential buyer.

The OVR app also aims at making the users live various AR experiences depending on where they are. For this reason, the app uses the GPS device data to track the user’s geographical position. This is possible thanks to a new positioning technique we are implementing.

For example, if a buyer is looking at a commercial space for a restaurant, augmented reality staging can create a “digital restaurant” within that space enabling the potential buyer to envision the potential space. Another great example is a company using augmented reality to see how much product they can fit into a particular part of a warehouse.

Decentralized AR platforms, like OVR, also liberate users from the usual constraints imposed by virtual world developers. In OVR, the community has complete control over OVRLands and OVRExperiences.

Blockchain ensures that the trade of virtual properties becomes fair and secure.

Today’s modern AR platforms leverage emerging technologies such as blockchain to make virtual property ownership and trade more secure. Our augmented reality platform OVR, for example, uses blockchain to identify and designate ownership of OVRLands in its virtual world.

OVR is unstoppable because once implemented in the blockchain, no one will have the power to change the software rules, the OVRLand contents, and the crypto token economy.

Because of the various possible applications of AR, virtual real estate can now function similarly to real-world properties that they can be sold, leased, and used for virtual activities. Blockchain helps formalize the market for these virtual properties.

Within OVR, The OVROwners can sell or rent their OVRLands at any time using the marketplace features. The OVRLands are sold or rent with the existing OVRExperience.

For some people, new innovations like AR are a synonym of money-making opportunities, and virtual real estate is not the exception.

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. For example, virtual arenas in sports games have banners and displays showcasing sports brands. Marketers pay game developers top dollar for their brands to be showcased on these spaces.

OVROwners would be able to use their properties for similar purposes.

With OVR, you can generate passive income from your OVRLands by collecting fees from publishers who want to use your OVRLand for distributing their contents. OVR provides a new way of conveying brand contents thanks to the world-scale experience of augmented reality.

The selection of the experience present on the OVRLand and the promotion aimed at bringing more visitors increases the potential resale value.

The concept of virtual real estate flipping is fairly new but it’s an exciting space full of money to be made for virtual real estate investors that are brave enough to explore.

OVR makes it possible for users provided with a mobile device or smart glasses to live interactive augmented reality experiences customized in the real world. A world with limited land that can be owned, build on or even rent.

Just like real estate in the real world but with the added dimension of being virtual.

In OVR the entire planet is virtually subdivided into hexes of the 300m2 areas and the OVRLands represent the single unit.

The OVRLand can be initially purchased on the OVR Marketplace through an ascending price auction. More details will be provided in due time.

The OVROwners can sell or rent their OVRLands at any time using the marketplace features. The OVRLands are sold or rent with the existing OVRExperience.

While you may not be interested in spending money on virtual real estate, there are hundreds of thousands who play online video games and would jump at an opportunity like this one.

This is the case with Ailin Graef, the first virtual millionaire, who came to control 36 square kilometers of virtual land, worth over a million in real dollars. Chung’s empire started with small virtual real estate purchases.

Her virtual real estate success gave birth to a real company staffed with 20 to 25 employees.