Respectfully, he stressed that there are two types of metaverses, centralized and decentralized: “The former depend on a company, private servers, the money invested by both users (buying within the metaverse) and investors on its platform remains for its owners, decisions are made solely by their creators. Example the case of Meta (ex Facebook)”.
“The seconds start depending on their creators and over time users and investors through the tokens have decision-making power, the servers are public or hybrid and run on public blockchains” he highlighted and regarding the differences and similarities he described: “You can carry out the same activities in both, the difference is that in the first you do not own anything and in the second you do, that allows you to decide whether to sell, rent or save the skins, skills, elements that you win, which are in format NFT“.
scope spoke with Giovanni Caroglio, CEO and creator of CriptoCountrywho explained how the real estate market works behind a metaverse immersed in the blockchain: “This is the first 3D real estate game developed for LATAM. It is a development, carried out under Blockchain technology, in which it operates with the use of NFTs. To be a Kryptonian, investors have to buy their land or lots. There, they will be able to access the continent that belongs to the metaverse of the Thron world, a universe that houses the modality of a 3D game, in which players and investors will interact.
CryptoCountry has 30 cities, each of them with different capitalization characteristics. Investors will have access to the purchase of NFT packages with furniture, trees, fantastic animals and many other elements, to put inside the land and set their houses. The objective is for each property to increase its value and position in the platform’s marketplace, in order to later be able to operate and market with other users.
In this regard, Giovanni Caroglio described the options offered by this metaverse: “For those who have their savings capital, they can invest it and for those who are in the gamer world, they can play. It is a digital game where there are two parties, the investor, who buys his land, and the player who interacts and increases the value of that property. The business will always depend on two parties. This is a novelty, since there are investors who do not want to play, and there are players who do not need to invest, but rather play by mining NFT, obtaining a profit every month that can range from US$200 to US$3,000. s5000″.
The Legal Aspects of Buying Land in the Metaverse
Camila Da Silva Tabares, a member of Untitled SLC in the Corporate & funds area, gave her opinion on whether or not there is a legal gap in the purchase of virtual land: “More than a gap, there is a gap. We must understand that these platforms, like everything that is created and/or established there, is essentially governed by the terms and conditions that they establish, that would be “the law” of each metaverse, and it is difficult to speak of a jurisdiction and applicable law of a certain State, and it is more difficult to talk about a summons to trial and / or execution of a sentence, especially in decentralized metaverses “.
When asked if the current legislation takes these operations into account, Da Silva Tabares assured that “it takes them into account as operations on intangible assets, not as real estate, nor does it grant the rights of pursuit of the thing or other rights to which we are accustomed when we speak of real rights, nor does it require a formality as is the case of the public deed in the traditional market.
As for tips to keep in mind, he reported: “Essentially, that pay special attention to the terms and conditions of the platforms you wish to enter, both to acquire properties and to create/issue/own any type of asset on it, since they could be surprised as to who really owns the rights to said creations. Second, pay special attention to How will you protect this type of assets? and what will happen to them in case of death”.