What comes to your mind when you hear the word, metaverse? For most people, it’s a virtual world similar to the ones they see in Hollywood movies like Ready Player One or Gamer.
However, top global companies are taking cues from metaverse and solving real life hurdles, using technologies like metaverse we associate with.
One of such companies is Bamboo Real Estate and Construction Limited, an arm of the Bamboo Group of companies, the first African real estate company helping investors acquire physical properties from the metaverse.
Recently, Bamboo Real Estate partnered HouseAfrica, a top blockchain-based property record system, to make the process of land ownership seamless and effortless.
Through this partnership, the company’s real estate properties have been mapped on an earthlike metaverse, with each property having a 360 video representation minted on the blockchain as an NFT.
The Founder of HouseAfrica, Mr. Nnamdi Uba, said property owners will receive both the digital representations and certificates of ownership registered and stored on the blockchain as Non-Fungible Tokens (NFTs).
He also added that these NFTs help to transfer property deeds, track the change in property values, and will be used to obtain loans, as HouseAfrica is partnering with big financial institutions to recognize these NFTs as collateral for loans.
Investors can track or verify the authenticity of these properties in the metaverse and view the digital representation virtually from anywhere in the world.
According to the CEO of Bamboo Group, Mr. Oseyomon Ighodaloh, embracing this technology will open more opportunities for their clients worldwide as they aim to solve the issues faced by investors and landowners.
He noted that a larger percentage of their clients have received the innovation with a rush of excitement, while those who aren’t too clear about the importance are being educated on how the technology will help them as real estate investors and owners.
This new technology sets Bamboo Real Estate and Construction Limited as the first African-based real estate company to set foot in the metaverse and most importantly will aid in maximizing opportunities for their clients, both in Nigeria and in the Diaspora.
Source : Vanguard