NFTs have become a popular way for people to invest in digital art, video games, and even real-life collectibles. Now you can buy the most expensive properties in Mumbai with NFTs, powered by Next Earth, the BSC-based replica of Earth.
Aptly named “The City of Dreams,” Mumbai is renowned as one of the world’s most exciting cities. It has an urban population of about 22 million people and is situated on the west coast of India. The city has numerous international airports, including Chhatrapati Shivaji International Airport, which is India’s second busiest airport – quite a feat for a country with nearly one and a half billion people.
Mumbai is often overlooked when it comes to traditional real estate, but it actually has the 6th highest number of skyscrapers in the world, which is higher than Seoul and even Singapore. Further, Mumbai’s huge increase in population means more demand for property and an opportunity for investors looking to buy or rent property in this booming area.
All this is now available in the Next Earth metaverse, and you can get your very own piece of Mumbai as an NFT.
Buy Property With NFTs: How It Works
It all starts with a digital replica of Earth on the blockchain, called Next Earth. Each tile on this map represents 10×10 square meters of land.
When an individual invests buys a piece of NFT Real Estate, they receive an ownership stake in the form of an ERC-721 contract, which is registered on the Ethereum blockchain. This allows them to immutably prove that they own a share in that plot, which gives them exclusive rights to it, which could one day include building a virtual house or renting it out to others.
The value of each property depends entirely on how much interest there is for that particular plot of land when you buy it: if no one wants it, then it’s not worth anything. That’s why many invest early on, so they can get their piece before anyone else does.
The Metavers(ion) of Mumbai
Next Earth is a digital representation of the real-world planet, with all the properties and landmasses identical to their real-world counterparts.
Next Earth has two main characteristics that make it special: It is decentralized, meaning anyone can buy and trade virtual land with true self-ownership, and it is NFT-based, which means that your virtual land is provably scarce. The NFTs in Next Earth are called “tiles” because they represent squares on a grid of Earth.
Once minted, they become a non-fungible token (NFT) and are also known as crypto-collectibles – because each one has its own unique set of attributes, just like physical collectibles such as sports cards or trading cards have attributes such as rarity or value. Collectors pay high prices for rare NFTs to add to their collection – what collectors are willing to pay for them determines their value.
Acquiring Iconic Properties
Perhaps the most iconic property of Mumbai is Antilla — Mukesh Ambani’s famous billion-dollar residence. This opulent property is a landmark itself and has been featured on the cover of many magazines and newspapers. With NFTs, you can get a one-of-a-kind copy in the metaverse.
This new way to buy property represents a fun new way for people to invest in real estate using blockchain technology — but how does it compare to buying property in real life? Both crypto and physical real estate have their pros and cons. Buying land digitally is much faster than physically going out there yourself, plus you can do it from anywhere as long as you have an internet connection.
Another famous property is the World One building, which is Mumbai’s tallest completed skyscraper, with an astonishing 76 floors. Mumbai’s Palais Royale, which is still under construction, stands at a whopping 88 floors.
From skyscrapers to the Taj Mahal Palace Hotel, these iconic properties are now all available as NFTs. Just as with their physical property counterparts, these NFTs are one-of-a-kind.
Photo by Renzo D'souza on Unsplash