Virtual malls are about to become a reality
Credits: Dassault

Virtual malls are about to become a reality

Metaverse real estate seller Metamall is bringing a virtual mall where you can spend hours, meet your friends and interact with them at a cafe in real-time without bothering about booking a cab or getting out of home. You can even buy or lease a space in the Metamall.

Metamall was co-founded in 2021 by Gianchandani. He is pitched as a virtual real estate developer that helps users buy real estate in the metaverse. The metaverse shopping centre is a platform built on the Solana, a user-generated, blockchain-based virtual world.

Virtual Malls
Credits: Protocol

Before the internet, the mall was the spot for watching movies, hanging out, listening to music, finding love — and an embodiment of all-American consumerism. “The shopping center was Amazon, it was Facebook, it was Tinder, it was Spotify, it was Netflix,” said retail futurist Doug Stephens. “It was the gathering point in the community.”

It’s been tough to transfer that ’80s mall glimmer to the internet. Mainstream online shopping is convenient and practical, but you can’t have a meet-cute or stumble into an arcade while shopping on Amazon. Protocol spoke to experts who agree that online retail is headed toward a more immersive future.

Credits: India Retailing

In other words, a metaverse future: that word we all love that means everything and possibly nothing at all. It’s an “embodied internet”, an ever-present space where we can meet as personalized avatars. The metaverse doesn’t exist yet, but precursors like virtual reality and multiplayer video games do.

Last year we all witnessed the metaverse go from the idea of imagination to tech reality. Though it is not a new term, it gained popularity and became mainstream after Facebook rebranded itself to Meta Platforms Inc. (also recognized as Meta).

In October 2021 to go beyond social media and unlock the new world of the internet. Since then, Metaverse – the convergence of the physical world with virtual and augmented reality has picked up the pace to create disruptions in different economic sectors across the globe.

There is no denial of the fact that Metaverse has captivated the public’s imagination. Despite it being still at a nascent stage, Blockchain is playing a crucial role in the development of a digital economy.

The blockchain that enables the use of cryptocurrency and NFTs (Non-Fungible Tokens) proves to be useful in the ownership and collectability of digitized currencies, value transfer, governance, accessibility and interoperability.

Considering its limitless capabilities, metaverse will provide ample opportunities for businesses of all sizes, thereby, accelerating the growth of major economic sectors including Real Estate.