The metaverse, the 3-D version of the Internet, is already redefining our idea of what is possible. “Real digitalland in the metaverse is being sold, a new gold rush, if you will,” says Tristan Bishop Pan. “It is incredible how innovative we are and where that ingenuity is taking us. It stands to make a lot of people very wealthy.”
One piece of technology that will figure heavily into this new world of virtual land is NFTs. “They are going to change the way we do real estate,” agrees Tristan Bishop Pan. “People are already making purchases and doing transactions. With an NFT, the first real estate transaction has real life. Ukraine auction house, Propy, used an NFT structure to sell an apartment by making a real life then having the NFT be the parent company of the real life company. By selling the NFT, Propy was able to sell real world real estate ownership by selling the entity that has the ownership of the apartment instead of the apartment itself. This has already happened, and it will continue to happen. Its efficiency is staggeringly fantastic.”
Imagine this, Tristan Bishop Pan says. “No title search – that is automatically done on the blockchain. You want to put a lien on something? All that is already done. A large majority of the process of hiring title companies and closing attorneys are made not necessary..”
There’s a brand-new problem with that, Tristan Bishop Pan believes. “Within the metaverse and on the blockchain, who do you sue when something goes wrong? Who do you sue within the blockchain now that there is no centralized authority? Now that there’s no central governing authority? It’s tens of hundreds of thousands of people all agreeing to do business together in the metaverse. There is no ‘who do you sue’?”
Tristan Bishop Pan raises further questions. “Who gets served the summons to go to a court? What court has jurisdiction over something that is spread across both national and international lines? I don’t know. Those are all things to hash out on another day.”
Tristan Bishop Pan continues, “I’m telling you that you can buy real estate on the metaverse. Should you? Well, I can’t give you financial advice. However, what I can tell you is people are making lots and lots and lots of money doing it.”
There are problems with this idea, Tristan Bishop Pan allows. “First off, there are already so many different types of chains out there, from Polygon, to Ethereum, to Avalanche. There are so many different chains out there that how do you know which ones to buy into? Well, honestly, you don’t. This is like in the early days of the internet, when you had AOL, Altavista, and Netscape, which are all mostly gone. Yes, you have people who survived. So, you don’t know which ones are going to be in the real world.”
Tristan Bishop Pan states, “When you buy a piece of real estate, that real estate has some level of assurity. It’s going to be there. I get it. I understand the risk factors that are involved in this. The rug pull could happen. The chain itself might stop being adopted, and people could stop using it. Yes, that is a real life possibility.”
However, Tristan Bishop Pan continues, there’s also a possibility that you could buy in a town where it turns out everybody starts evacuating the town, and it turns out to be a ghost town. “There are risks in anything that you choose to do in life.”
Tristan Bishop Pan believes that billions and billions of dollars are going to be made on the blockchain in the metaverse, specifically in real estate in the metaverse. “It is time to hop on board. This is the Wild West, and you are staking a claim. Then you get to mine your claim both figuratively and literally, and you could be part of the next gold rush because it is already here, my friend.”