Cryptocurrencies, blockchain, metavers... A revolution to come in real estate?
A few weeks ago, the sale of a 650 m² penthouse with panoramic views of the beaches of Miami, worth nearly 7 million dollars, caused quite a stir. The reason? The property was negotiated between a French seller and an American buyer in... Ethereum, a crypto-currency. While this is not a first (examples have existed since 2009), the multiplication of this type of transaction on the other side of the Atlantic raises questions about a trend that seems inevitable.
Closer to us, two properties were recently sold in Portugal for 4 million Euros, once again in crypto-currency. Some companies are specialising in marketing luxury properties via virtual currencies. Japan has just announced that it will allow transactions with the "safe" Cardona currency. This information is worth noting, given that the Empire of the Rising Sun is very cautious about the use of digital currencies.
Of course, the phenomenon remains marginal in France. Virtual currencies are still very volatile, and the instability of prices and the question of taxation are all issues that have yet to be resolved. However, the growing popularity of crypto-currencies and the announced revolution of the Blockchain in the years to come are likely to profoundly change our habits.
Let's talk about the Blockchain. This little-known technology for storing and transmitting information connected in networks allows its users to share data without intermediaries. As a result, it has many advantages: security of information, fluidity of transactions, which are likely to be faster and more automated. Its detractors will say that it has a significant impact on the environment, that the lack of regulation can create a risky environment, and that it could disrupt entire sectors of our economy. However, in a real estate sector essentially based on the sharing of information (financial, legal, etc.) and the certification of contracts, the added value of its widespread use could be significant.
Finally, in the same vein, how can we not mention another upcoming revolution, that of Metavers. These virtual worlds, accessible via 3D interactions, are quite simply considered to be the future versions of the Internet. Large-scale real estate investments in these virtual reality spaces have multiplied in recent weeks. The French retail giant Carrefour has just bought a plot of virtual land in the digital world of the Sandbox project for 300,000 euros, thus succeeding Walmart and other large American companies; Republic Realm, based in New York, announced at the end of 2021 the purchase of a shopping centre, also on Sandbox, for the record sum of 4.3 million dollars. There is no doubt that the development of Metavers, which is still in its infancy, will have to be closely monitored to confirm or deny a trend that has not finished making headlines.
These different technologies, which are in full expansion, should be watched closely: they will undoubtedly have a significant impact on private property. They could even completely change the way the market operates. To be continued!
