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Digital Worlds and the Future of Real Estate

By Beni Restea | April 3, 2023

In recent years, several significant technological shifts have occurred in the real estate market. Because virtual land transactions have gained considerable acceptance, technological innovations are altering the real estate business. Because of the rising acceptance of technology, the metaverse is now highly popular worldwide. New virtual worlds are being built at an alarming rate. The testing of business models in these brave new virtual worlds has put everyone in the media spotlight, from huge corporations to innovative entrepreneurs. The fact that people are  building on, using, and buying digital real estate creates new opportunities for the traditional real estate sector in the metaverse.

investing Real Estate

What is Metaverse Real Estate?

What is digital real estate? The term "real estate" in the metaverse refers to virtual buildings and land parcels. The fact that the land in the metaverse is virtual suggests that it lacks physical features. In the metaverse, land parcels are pixels used in virtual reality platforms as programmable spaces. Workplaces, play areas, and meeting rooms can all be constructed on these land parcels. Investors can purchase land plots from various metaverse platforms. Those platforms offer distinctive virtual environments. Each of these stages gives different capabilities. As a result, the entire metaverse is represented by more than one platform. Some of the most well-liked metaverse platforms for real estate developers to invest in include the Sandbox, Decentraland, Metahero, Horizon Worlds, and Celebrity Atlas.

Should you invest in it?

Similar to conventional real estate, properties in the metaverse can be purchased, sold, or developed. the same way as regular real estate. Their owners can rent them out to other people. Traditional real estate's annoyances, such as traveling to find a home and dealing with transactional paperwork, agents, and brokers, do not exist in virtual real estate. Real estate in the Metaverse is much more adaptable. For instance, you can purchase land in the virtual world and build anything you want. Schools, virtual shops, digital art galleries, gaming experiences, or event centers. The Metaverse has risen above past being just a trendy expression. Its dramatic development and conception have hidden the lines between genuine and computer-generated realities. Although other options are available on the market besides The Sandbox. The platform stands out for its early establishment and extensive service offering. It qualifies as the preferred platform for virtual real estate investors looking to try something new.

The Sandbox has received significant funding from prominent investors. This includes Atari and blockchain venture capitalists. $SAND, Atari tokens, and NFTs will be used in a virtual theme park for various purposes, including payments. Atari has already sold over $4 million worth of its land in The Sandbox as an early supporter of the initiative. Celebrities like hip-hop legend Snoop Dogg have also used the platform. Purchasing land in The Sandbox and developing his own virtual assets and experiences. A cost-effective and effective way to invest in virtual real estate is to purchase land in The Sandbox. The funny thing is that buying land in a virtual world doesn't look all that different from buying real property. You must still research the virtual property. Looking at the virtual location, points of interest, and transportation hubs, among other valuable aspects. You cannot zap from one location to another in the metaverse. You need to be close to a hub for teleportation. This is related to the real estate industry's essential location.

How will this impact the future of the real estate market?

real estate construction market going bright

The real estate industry will be forever altered by the metaverse. A persistent, connected virtual universe where we can work, play, learn, and socialize. It will not only alter how real estate agents work and how we buy and sell real-world properties. We will also be able to purchase metaverse land. So let's see how AR and VR are changing the Real Estate Industry. What are the expectations, and how will the metaverse stir up the present reality and virtual property universes? Let’s see how the metaverse is influencing real estate.

Improves sales

For several years, the most effective marketing tactic for selling properties has been home staging. Staged homes sell for 20% more and around 80% faster than non-staged properties. This, though, is not a new concept. Virtual staging is a quicker and less expensive way to achieve identical outcomes. It gives clients a genuine experience, which might help them have a feeling of ownership right away. Clients that attend the tour will be able to see themselves living in that place. More than 90% of prospective home buyers are more likely to get a home if the listing includes an immersive three-dimensional tour.

It saves realtors time and effort

Meeting prospective buyers, showing homes, staging them, and accompanying clients to closings all require a significant amount of time and effort. A virtual tour lets customers view the property on their smartphones or laptops. People who want to know more about the property will call and ask for more details. This can free up the time of real estate agents so they can concentrate on other crucial aspects of their business.

It takes away the major headache of house seeking

Consider eliminating the stress of house shopping. No more driving about, wasting time looking at properties that aren't a good fit, or going through complicated floor plans. This is conceivable in the metaverse since you can look at properties from the comfort of your home. When compared to looking at images or floor plans, virtual tours can help generate a deeper emotional connection. They also help you get a more excellent grasp of the pros and downsides of a particular property.

Provides infinite design possibilities

A home requires overcoming several logistical hurdles. Bringing large pieces of furniture into a property with many sets of stairs or short corridors may be a massive task that only specialists can handle. This may constrain the buyer’s design possibilities. But, with virtual staging, house buyers may pick the furniture that best matches the area. They simply add and customize the arrangement to their liking. Because virtual staging services use digital representations of decor and furniture. Each area has several alternatives. Agents may choose a different staging design for each prospective buyer. This eases personalizing the experience.

Allows realtors to connect with clients more efficiently

AR-enabled mobile apps can aid in more effective customer communication. Clients may visually examine a 360-degree AR model of a specific apartment, home, or property of their specific choice with only a few touches. They may explore, compare and analyze other homes. Real estate agents can readily supplement the virtual teaching of every property feature in much more depth.

Increases brand awareness and reputation

High-quality VR content can help real estate agencies improve client engagement and lead generation. They increase traffic to their websites and social media channels. Real estate listings with virtual tours can get 40% more clicks than those that only use photos. A real estate company will be able to stand out from the competition by providing VR tours since the technology is still in its infancy. Sharing captivating VR content will likely go viral on social media. This will help to increase brand awareness and SEO ranking.

Conclusion

Because of its low cost, simplicity, and time savings, the Metaverse is changing the real estate sector. Real estate firms that have embraced this revolutionary technology have already seen an increase in their ROI. So, why continue with outdated real estate marketing methods that result in customer loss? You should use the power of the Metaverse. Revolutionize your real estate firm and build a good reputation for yourself in the industry.

Beni is very passionate about real estate, finance and traveling, which is the motivating force behind the inspiring topics he writes about for RealEstateAgent.com
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