2022 saw the explosive debut of ChatGPT, sparking topical discussions across industries. Innovative technologies such as artificial intelligence (AI), blockchain, and the metaverse are beginning to shape ‘real’ businesses, including commercial real estate development.
In order to explore a wide range of real estate possibilities, gin daily We launched the NEXTech Roundtable on April 27th in partnership with leading real estate firm Jones Lang LaSalle (JLL) and Web3/Metaverse brand consultancy LABS3.io. This virtual discussion focused on the impact of Web3 and Metaverse technologies on commercial real estate and the opportunities they present. bring industry.
This webinar featured a conversation between Vincent Wong, Director of Operations at LABS3.io, and three panelists. Simon Chen, founder and CEO of architectural firm X_Lab and metaverse architectural firm Mortise_Labs. and Sandy Jin, Founder and CEO of Metaverse Platform Vland. They shared their insights and predictions on digital trends in the commercial real estate sector, with a focus on virtual building design and social interaction in the metaverse.
It is here gin dailyTop four takeaways from the roundtable.
Artificial Intelligence, Blockchain and Metaverse are Changing the Landscape of Commercial Real Estate
The rise of AI-generated content (AIGC) programs such as Midjourney and ChatGPT has raised concerns that AI will replace human labor. Nonetheless, when it comes to architectural design, Chen opined that his AI now works more as a tool to assist designers. Due to the limitations of coding, the architect profession will not disappear in the future, but will instead morph into the role of AI coding.
Regarding the virtual service platform, Jin surmised that customers were interested in the role of non-player characters in games (NPCs) in the Metaverse, based on customer and market feedback.
“Traditionally, keeping a space operational for a long period of time required user interaction, and doing this with a real human would incur a certain cost,” Jin explains. “But with the help of AI, NPCs can take on the role of customer service and guides, so those costs can be significantly reduced.”
Mr Wong concludes:
COVID-19 Pandemic Accelerates Adoption of Virtual Technology
The pandemic has fueled the progress of startups such as VLand and Mortise Labs. In the post-pandemic era, many companies are adopting a hybrid work model that combines virtual and physical spaces due to the advantages of virtual space such as low cost and environmental friendliness. What is the role of physical space today in this context and why is it still needed?
“Today’s workplace is no longer just a place to type and build presentation decks. It is a social space – a place where employees communicate and interact with each other. Therefore, only companies that put their employees first will be able to attract more talent.”
“Today’s workplace is no longer just a place to type and build presentation decks. It is a social space – a place where employees communicate and interact with each other. ”
As for commercial real estate, given the lagging real estate industry, Lou said: Adapting to today’s diverse customer demands is an urgent issue facing the commercial real estate sector. ” By using new technologies such as image recognition, By shortening product design cycles, the real estate industry can look forward to more efficient solutions to meet the specific needs of different consumers in the future.
Virtual technology informs more valuable use of physical space
Due to technical constraints, users still have to rely on hardware devices to facilitate interaction between the virtual and real worlds. Also, live streaming is primarily used to bridge online and offline experiences, as there is currently no low-cost usage scenario. Nonetheless, virtual technology has already brought substantial benefits to commercial real estate.
According to Jin, virtual spaces can better capture user movements than physical spaces, such as the time users spend in an area, the content they browse, and other interactive actions, and provide valuable data to clients. can be provided to
Wong said that while the metaverse is commonly believed to equate to the virtual world, it’s not a space, it’s an era when barriers between online and offline disappear. “When e-commerce first took off, many believed it meant the end of physical stores. because it offers more than just a place to buy products.”
In fact, with the advent of e-commerce and the internet, businesses are paying more attention to physical locations, creating engaging experiences that engage consumers.
The future of virtual commercial facilities depends on content construction
Actual housing prices are determined by scarcity of land resources. In contrast, in a virtual world with seemingly infinite resources, how would you value virtual real estate? is based on the ability to generate , which is a scarce and limited resource.
In essence, property developers privatize limited resources and layer commercial value on top of it. The virtual world’s so-called real estate developers are, as Lou saw, a different breed than their real-world counterparts. “I don’t think property developers in the traditional sense will become Metaverse property developers. Their business behavior will not change. Only the role will change.”
Following Lou’s argument, Jin offered another perspective, suggesting that future virtual world real estate developers will likely be game or content companies. Online computing power may be limited, but it’s still much cheaper than real-world land. In essence, it has relatively unlimited capacity, or at least a means of lowering expansion costs. That’s it.
At the end of the roundtable discussion, participants imagined the impact of the Metaverse on future social ecosystems. “The key to the development of digital technology lies in addressing social issues, easing the burden of life, enriching people’s lives, and transcending the limits of material pursuits,” Chen said.
As AI becomes more prevalent and the barriers to entry for content creation are lowered, Jin predicts mutual change between content creators and consumers in five to ten years. “Users, AI agents, and brands coexist in the metaverse, culminating in a content co-creation ecosystem that fosters collaboration and interconnectivity.”
The continued evolution of Web3 and Metaverse technologies will lead to continued improvements in the development model of the future commercial real estate industry, enabling us to offer more diverse services and experiences to our consumers. This simultaneously broadens the industry’s horizons and creates a wealth of ongoing business opportunities in the market.