Editor’s Note: For more information on what Metaverse real estate is and how it works, see our previous article,Metaverse Real Estate: Where Virtual Meets Reality“
Many cinematic futuristic predictions about what our technology will look like by 2023 are wrong, but as a society, we’re ready for a fully digital world like the virtual reality (VR) universe in Ready Player One. We are getting closer to living in a world where
VR has grown tremendously over the years, and the “metaverse” — a single universal, immersive virtual world called the next version of the Internet — is the result. Along with land (even virtual), a housing market is emerging and metaverse real estate is becoming more prevalent. This is predicted to be a powerful game changer not only for the virtual world, but also for the real estate industry in the real world.
In his explanation,A Peek into the Future: 10 Things Guaranteed to Change Real EstateCameron Paine, VP of Industry Relations and Head of Brokerage at HouseCanary, shared his thoughts on how Metaverse real estate is upending the industry.
“While no one knows which metaverse will be the future de facto virtual real estate ‘world’, it is a clear fact that virtual real estate will be built, put up for sale, and bought.” said Payne. “Equally inevitable is that buyers of Metaverse real estate will seek professional help to find, evaluate and buy. As such, consider this a call to action to create a new designation for educating professionals in the field.”
Additionally, the National REALTORS® Association 2022 Technology Survey46% of respondents said the metaverse will definitely or likely impact the industry.
That said, meta is still such a new technology that it’s hard to understand and move into that real estate space, and even harder to predict what the future holds.
Here, industry experts share how they got their start in meta real estate, advice for others looking to test the waters, and where they feel the field is headed.
enter the metaverse
The metaverse is still a fairly new technology, but most people don’t necessarily know what the metaverse is, nor do they understand buying and selling assets within it. The few real estate professionals working at the Metaverse advise that whether you have a tech background or not, there are many ways to learn and get started.
Founder and CEO of Propy, a proptech company working in cryptocurrencies, NFTs and the Metaverse, Natalia Karayaneva started her career in the Metaverse through a background in both real estate and technology.
“Before starting Propy, I worked in the real estate industry for many years and witnessed the inefficiencies and limitations of traditional real estate transactions. “I saw an opportunity to combine my experience and knowledge of real estate with an understanding of technology to create a platform that would make real estate transactions faster, cheaper and safer,” she says. I did.”
After Propy was founded, Karayaneva said she hopes to expand her resources to agents across industries to help others stay ahead of the curve and enter the metaverse space.
“We realized that the traditional way of buying and selling real estate was no longer sufficient, and new skill sets were needed to navigate the complex and exciting world of virtual real estate,” says Karayaneva. “We knew that by giving realtors the knowledge and tools they needed to succeed in the virtual world, they would be able to better serve their clients and set themselves up for career success.”
With that goal in mind, Propy is meta agent courseis designed to teach agents all the information they need to work with meta-real estate, from the basics of virtual reality to the details of complex VR transactions. Karayaneva said the online course “experiences all the important aspects of working in the metaverse, from how to find the perfect virtual asset for a client to how to use blockchain technology to complete secure and efficient transactions. It is a comprehensive program that covers
As advice to those considering venturing into the Metaverse, Karayaneva said REALTORS® is an opportunity to learn more about blockchain technology, network with other meta-real estate professionals, and explore all available It states that you should check out courses and workshops.
“Education is becoming increasingly important for real estate agents in the age of rapidly evolving technology. It’s important to understand how you can leverage it to benefit your customers,” explains Karayaneva.
Rochelle Atlas Mays, head of luxury real estate at Nourmand & Associates in Beverly Hills, got her start in the Metaverse by partnering with developer LEDY to sell a physical Beverly Hills property for $9.4 million. rice field. $100,000 in Metaverse Decentraland. Unlike Karayaneva, Maize entered a field “completely new without any knowledge or expertise.”
“LEDY approached me because I am well known for luxury real estate and they wanted a name with really good marketing behind it. This was right around the time I started reading about the Metaverse, spending months reading and teaching myself as much as I could,” Mays explains. . “After talking with LEDY co-founder Mark Emtiaz and other developers, I was fascinated by the Metaverse. I wanted to learn all about it. I knew it was only a matter of time before I got a lot of attention.”
Before working for the Metaverse, Maize’s knowledge range was limited to trading Bitcoin and selling NFTs.
“It was very difficult to try to do something so different. First, I had to wrap my head around this idea. It feels like it’s going to be glam-level powerful, but it’s a lot harder to understand than social media,” Mays said. “I didn’t necessarily look for Meta real estate. I was trying to figure out how the Metaverse could help me market my property. It’s how we came up with the idea of building a virtual version of real estate, which is a really creative way of marketing.”
Mays’ advice for future Metaverse agents is to do a lot of research and seek as much education as possible. “You will ask a lot of questions. After my own research, LEDY answered my questions and taught me a lot to help me understand. Doing courses helps a lot.”
The future of meta real estate
As with any new technology, the future of the metaverse is uncertain. Not all techs can spend time in the sun, some only give you 15 minutes of fame. A technology like Instagram didn’t go viral in a day, let alone a year, but it managed to take hold. Social media has been slow to grow and expand, but real estate professionals feel the same way about the Metaverse.
Maize says that while the Metaverse has incredible potential, it will probably take five to eight years before it becomes a full-fledged staple of modern technology. But she feels that now is the time to start learning ahead of her time.
“I think the metaverse has incredible potential. I would have answered that we would see a big change within the next few days but I have a crystal ball so I can see what happened Metaverse surge in end of 2021 and Q1 2022 After that, the buzz slowed down in tandem with rising interest rates,” Mays says. “Anyway, I think people should learn about it. I think the future is bright for the metaverse, it’s only a matter of timeWhen it happens, it happens quickly, so sooner or later it’s better to start learning. “
David Bitton, co-founder and CMO of DoorLoop, a property management software for the real estate proptech industry, sees a lot of potential in the Metaverse and wants to pitch creatively to a tech-minded younger generation. We recommend the Metaverse for REALTORS®. .
“Generation Z is poised to shape the future of the Internet, as their use of digital platforms will drive technology trends. Because of the low interest, they tend to be part of the metaverse or interact with each other on platforms that have similar characteristics to the metaverse,” says Bitton.
According to Bitton, Generation Z is already employed and wealthy, with a total purchasing power of about $150 billion, and that “from a marketing perspective, when it comes to promoting products and services, it’s important to target this generation. would be wise,” he adds.
Similar to Maize’s outlook, Bitton also feels that the metaverse has not yet peaked and is still unpredictable. However, he feels the Metaverse will only grow. “It’s early days, but the Metaverse seems to be taking hold. Forward-thinking investors should see the potential, and it’s only going to get more popular.”
Bitton also advises that for REALTORS® looking to become real estate investors, the metaverse also offers a way to get ahead of the future curve.
“In general, the supply of virtual lots is limited. Similar to physical real estate, if demand exceeds supply, early investors are best positioned to make a profit,” said Bitton. I will explain. “Investors who have already dabbled in unconventional investments such as cryptocurrencies may want to take their investment adventures further by purchasing Digital Land. It may be just a way to spend (or save), but it allows us to develop land and build spaces that may attract brands and businesses in the future.”
Companies across the industry seem to be eyeing the potential of the metaverse, with eXp World Holdings announcing that in a leadership change for 2023, Chief Industrial Relations Officer Jason Gesing will be working on a meta advisory.
Gesing explained that eXp is looking more at Meta real estate. “Companies such as Matterport have demonstrated that immersive walkthroughs and digital twins can be powerful tools to help buyers explore real estate.”
“We have developed the Metaverse technology in-house, which is not only used for internal collaboration and communication on eXp, but is now used by other major companies around the world. We will take it to the next level in 2023 and beyond, offering a product aimed directly at enabling agents and prospects to explore properties together in an immersive and powerful way,” he adds.
Propy is also expanding its influence in the Meta industry, with Karayaneva announcing a new Metaverse within the Propy ecosystem.
“This state-of-the-art virtual world offers a new layer of property ownership,” says Karayaneva. “It is the first interactive virtual home buying ecosystem that facilitates real-world real estate and digital twin transactions. Imagine searching for .