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Historically, commercial real estate has lagged in terms of technological innovation. However, the last two years have accelerated changes within the industry quicker than most predicted.Â
Proptech has completely altered how we purchase and sell commercial real estate, and the metaverse is expected to push these changes even further. Â
The metaverse will usher in a new way of presenting real estate. Rather than physically viewing a space, this new iteration of the internet will allow users to get a completely immersive virtual experience. Â
Through the use of augmented and virtual reality technologies, as well as NFTs and cryptocurrency, the metaverse is expected to change how society interacts altogether.Â
For the commercial real estate industry, this means creating digital real estate that can be purchased and sold. For instance, investors have been buying land in metaverse platform Decentraland. But how does buying digital land work? Â
In the case of Decentraland, the platform offers 90,000 plots of land that measure 16 meters by 16 meters. Firms like Sotheby’s have purchased land and created a digital auction house to sell goods.Â
However, some virtual platforms also sell virtual versions of real-life real estate. For example, platform SuperWorld allows investors to purchase land including real landmarks, or even their childhood home.Â
For those considering making their metaverse introduction, it’s important to go in with a distinct goal in mind. At the moment, this universe is in its infancy, and there is still a risk of investing large sums of money into virtual real estate.Â
Taking small steps into the metaverse world will be key. After gaining an understanding of the ins, outs, and nuances of the metaverse, commercial real estate companies may have a chance to set themselves apart from the competition.Â
