Some “typical” or “real-life” agents are partnering with metaverse developers to design, market and invest in virtual land themselves.
What is a Metaverse?
According to Inman, a metaverse is a 3D online world in which users connect via their personal avatars almost like but more multi-dimensionally than a social network. Users access a metaverse on a computer, mobile device or virtual reality hardware.
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In terms of the real estate industry, eXp Realty, via its founder and CEO Glenn Sanford, rolled out its World platform from the company’s get-go in order that real estate agents, regardless of where they are in the physical world, would be able to engage and interact with one another remotely via avatars. (EXp was the first and remains the only full remote real estate brokerage.)
Sanford predicts that more workplaces within all industries may create their own metaverses to help their remote workers better interact and engage with each other via video chats, emails, meetings, trainings, etc.
Virtual Real Estate Transactions
Both blockchain-based Decentraland and The Sandbox enable users to purchase virtual plots of land with digital tokens called NFTs, non-fungible tokens.
Once purchased, users can choose to develop their virtual land plots into single-family, multifamily, commercial, retail, cultural, etc. spaces to rent out and/or sell to other virtual users.
Most recently, a metaverse developer, Republic Realm,, acquired a plot of land in The Sandbox metaverse for the equivalent of $4.3M in cryptocurrency. (All metaverse transactions are done via cryptocurrencies.)
Daniel de la Vega, president of One Sotheby’s in Florida, is working on a deal to build and sell a real-world, brick-and-mortar mansion in Miami along with its digital counterpart in the metaverse. The title to both the real-world Miami mansion and its virtual replica will be sold as an NFT.
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De la Vega advises any real estate agent who wants to become successful as a metaverse agent to become expert in these areas:
– Cryptocurrency wallets and exchanges, particularly Ethereum blockchain which operates the real estate metaverses Decentraland and The Sandbox
– Cryptocurrency security to avoid scams and phishing
– Discord communities in order to network and create/develop relationships with metaverse enthusiasts
– Most value-added metaverse properties based on the same “real land” principles of location and supply-demand issues
Thanks to Inman.
