This is Part II of a two-part series to help inform real estate agents about elements involved in metaverse land and property transactions.
Marketing and Investing in the Metaverse
Because there are currently no opportunities in the metaverse to directly broker real estate deals, agents are either investing in digital land/properties and/or marketing themselves as metaverse agents.
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Ryan Serhant, a star on Million Dollar Listing New York, is busy marketing himself and his affiliated agents as metaverse experts. Republic Realm, as we mentioned in Part I of this series, just plunked down the equivalent of $4.3M in cryptocurrency in partnership with two of Douglas Elliman’s top lux brokers, Tal and Oren Alexander. These agents plan to roll out a master-planned virtual real estate brand spanning at least three metaverse platforms.
James Harris and David Parnes, partners with The Agency, are working on metaverse projects with people in the crypto space…” very, very big crypto people who I’m doing this with, sol to speak,” said Harris.
Are Metaverses For Real?
At this point in time, no one knows whether or not let alone which metaverse platforms are going to succeed. As “they” say about many things, “It’s too early to tell.”
What we do know is that the two blockchain-fueled metaverses, The Sandbox and Decentraland, are battling for attention and market share. What we do know is that virtual land acquired in one of these two metaverses doesn’t exist in the other. What we do know is that big players such as Facebook, Microsoft, Apple, and others, are “exploring” virtual world building and may become huge competitors of Decentraland and The Sandbox.
And finally, what we do know is that, according to Glenn Sanford, founder of eXp Realtyand CEO of eXp World Holdings, Sanford and Facebook’s leader Mark Zuckerberg began talking directly with one another about possible collaborating efforts in the metaverse some months ago.
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The bottom at this point in time for real estate agents…all–virtual real estate deals in the metaverse can be complicated and high-risk. Learn as much as you can about all aspects of cryptocurrencies themselves and all aspects of metaverse real estate transactions. And, regardless of hearing about this person or that person making millions on real estate deals in the metaverse, invest only what you and/or your clients can afford to lose.
Thanks to Inman.
