Even if you’re not ready to embrace the concepts and functioning of virtual real estate and the metaverse, many of your clients are.
Get up to speed by educating yourself in the fundamentals.
Cryptocurrency and Blockchain
Cryptocurrencies (Bitcoin, Ethereum, etc.) are digital money that’s traded and exchanged over the internet. Investors and users can buy and sell goods plus invest and build wealth with crypto AND they can use crypto to buy, trade and improve property in virtual worlds.
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Blockchain is the underlying tech that supports cryptocurrencies. Blockchain stores information about cryptos and token trades in chronological order so you, as the real estate agent, can track crypto trades as well as the users of the blockchain by numbers so that ownership can’t be changed or altered or stolen.
For real estate agents, cryptocurrency and blockchain can help speed up transaction time, decrease closing costs, reduce liquidity risks and help create more efficiency in legal verification, documentation and financing a property.
The Metaverse and NFTs
Agents are already seeing the potential benefits of buying, selling and improving real estate with NFTs (nonfungible tokens) in virtual worlds or metaverses.
According to the National Association of REALTORS® (NAR) 2021 Technology Survey, 30% of NAR member respondents listed virtual reality as one of the emerging technologies that will be used within the next 24 months in their respective business.
Investors are buying up land and developing projects in metaverses such as Sandbox, Decentraland, and KEYS (currently under construction). Luxury brokers and agents are helping users and investors buy and/or rent houses in hotspot areas near their friends and/or wannabe friends and celebrities and/or near popular attractions.
Virtual real estate NFTs may enable “unlimited” layers of income potential in specific fields such as virtual landlord opportunities, advertising, e-commerce (Ralph Lauren has committed big time within this metaverse niche), shared revenue, pay per experience, physical land purchase access, community membership access, event access, etc.
Bridging the Gap between Physical & Digital Worlds
Some agents already see the benefits of integrating augmented reality and virtual reality tech for virtual walkthroughs of physical real estate. According to Tony Rodriguez with Tellaheche Prestige Realty Group, “It’s similar to how we integrated social media platforms into marketing plans for selling properties; now this new next step is leveraging the metaverse and virtual tools to promote selling physical real estate.”
The opportunities for engaging clients, architects, entertainers and more with events are seemingly endless to forward-thinking agents and brokers.
Commercial agents and brokers are gravitating to the OVR (Over the Reality) metaverse that allows developers of physical real estate to purchase the digital OVR layer for a site to act as a metaverse sales office or as interactive floor plans for potential end users.
Many agents and brokers are imagining and already implementing sooner-rather-than-later metaverse meetings and events to get beyond the physical limitations of international borders, varied time zones and languages. The metaverse has the potential to eliminate stopgaps of information exchange, commerce and networking.
All it takes to “get up to speed” in virtual real estate is motivation, a curious mind and a willingness to stretch your expertise.
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