Will Virtual Reality be real estate’s best bet for growth

The Metaverse is coming, and the buying frenzy for real estate to support it is beginning. An original simulation in the building block of life, the Metaverse provides a safe environment where players can…

Will Virtual Reality be real estate’s best bet for growth

The Metaverse is coming, and the buying frenzy for real estate to support it is beginning. An original simulation in the building block of life, the Metaverse provides a safe environment where players can experience the new virtual environment just like in real life. Virtual reality gaming has earned the 2018 Global Emerging Tech Brand of the Year Award in the Digital Tech category from Advertising Age, and this scenario is largely attributed to its success.

While some companies in the software and hardware industries have taken advantage of and partnered with virtual reality, the emergence of real estate (RE) as a direct customer service offering and a planned asset base that is technically feasible in the Metaverse has larger implications, especially to RE investors. After years of the real estate industry remaining fixed in a transactional moment, virtual RE has opened up an entire new realm of investment vehicles for owners and developers.

A natural follow-up to the Metaverse

The Metaverse has raised expectations for consumers in the real estate sector. The Metaverse was in fact a virtual environment constructed for immersive gaming. While virtual gaming carries certain real world practical applications, its proposed use as a model for the RE real estate sector does not. Metaverse’s investors are by and large commercial players, who are well versed in trust, security, and other similar business concepts found in the real estate industry.

The RE sector has not been touched by the Metaverse, which is why, when the Metaverse makes its broad, tactical entry into the world of RE, the industries it affects will not have as many inherent business issues as the retail sector. Hence, RE investors will have more room to utilize the Metaverse for the same purposes to grow their real estate business more efficiently.

The RE sector will benefit from Metaverse tech that will allow better analytics, predictability and greater control over land prices and production methods.

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