The metaverse is a 3D, virtual space where we can simulate the real world and/or imagine a new world. Meta-reality can be used to pre-sell new construction, host remote open houses or parties with friends, and build a dream house or entire community to simulate how it functions prior to investing in a real property project.
‘Real estate’ in the metaverse is valuable because it serves as store-fronts for real-world projects and brands and beta tests the potential of new ideas. It can be residential, commercial, advertising, boats, cars, planes or art.
Pricing of metaverse real estate is still based on supply & demand (though scarcity is artificial and code-driven), usage, and location. Thus, land value in the metaverse will be determined by what owners do with a property; like designing a popular attraction, experience, or feature and also by visibility proximate to other attractive parcels.
Celebrities like Snoop Dogg and Paris Hilton have jumped into the metaverse, creating fully immersive experiences for fans. ‘Snoopverse’ will host virtual concerts, art and car exhibits, pool parties, shopping, and a digital replica of his massive California mansion whereas Paris world will offer digital copies of her California home and closet where users can raid her wardrobe and purchase outfits.
So far, metaverse sales have been concentrated to the ‘Big Four’ – Sandbox, Decentraland, Cryptovoxels, and Somnium. In 2021 there were over $500 million in Metaverse sales, with analyst expectations of doubling in 2022.
It is expected that one day we will all have a parallel digital identity living in the metaverse. Typically, the first movers in a space see the best return, and those who are getting involved in the metaverse now cementing their footprint in the space and thus their ROI.
Always an early-mover, Nest Seekers visited the YUPIX meta-reality sales gallery for the E11even Residences in Miami to get a first-hand tour of how the metaverse is helping to sell new construction. This experience combines real property with AR and VR technology to provide a five-sense immersive experience in a real-world environment for potential buyers. Conversion to sales post-meta-reality experience is nearly 100% and the project is 80%+ sold out.
Metaverse Stats:
- The Metaverse was valued at $47.69 billion in 2020
- The Metaverse will be worth more than $800 billion by 2028
- JP Morgan predicts the metaverse market size will be more than $1 trillion
- Goldman Sachs predicts the metaverse market size to be up to $12 trillion
- AI economy will reach $15 trillion in GDP growth by 2030
- 10,000 jobs created by Facebook for Metaverse
- Epic Games raised $1 Billion for metaverse plans
- Facebook is investing $10 billion on Metaverse
- 10.7 million users participated in Fortnite concerts online
- $200 million investment from Sony
- Microsoft got a $22 billion contract for Mixed Reality technology
- 50,000 individual creators have downloaded Nvidia Omniverse beta version
Supersocial raised $5.2
million to make Games on the Roblox platform
