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How Will The Metaverse Affect The Real Estate Industry?

NFTs, Blockchain, & The Metaverse

From 60 Minutes to Forbes, everyone's talking about the world's introduction to the metaverse. Today we'll look at how the metaverse is already affecting the real estate industry. Last month, Mark Zuckerberg announced his own metaverse and rebranded Facebook as Meta. We say 'his own' because Microsoft, Google, et all are creating their own virtual internets. While there's many questions, we're simply here to share how we're already seeing the real estate industry change. Technologies such as the blockchain, virtual and augmented reality, NFTs, and tokenization are changing the way consumers think. This will only get more intense from this point forward.

As a luxury real estate team in Scottsdale, AZ, we're always interested in new ways to engage with online consumers. From the pandemic to the fact we live in changing times, everything's evolving fast. It's scary and exciting all at once. From helping our clients tour homes virtually to using paperless contracts, we LOVE learning technologies. Point blank, the metaverse is already REVOLUTIONIZING the real estate industry. Any Realtors who say other are either in denial or simply not very savvy on the issue (yet).

meta state nft

Facebook (parent company) recently rebranded as Meta.

What Is The Metaverse?

Simply put, the metaverse is the convergence of the digital internet with our physical reality. From children preferring new skins in Fortnite (rather than actual new clothes) to the rise of digital real estate companies such as Upland (who sells tokenized digital versions of real properties), our world is changing. Additionally, the pandemic helped this long-planned digital evolution become a reality even faster. Sales of the Oculus Quest 2 Virtual Reality headset EXPLODED during the lockdowns of 2020, ushering in a new era of ONLINE ENGAGEMENT.

According to Yahoo! Finance: The metaverse is a combination of multiple elements of technology, including virtual reality, augmented reality, and video where users "live" within a digital universe. Supporters of the metaverse envision its users working, playing, and staying connected with friends through everything from concerts and conferences to virtual trips around to the world.

As an example of what this technology can do, imagine buying a digital recreation of the most expensive custom home in Scottsdale's master plan of Silverleaf. And then FLIPPING that digital real estate for double the price. That's what companies such as Upland are helping investors of NFTs do.

Photo of man browsing the metaverse for homes.

VR users are touring homes virtually.

The Metaverse's Impact On The Real Estate Industry

Our first blog about the metaverse's impact barely scratches the surface. While companies such as Matterport have led the way in helping Realtors create 3D experiences, this is just the start. In fact, many real estate professionals would probably call this topic crazy. That's EXACTLY what they said when the internet launched too. Any dramatic shift in how people consume content is always a threat to the less tech savvy.

Here at Williams Luxury Homes, we couldn't be more excited. As one example, we're going to eventually implement 360-degree virtual tours into our WLH Studios experience. Our executive-level clients would LOVE to save a flight from NYC to AZ just to see a home they don't like. Imagine owning a mansion in Paradise Valley, listing it for sale, then selling it 'sight unseen' to a crypto-rich kid in Europe. That's the new (real) reality.

Transmission over.

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