Moving Into The Metaverse

It's the buzzword on every tech pioneer's lips, the new frontier for marketers to wade into, and the latest playground to make money. NFTs, VR social platforms and virtual landscapes, 'the metaverse' is what the internet was once considered to be - both fiction and reality at the same time.

Perhaps that's because, like the internet, it's still being built - both literally and figuratively speaking - with new additions appearing almost daily. So, what exactly is 'the metaverse' and how does it stand to affect the real estate industry?

It is worth noting that the term does not refer to one specific kind of technology, but rather aims to encompass the way in which we interact with technology. Virtual and augmented reality are often considered bastions of the metaverse, but games like Roblox and Fortnite have become synonymous with the term, despite being neither being accessed purely by VR or AR. With thousands of companies jumping on the Metaverse bandwagon, understanding the space - and the term - can be confusing.

In its simplest ideation, the metaverse is a vision of what many in the computer industry believe is the next iteration of the internet: a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.

This is likely to change as the world it is built on changes, but one constant is that the metaverse is not going anywhere, and it will have an impact on all industries, including Real Estate. But how will a virtual world have an effect on real world land and buildings?

The real estate industry actually stands to benefit greatly from the applications we mentioned earlier - AR and VR. From the construction of a new home, to its interior design, and eventually it sale, will likely be influenced by these new technologies.

New applications can use AR to sketch out floor plans and design, leading to more efficient construction, while the interior designer can use 3D virtual renditions to model numerous designs without having to open a can of paint or position any furniture in the real world.

But arguably, it is on the day a property hits the market to be sold, that this new technology really comes into play. Thanks to VR applications, prospective buyers no longer need to visit the property, but can instead go on a tour of a virtual rendition instead. Rather than relying on photographs, which often do not provide a true reflection of the space, or on poorly recorded video walkthroughs of the property, the VR tour will provide a similar experience to a real-world tour.

This tech will also broaden the pool of prospective buyers, with international buyers able to get a true understanding of the property, without ever having to set foot in it. The technology will also allow for repeat visits, but without the hassle of making time to do so.

These virtual 'open houses' are already happening, and with the technology rapidly improving, the tours will no doubt expand from the property to the neighbourhood around it, allowing prospective buyers to make a more informed decision on whether or not the potential property works for them and their needs.

It's an immersive experience that will only serve to benefit the industry as whole.

While the metaverse is not, and may never be truly complete, or understood in its entirety, what is clear is that the both the buyer, and the seller, and ultimately the real estate industry as a whole, will certainly stand to benefit from it.