Commercial Real Estate Industry, Meet the Metaverse

Virtual Real Estate Frontier, Meet Architects Developers

Virtual Real Estate Frontier, Meet Architects, ‘Land’ Developers and High-Risk, High-Reward Markets

If you’re buying or leasing real estate, concerned with the bricks that sit firmly in a very tangible patch of dirt, location is supreme.

Pixels’ worth of virtual “space” in a digital world mean nothing to a broker or portfolio manager, so you’re understandably skeptical of the metaverse.

But while it’s easy to be indifferent or even dismissive of the metaverse and the associated concept of “virtual real estate,” shrewd investors everywhere are clamouring to know why some of the biggest brands, banks and organizations are spending millions to snatch it up.

So LoopNet, hoping to deliver some answers in this two-part series, began asking some of the same questions they are, and that you probably should be too if you’re not already.

What is the Metaverse?

Metaverse is simply the term for a concept that envisions a more fully immersive version of the internet.

The metaverse currently is realized mainly through various blockchain platforms represented as their own virtual, three-dimensional online “worlds” that mimic the real world, which users can visit and interact with, represented as an avatar, either in first- or third-person view — similar to video game.

Decentraland, The Sandbox and Somnium Space, which can all be accessed by anyone with an internet browser, currently lead the pack in terms of users and media attention over thousands of these siloed “metaverse worlds.”

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