What is metaverse really?
A new way of consuming information and experiencing virtual representations of people, places and things. The technology behind the metaverse is based on that of games, but the metaverse has lost some of its gamification. It's more of an experience of your own adventure.
Equipped with a screen, a virtual or augmented reality device and an internet connection, anyone can navigate these new environments, find new and unique experiences, interact with virtual objects and connect with other people.
How will the commercial real estate market perform in the metaverse?
In part, the metaverse mirrors the physical world. For example, investors can buy parcels of digital land. Once they own a piece of land in the metaverse, they can rent it out or sell virtual ads, the same way online advertising works, with advertisers paying popular sites to show ads to visitors.
Likewise, digital landowners in the metaverse can rent kiosks, billboards or prime locations to big brands looking to advertise.
Owners who work in the physical environment can use learnings from the metaverse and apply them to their businesses. For example, you can plan a workplace based on insights from the metaverse and be more assertive when planning an environment.
Exposure of brands in the metaverse
Major retailers and brands are turning to the metaverse in hopes of creating a place of unique experiences. We've already seen big brands create storefronts to allow visitors to engage with their products, promotions and services.
Brands want to use the metaverse to position themselves with a new audience and complement their strategies. Shoppers can try on the latest jeans, create custom sneakers, and then buy their favorites for their avatars. This is where the metaverse can intersect in real life, as consumers can also purchase these items in the physical world.
By understanding consumer behavior in the virtual world, the metaverse can offer a wealth of retail intelligence to brands, helping them to anticipate trends.
What is an NFT
A non-fungible token is a type of digital finance. An NFT has a unique digital identifier that is recorded on a blockchain and therefore cannot be copied or replaced. In real estate terms, each plot of land within the metaverse is represented by an NFT, which can then be sold on the open market.
What lays ahead?
It is still too early to measure the impact of the metaverse on the commercial real estate market and how quickly changes will occur. For now, anyone can consider getting their feet wet.
Create a profile in the metaverse, buy some NFTs, explore stores, try to find colleagues in a virtual office—some are available for free, and maybe even buy land in the metaverse.
The best way to understand the metaverse and its potential is to experience it and learn from it. If you do, you will undoubtedly come out ahead.