Yesterday client asked us most absurd question in our career: “Do you help with purchasing real estate in metaverse?”. Instead of laughing, we decided to research topic. What we discovered surprised us.
Republic Realm paid 4.3 million dollars for land in Sandbox (virtual world). That’s more than real villa costs in Krakow. Snoop Dogg sells virtual plots next to his virtual estate. Someone paid 450,000 USD to be his “neighbor”.
Absurd? Maybe. But JP Morgan opened branch in Decentraland. Nike, Adidas, Gucci buy virtual spaces. Facebook changed name to Meta and invests billions. Something’s happening.
In South Korea young meet in virtual apartments. Real ones too expensive, so they buy pixels. Furnish them, invite friends, organize parties. For them it’s real social space.
China went further. In Beijing can view real apartment through VR. But not about virtual tour. You buy real apartment, get its “digital twin” in metaverse. Can furnish virtually before buying real furniture.
Dubai tests “meta-transactions”. Sign purchase agreement in VR, using blockchain. Legally binding. Zero paper, zero notary. Transaction in 10 minutes instead of 10 weeks.
And investments? Data shocking. Some virtual plots gained 500% in year. But others lost 90%. Like cryptocurrencies – lottery. MetaMetric company predicts by 2030, 25% of business meetings will be in metaverse.
Skepticism understandable. We were also skeptical about internet in 90s. “Why website for real estate agency?” – they asked. Today? Without it you don’t exist.
Biggest risk? Platforms can disappear. Second Life was hot in 2006. Today? Desert. Your “property” vanishes with server. In real world land remains.
But there are real applications. Architect from Krakow designs in VR. Client “enters” apartment before construction. Changes layout, chooses materials. Savings? 30% fewer changes during construction.
In our agency testing “meta-office”. Clients from abroad can “come” to meeting. Sit in London, we in Krakow, meet in virtual office. Strange? Yes. Convenient? Very.
Will we sell virtual plots? Not yet. But can’t ignore this trend either. Maybe in 10 years client’s question about metaverse won’t be absurd?
World changing. Question is, are we keeping up.