June 1, 2022

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What is the Metaverse, and will it have an impact on real estate? If so, what is it? Why is it a big deal?

For the moment being, Metaverse has been one of the most common buzzwords. Everyone is using this word and making predictions - saying it will become a new social media trend. Even Facebook is investing a lot of their resources in this virtual reality space and going as far as changing their company name to “Meta”, which comes from the word “Metaverse”, to support new technology and improve their future performance.

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What is the Metaverse?

It is a digital platform that provides a virtual environment and merges with technology through programs, such as VR (Virtual Reality), AR (Augmented Reality), and XR (Extended Reality) so that users can participate and experience the most realistic 360-degree experience possible.

What makes the Metaverse so fascinating?

The current state of virtual reality (VR) technology, which has advanced by leaps and bounds, can provide a more realistic digital experience. The Metaverse has facilitated in the rise of technology, the financial sector, the economy and related businesses are rapidly expanding. Game development companies have transitioned out into virtual world development. This makes a lot of people or investors believe there will be a new world where they can do all kinds of things or even a new communication channel in general in the future, where these activities all took place in the virtual world, such as online games, marriages, going on dates, purchasing goods, and playing Songkran, among other things.

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Possibility of accompanying Metaverse

The potential benefits of using Metaverse are countless, which would include improved learning and much more realistic working. If you look deeper into the business sector, such as tourism, where tourists are restricted due to the deadly epidemic, you can now make the journey inside the virtual world only with a few clicks. This also includes the entertainment industry, where concerts, exhibitions, and world events are held virtually. Virtual platforms are even used in training for activities that require expertise, such as piloting a plane, practicing surgery, or practicing driving a Formula One race car.

How should employees and organizations adjust?

It could be said the skills that are absolutely required in this era, especially as business and technology had also accelerated rapidly in the latter time, are learning, and adapting skills. Employees and executives may be disrupted if they do not learn and adapt quickly enough. Even new occupations today, such as influencers, must adapt quickly. Because we now have Virtual Influencers such as Irene and Kati, which are artificial intelligence (AI) technologies with thousands to tens of thousands of followers. If you do not learn and adjust quickly, your job, like many others before it, may be lost.

How does the real estate market adapt?

Many developers and financial institutions have made virtual real estate investments or multi-company collaboration to experiment with virtual world technology, such as opening a new bank branch on the Metaverse platform. Leading brands, such as Fendi, Lancôme, L'Oréal, and Nars, among others, have opened virtual offices and virtual flagship stores, as well as Burberry's and Coach’s Digital Twins to familiarize shoppers with simulated physical stores in digital form. Recently, Metaverse REIT or digital Real Estate Investment Trust formation has been launched by the Metaverse group. In the future, demo houses may be promoted on virtual world platforms, or you could buy and sell houses using Metaverse. These factors will undoubtedly alter the real estate industry in the future.