The metaverse is defined as a virtual-reality space in which users can interact with a computer generated environment and other users. This digital environment uses augmented reality and virtual reality to build experiences that mimic real-life interactions. Companies like Meta and Roblox have shifted their business models and focus on the digital transformation opportunities the metaverse brings. Furthermore, this has allowed for a variety of enterprises from all different industries to get involved in the building as well as the usage of digital web and mobile applications to give their team as well as customers a unique experience in the metaverse. This has impacted how sales, marketing, development, innovation, and other departments interact with each other on a daily basis.

One industry that has a massive digital opportunity with the metaverse is commercial real estate. Decentraland made it possible for investors to invest in virtual real estate. The market of virtual real estate continues to grow in value as the use cases of the metaverse expand. This is changing the way investors can interact with, buy, and sell commercial real estate. Companies like SuperWorld are mimicking the real world by making it possible for investors to purchase significant landmarks that exist in reality in the metaverse. Additionally, investors are able to take a percentage of any commerce that occurs on that land in the future. Parcel is allowing virtual real estate investors to list and purchase properties. Companies like SuperWorld and Parcel are fueling the possibility of a legitimate economy that can handle financial transactions in the metaverse.

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Photo Credit to LoopNet.Com

TerraZero operates as a full service real estate platform. They assist clients with buying, leasing, construction, tenant representation and white-glove brokerage services. Their ultimate goal is to be the go-to platform to link metaverse landowners to buyers and renters while also providing financial options like mortgages which makes these transactions possible for a wider audience. Another opportunity that is arising for commercial real estate brokers is working with metaverse developers to build digital twins in the virtual landscape. This allows potential tenants or investors to tour buildings virtually that they will be purchasing in real life.

The metaverse provides different opportunities for commercial real estate firms to differentiate themselves and fuel growth across their company. The market itself is expected to grow by $5.37 billion from 2021 to 2026. Not only does virtual landscape change the way teams can interact with each other, it provides a unique experience for potential tenants and allows firms to showcase the true value of a property without restraints of in-person viewings.

We are excited for what is ahead in commercial real estate in 2022 and beyond! We recently wrote about innovation trends in commercial real estate, check out how these trends align with the growing number of digital opportunities in the metaverse. Codelitt enjoys helping companies create and build better digital product experiences. If you have a project or idea in mind we’d love to hear from you! Contact us here.