Experts talk about metavers and real estate
“T.He metavores, how it affects real estate… and you”, To discuss the potential impact of Metavers on real estate.
Participants included Stath Carras, executive director of the Burnham-Moores Center, who was also the moderator; Neil Nike, co-founder of The Metamal Group. Among others, Hugo Swart, vice president and general manager of Qualcomm Technologies’ XM; CRG SVP, Geoffrey Castleman.
The discussion involved various aspects of Metavers real estate.
Here are some of the most important points from the event:
Already attracted large numbers
The industry is already attracting large numbers and is valued at 1.8 trillion. Special mention has been made by the company to target Metaverse content creators in Qualcomm Ventures’ $ 100m Snapdragon Metaverse Fund.
“This is a big bet Qualcomm is making,” Swart explained, explaining how the fund could help the company plan for the future.
“I believe this is an opportunistic moment for all of us in one form or another,” Castleman added. “If you can’t make money on Metaverse, do it on Metaverse – and there are great opportunities on both sides.”
Office hours will be very different
Experts hope that the idea of a virtual office will become more ‘common’.
The situation is already changing, and occupancy of office space in cities like Chicago is already about 50 percent.
“How do we get back to 90% or 80%?” Castleman said while giving two solutions.
He hopes the offices will turn into studios with technology that includes “CGI, green screens, holograms, avatars and immersive metaverse experiences, which can be broadcast across your enterprise.”
Furthermore, he predicts that tomorrow’s offices will be used for multiple purposes, such as warehouses. In addition, he believes “office buildings can monetize space with 5G small scale data centers.”
The retail market may change
The real estate industry should be prepared for a big change in the retail market.
“Metaverse is pretty easy to get your head at retail,” Karras said. Dubai and other big hubs have already started investing in this niche.
“In real estate, if you are an owner-operator, in real life you not only have a mall representative, you also have a digital representation where people can shop from anywhere in the world. Imagine a world where you can invite your friends to shop with you at the Dubai Mall, ”he said.
Experts also hope that NFTs will play an important role in retail.
“Tomorrow, you’ll see the ability to shop worldwide with tokens,” Nike said. “I go, buy tokens and in retail I use the same coins in Dubai as I do in Paris and London or Brazil and the fees are much lower than what I have from bank fees today. All of this is going to come together and Metavers enables easy steps for it. “
Fast buying and selling
Nike believes that Metaverse can improve the buying and selling process through the concept of ‘digital twin’.
“Commercial real estate is a 70 trillion business but it’s the least liquid – it takes time to sell and get liquidity,” he said. “A digital twin lets potential tenants or buyers get an analysis in real time to be able to figure out the future of building and transactions worldwide,” he said.
Thanks to technology, buyers and sellers will be able to see the metavers and inspect the property without inspecting it. They will even be able to pull all the necessary information and make a decision.
“Owners can market it everywhere,” Nike said. “If you have a digital twin, you can reach more people.”
No business currently uses this technology, but Castleman says things could change soon. In fact, he is working to persuade his own company to go this route.
Evaluation in metavars can be a challenge due to lack of resources. But experts say they will be able to create deficits.
“In Metaverse, there will be a winning position and a losing position,” Castleman said. “And the virtual communities embedded in Metavers will have a limited supply where everyone wants to be because people are going to come in whatever coolness or buttocks or energy they have, or whatever space they’ve created. There will be a limited amount and there will be more demand than supply. ”
Nike highlights how many companies in Metavers are already buying and selling land – without any presence in the real world.
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