It came upon the real estate industry rather quickly—digital real estate is accessible through virtual platforms such as Decentraland and OpenSea. Both are destinations on the internet where consumers can purchase and distribute digital assets such as music, art, fashion products, and now—real estate. After Facebook announced its plan to enter the metaverse, awareness of this new space spread like wildfire. Virtually everyone on the internet is familiar with the metaverse, but given its “newness,” few people understand its accurate methodology.
The metaverse can be best described as an alternate digital reality where users go to work, participate in leisurely activities, and host digital identities. Combining elements of virtual and augmented reality to simulate real-life experiences, it’s essentially the newest version of the internet (It is also often referred to as Web 3.0). The term itself, metaverse, has been around for decades. However, it only recently gained popularity due to the business opportunities following Facebook’s announcement.
Presdon Luczek, a prominent broker at One Sotheby’s, believes that one key business opportunity lies within buying and selling digital real estate. These virtual lands will serve as places for our digital identities (or avatars) to meet. The expectation is that as more users enter the metaverse, there will be more of a need to utilize digital real estate. He explains that depending on what you intend to use your land for, there are many opportunities for digital real estate investors. Those experienced in crypto trading are at an advantage, seeing as virtual land is bought and sold in cryptocurrency. Digital media transformed contemporary socialization, but this turn in history revolutionized business relationships internationally.
Luczek sees a tremendous opportunity for the community and professional growth in the digital atmosphere. He does not see real estate as limited to spaces; online presence is a crucial aspect of business relationships. As humanity evolves well into the second decade of the new millennia, digital platforms will only be more integrated into everyday high-end professional spaces.
Presdon explains that investors can purchase a plot of land in the metaverse and materialize their architectural vision(s), a performance venue to host music events, or a co-working space to host business meetings. Other high profile business influencers such as Snoop Dogg, who is currently developing “Snoopverse” on the Sandbox, a virtual reality platform geared towards gaming and entertainment. Snoopverse is meant to be Snoop Dogg’s virtual world within the metaverse. Earlier this month, a fan going by P-Ape purchased a digital plot of land within this realm for $1,250,000.
He envisions bountiful opportunities originating from the metaverse well into the future. This is only the beginning of a technological empire. To learn more about him, and his ideas on the Metaverse in 21st century business, follow Presdon’s Instagram.