The rise of metaverse technologies has created an increasing interest in virtual real estate, a report by research firm Technavio revealed. The metaverse real estate market is projected to grow by US$5.37 billion from 2021 to 2026, a compound annual growth rate of 61.74 per cent, with just over 40 per cent of the market’s growth originating from North America. The U.S. and Canada will be key markets for the metaverse real estate market in the region.
As the technology continues to grow in popularity, some companies are taking advantage of the opportunity to help organizations with their journey into the metaverse. For example, London-based Crypto House Capital, a virtual real estate firm, is currently building the first MetaReal residential skyscraper in the metaverse, along with developing spaces for brands looking to enter the metaverse.
“We’re building the bridge between real [life] and the metaverse. Our expertise comes from standard real estate, so that’s where we focus. We develop meta-real projects, so projects that actually exist in real life,” said Tomas Nascisonis, chief executive officer of Crypto House Capital. He said that the company makes digital twins of already existing buildings or upcoming buildings.
“We develop those virtual digital buildings in decentralized virtual worlds.”
Crypto House Capital has done a lot of work with universities, building campuses within the metaverse. This includes office buildings, arenas, and other venues.
Nascisonis broke down how the company helps businesses that want to enter the metaverse space.
The first stage involves creating a domain name or space. Then, in the space, the company creates a “new generation 3D Web3 based website.”
“So up until now, every company has a website, but it’s boring. You go on the website, it’s just lots of reading, pictures, and maybe a video. In the metaverse, you can have a completely different experience. You can present your product or service in a completely different way.”
While Nascisonis says these projects are in their research and development stages, the company aims to help create communities within the metaverse—an aspect that is currently missing.
“That’s what’s missing now in existing virtual worlds. They’re missing the community.”
When it comes to how these virtual communities will benefit companies, he noted that it all depends on the service and organization itself.
For a student’s perspective, Nascisonis said there are multiple ways virtual worlds can be beneficial.
He suggested that international students or students engaged in e-learning can complete tests and exams within the metaverse for a more interactive experience. He also added that metaverse communities can help with learning.
“For example, in school, I’m dyslexic. For me, reading and writing was really complicated… But in the metaverse, we extended to virtual reality, augmented reality, or mixed reality, where you can learn differently. You can submerge in history, it can surround you…It’s a completely different world [with] what’s coming up.”
The metaverse is still a novel concept even as it gains popularity, but, said Nascisonis, it isn’t really a revolution, but just an evolution of technology.
“It’s the evolution of how we use the internet.”