Metaverse in Real Estate
Just as there are in the real world, there are legal, privacy, safety, and health concerns in Metaverse. Addressing these concerns in the initial project designs will therefore define success for Metaverse projects. Some of the issues to be considered are strategies to deal with harassment; heightened safety mechanisms and minimal, user-centric data collection practices; guidelines for permanently destroying biometric data; and a consent mechanism that educates users on privacy implications. The priority should be to empower adults and children with tools giving them control over their personal digital experience.
The web is providing new ways for us to connect and interact through virtual worlds called Metaverses, which combine virtual and augmented reality devices. The Metaverse blurs the lies between physical and digital worlds, expanding our understanding of virtual space and extended reality.
Enthusiasm for the Metaverse is leading more companies to consider a Metaverse strategy. Recently, the LEGO Group and Epic Game announced they are entering into a partnership to shape the future of the Metaverse, building safe and fun experiences for children of all ages. Companies anticipate that in the not-too-distant future the Metaverse will become a place where people and businesses meet, work, play and transact in goods and services.
The Metaverse is even being introduced to real estate at a fast pace, where users can use their digitized land to play games and socialize. Additionally, creators can monetize the content of their property by charging for access or trading their NFTs. According to a report from RepublicRealm, which tracks metaverse-related projects, the average price for a parcel of land across four major Metaverse platforms doubled to $12,000 during a six-month period last year.
Whether the Metaverse provides solid investment options – along with their risks and rewards – are still very much up for debate.