According to a study by the research firm Technavio, the growth of metaverse technologies has sparked an increase in interest in virtual real estate. The metaverse real estate market is anticipated to grow by US$5.37 billion from 2021 to 2026, with North America accounting for just over 40% of the market’s growth. This represents a compound annual growth rate of 61.74 percent. The region’s metaverse real estate market will be centered on the United States and Canada.
As the technology grows in popularity, some businesses are seizing the opportunity to assist organizations on their journey into the metaverse. For example, the London-based virtual real estate firm Crypto House Capital is currently constructing the first MetaReal residential skyscraper in the metaverse, as well as developing spaces for brands looking to enter the metaverse.
Connecting the real world to the metaverse
“We’re constructing a link between real [life] and the metaverse. Our expertise is in traditional real estate, so we concentrate on that. “We develop meta-real projects, which are projects that exist in real life,” said Tomas Nascisonis, CEO of Crypto House Capital. He stated that the company creates digital twins of existing or upcoming buildings.
“In decentralized virtual worlds, we create those virtual digital buildings.”
Crypto House Capital has worked extensively with universities to establish campuses within the metaverse. This includes office buildings, arenas, and other similar structures.
Nascisonis explained how the company assists businesses seeking to enter the metaverse space.
Crypto House Capital’s metaverse community development
The first step is to create a domain name or space. The company then develops a “new generation 3D Web3 based website” in the space.
“So far, every company has a website, but it’s dull. When you visit the website, you will find a lot of reading, pictures, and possibly a video. You can have a completely different experience in the metaverse. You can present your product or service in an entirely new way.”
While Nascisonis says these projects are still in the early stages of development, the company hopes to help create communities within the metaverse, which is currently lacking.
“That’s what’s currently lacking in existing virtual worlds. They’re missing the neighborhood.”
When asked how these virtual communities will benefit businesses, he stated that it all depends on the service and organization.
According to Nascisonis, from the perspective of a student, virtual worlds can be beneficial in a variety of ways.
He proposed that international students or students enrolled in e-learning complete tests and exams within the metaverse for a more interactive experience. He also mentioned how metaverse communities can aid in learning.
“For example, I’m dyslexic in school. Reading and writing were extremely difficult for me… However, in the metaverse, we extended to virtual reality, augmented reality, and mixed reality, where you can learn in new ways. You can immerse yourself in history, or it can surround you… With what’s coming up, it’s a completely different world.”
Even as it grows in popularity, the metaverse remains a novel concept, according to Nascisonis, but it is not a revolution, but rather an evolution of technology.
“It’s the evolution of internet usage.”
