You may have seen headlines (ex. Investors Snap Up Metaverse Real Estate in a Virtual Land Boom) over the past few months touting the future of the Metaverse and the rush for virtual real estate. You can now purchase residential and commercial virtual real estate in the Metaverse, and engage in many activities and transactions similar to what you do in our real world. The concept is certainly intriguing; however, both proponents and skeptics of virtual real estate agree that the industry is in it’s infancy. This video by Reuters explains the concept of the Metaverse more clearly.
While most of us do not quite plan on spinning a slot machine in virtual Las Vegas anytime soon, virtual reality plays an increasing role in our real estate transactions. For example, last year we held a virtual open house, as a result of which a buyer made an offer on one of the properties we were presenting. So, perhaps the future is here already, after all!
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