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Metaverse Real Estate Platform Development: Future Outlook for Property Ownership

Metaverse Real Estate Platform Development: Future Outlook for Property Ownership
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    September 15, 2023 Last Updated: September 15, 2023

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For many years, the Metaverse was just perceived as a concept confined to science fiction. But if we consider the current scenario, the reality is different. Metaverse is rapidly becoming a tangible reality. This technology offers an expansive digital realm where people can interact, create, and conduct business using avatars, assets, and experiences.

On top of that, within this Metaverse, real estate is emerging as a dominant and transformative sector. Needless to say, the potential of the Metaverse in real estate is vast. Imagine exploring properties from the comfort of your home, collaborating with others across the globe on property transactions, or even attending virtual open houses, all in a seamless digital environment.

Well, this blog explores the amalgamation of Metaverse technology and real estate, envisioning a future where property ownership transcends physical boundaries. We will delve into the possibilities and the emergence of Metaverse real estate which can prove to be a game-changer in the real estate industry.

Most importantly we will discuss how Metaverse real estate platform development can prove to be a win-win strategy. 

So if you are planning to build a Metaverse real estate like Decentraland, The Sandbox, OpenSea, Axie Infinity, Somnium Space, or so on, this blog is for you.

What is Metaverse in Real Estate?

In the world of the Metaverse, land plots and structures are referred to as real estate. As the land in the Metaverse is virtual, it doesn’t actually exist. Pixels that serve as programmable spaces on virtual reality platforms are what land parcels in the Metaverse are really all about. One can easily build workplaces, parks, and gathering spaces on these sites.

Investors can purchase land parcels from a variety of Metaverse platforms that offer distinctive virtual worlds. Given that each of these platforms offers a variety of features, it’s not accurate to assert that any one platform completely represents the Metaverse.

Also Read: What is Metaverse – Exploring Its Use Cases and Benefits?

Market Overview of The Metaverse Real Estate?

According to a report, the global Metaverse real estate market was valued at 1139.55 million USD in the year 2022. This value is further projected to grow at a CAGR of 38.80% and is expected to reach 15698.24 million USD by 2030.

Moreover, major corporations like Microsoft, Nvidia, and Meta are placing money on the Metaverse to replace the current Internet. If this comes to pass, there will be numerous opportunities for companies and influencers to develop new markets, and produce and advertise new goods and services; thanks to the real estate in the Metaverse that can make it happen.

This enthusiasm is confirmed by a recent survey from Accenture, which reveals that 42% of global executives surveyed by the consultancy believe the Metaverse would have a transformative effect on business, and 71% believe it will be helpful for their operations.

Top 6 Benefits Of Metaverse In Real Estate

Needless to say, the Metaverse carries a huge potential to transform the real estate industry. Whether it’s about offering an immense user experience, reducing effort, or increasing sales, it has several benefits. Let’s have a look at some that have really made an impact.

Benefits of Metaverse In Real Estate

1Eliminates the Hassle of Finding a Home

Imagine making the house-hunting process less difficult. No more circling the neighborhood, wasting hours looking at properties that aren’t a perfect match, or poring over convoluted floor plans.

This all is conceivable in the Metaverse, as this technology allows you to look at properties and make judgments from the comfort of your home. Comparing virtual tours to looking at images or floor plans can help people a lot in engaging emotionally on a much deeper level. This can also provide you with a clearer insight into both the pros and cons of a specific property you’re considering.

2Saves Time & Effort

Needless to say, It takes a lot of time and effort to meet prospective buyers, stage and show homes, and accompany clients through closings. But with Metaverse, customers have the option to view the property on their smartphones or laptops through a virtual tour. Individuals who have an interest in the property will contact to inquire about additional information. This will free up your time as a realtor thus letting you concentrate on other crucial tasks of your company.

3Effective Communication

Mobile apps that support augmented reality (AR) facilitate effective client communication. Clients will have the option to visually explore a 360-degree AR model of a specific apartment, house, or piece of property with just a few taps. They can also explore, compare, and analyze various other properties they are interested in with ease. Real estate agents will have the option to augment the virtual instruction of every feature of the property in much more detail. This way their chances of closing deals right on the spot will increase by a margin.

4Boost Sales

When it comes to the best marketing strategy for selling homes, home staging comes on top. According to statistics, staged homes have a high potential to sell for about 20% more money and 88% quicker than unstaged ones.

Virtual staging has emerged as a quicker, and more affordable way to achieve comparable outcomes. It gives customers a real-like experience that can foster an immediate sense of ownership. Customers who take the tour may readily see living in such buildings. Isn’t that great?

Moreover, according to a recent study conducted by Matterport, over 90% of potential house buyers are more likely to buy a property if the listing includes an immersive 3D tour of the house.

5Unlimited Design Options

In order to physically stage a property, there arises a need to overcome various logistical obstacles. For example, relocating large furniture into a house with multiple staircases or narrow hallways can pose a challenging task that requires the expertise of professionals. Thus, the buyer remains with fewer design possibilities.

However, with virtual staging, property buyers have the option to quickly add and customize the layout to their preferences and select the furniture or decor that best fits the space. In addition to this, the alternatives for each space are numerous since virtual staging firms use digital renderings of the furnishings and decor. For each potential buyer, agents can even choose a different staging layout that further personalizes the experience.

6Increases Brand Value

High-quality VR content can help real estate companies increase lead generation, improve overall client engagement, and increase traffic to their websites and social media channels by a huge margin. 

According to a Realtor survey, real estate listings using virtual tours get 40% more clicks as compared to the ones that only use photographs. A real estate company will carry the power to stand out from the competition by providing VR tours because it is a new technology and is becoming increasingly popular. It’s likely that sharing captivating VR content will go viral on social media, which will help to increase brand exposure and search engine ranking.

Metaverse Development

8 Steps To Develop a Metaverse Real Estate Platform

After considering the advantages, you likely have a sense of how Metaverse real estate development has the potential to be a game-changing endeavor. Let’s now dive straight into the Metaverse real estate development.

Steps To Develop a Metaverse Real Estate Platform

Step 1: Market Research

Conducting market research and determining the project’s goal in accordance with the results is the first stage in starting the creation of Metaverse real estate. This necessitates a detailed market study that takes into account everything from rivals to target audiences, and project goals to tools and technologies. It is essential to comprehend the market and the project’s goal in order to ensure a successful launch.

Step 2: Select the Right Metaverse Development Company

Finding a trustworthy and knowledgeable Metaverse development company comes after thoroughly investigating the chosen niche and its market. A top-notch developer of Metaverse real estate should have a user-friendly website, case studies, endorsements from reliable websites, a research team, and a solid tech stack. 

Step 3: Designing

This is where the platform’s UI/UX design will be worked on. Needless to say, there is a requirement for solid coding to produce an engaging and useful user experience. The design team will make sure that the user experience is of the highest caliber in addition to producing attractive graphics. The project owners will then be able to easily see the platform and make any necessary revisions. The Metaverse real estate platform will most likely succeed with the correct UI/UX design.

Step 4: Development

The development company uses smart contracts for building Metaverse real estate in both the back-end and front-end as part of this procedure. Smart contracts are the foundation of Metaverse real estate, making it easier to acquire and sell land there.

Step 5: Database Setup

Setting up a database to securely store data about the virtual environment is the next stage. The developers use a range of security techniques to protect sensitive data like user identity, transaction records, and numerous other items.

Step 6: Adding AI & VR

Virtual reality and artificial intelligence are key factors in the development of Metaverse real estate. Users of the Metaverse can engage with the system by building digital avatars, VR environments, and other things using AI and VR. These capabilities will also produce a digital duplicate of actual actions, thus improving the platform’s realism and usability.

Step 7: Testing

After completing front-end and back-end development, integrating the database, incorporating smart contracts, and implementing features such as AI and VR, the platform undergoes meticulous testing to ensure its safety and to identify any flaws, faults, or vulnerabilities.

Step 8: Deployment

A beta version of the product becomes accessible to users for assessing the platform’s functionality and its alignment with their requirements. The beta version may then be released to the client’s server upon receiving a favorable reception from the users. It will make it possible for users to begin utilizing the platform and benefiting from its advantages.

How Much Does It Cost To Develop A Metaverse Real Estate Platform?

After going through the development process you might be wondering about the cost to build a Metaverse real estate platform.

Don’t you?

Well, you need to know that when it comes to the development cost it varies from project to project depending upon various parameters like complexity, tech stack, content creation, platform & device compatibility, network infrastructure, user experience design, security & privacy, regulatory compliance, and so on.

To give you a general idea, the Metaverse real estate development will cost you somewhere around 15,000 USD to 300,000 USD depending upon your specific business requirements.

metaverse real estate development

Top 5 Real-World Examples of Metaverse Real Estate Platforms

When it comes to real-world examples, there is a wide array to choose from. Here we are presenting you with some of the best Metaverse real estate platforms that remained successful in winning the hearts of many across the world.

  • Decentraland

One of the most well-known Metaverse platforms, Decentraland, has made a solid mark since 2015. Users can produce, consume, and monetize content and applications on this decentralized network. Additionally, virtual land is available for buying and selling within the Decentraland Marketplace. It is simple to select the ideal piece of land to suit your needs; thanks to the marketplace’s user-friendliness.

Also Read: Financial Outlook of Developing a Metaverse Platform like Decentraland

  • The Sandbox

The Sandbox is another well-liked Metaverse platform that is giving tough competition to Decentraland. It enables users to produce and profit from virtual experiences and content. This platform allows users to purchase virtual land from a large selection of parcels in the Sandbox Marketplace.

  • Somnium Space

Somnium Space, a decentralized virtual reality platform, sells virtual land on a large scale through routine auctions. These auctions are conducted openly and follow a fair and transparent procedure. Somnium Space is a fantastic choice to take into account if you are trying to purchase virtual land in the Metaverse.

  • OpenSea

OpenSea is the largest NFT exchange, incorporating virtual land in the Metaverse. It is simple to choose the ideal plot of land to suit your needs because of its large selection of parcels and user-friendly design.

  • Axie Infinity

Axie Infinity is a decentralized virtual realm in which Axies, digital beings residing on the Ethereum blockchain, can be collected, bred, and engaged in battles.” There are many interesting areas to explore in this game’s expansive environment, which also includes a flourishing economy fueled by player-owned resources.

In the virtual world of the game, players can purchase property on which to erect residences and other buildings in addition to gathering and rearing Axies. Land is scarce in Axie Infinity and is priced according to market forces. Using the game’s integrated market, players can exchange their land and other assets as well.

Why Hire Blocktunix As Your Metaverse Real Estate Platform Development Company?

As a renowned Metaverse Development Company,  Blocktunix offers technology-driven Metaverse real estate development services that will boost your company’s presence in the virtual world. Blocktunix is the ideal option because it offers a wealth of new opportunities to grow your business digitally. We concentrate on the newest technology that will improve your company’s operational effectiveness. Our skilled Blocktunix developers are dedicated to ensuring long-term digital transformation sustainability with unique solutions.

Hire our qualified developers to accelerate the growth of your online business.

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