The rise of metaverse technologies has led to a growing interest in virtual real estate, a report good by research firm technavio revealed. The metaverse real estate market is estimated to grow to US$ 5.37 billion from 2021 to 2026. compound annual growth rate of 61.74 percent, With more than 40 percent of the market growth originating from North America. The US and Canada will be the major 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, in London crypto house capitalA virtual real estate firm, it is currently building the first Metareal residential skyscraper in the Metaverse, as well as developing spaces for brands entering the Metaverse.
“We’re building a bridge between the 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 Nacisonis, CEO of Crypto House Capital. He said That the company creates digital twins of existing buildings or upcoming buildings.
“We grow those virtual digital buildings into a decentralized virtual world.”
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 step involves creating a domain name or space. Then, in the space, the company builds a “new generation 3D Web3 based website”.
“So up until now, every company has a website, but it’s boring. You go to the website, it’s a lot 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 Nassonis says that 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 is what is missing now in the current virtual world. They are missing the community.
When it comes to how companies will benefit from these virtual communities, he said it all depends on the service and the organization itself.
For a student’s point of view, Nacisonis said there are many 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 said 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’ve expanded to virtual reality, augmented reality, or mixed reality, where you can learn differently You can immerse yourself in history, it can surround you… it’s a completely different world [with] What is happening.”
The metaverse is still a novel concept even as it gains popularity, but, said Nacionis, it is not really a revolution, but just an evolution of technology.
“It’s an evolution of how we use the Internet.”