How to Begin Your Real Estate Career in the Metaverse: Innovative businesses are racing to create their own virtual worlds for users to inhabit as the metaverse grows in popularity. There aren’t many well-established brokerages that trade in digital land, despite the fact that investors have expressed interest in the metaverse due to its potential to create wealth. Many people are left wondering who actually manages these kinds of transactions in light of this.
Here they are: the metaverse real estate agents. Even though the idea of virtual land is still very new, some early adopters have staked their claims in this budding sector. These brokers put a lot of effort into understanding the metaverse, which puts them in a good position to capitalise on the rising demand for virtual properties.
Gamers, artists, and early adopters have thus far mostly ruled the metaverse. We should expect to see a surge in demand for virtual land as more people begin to realise the possibilities of this new sort of reality. When that occurs, the metaverse real estate brokers will be the ones making transactions and profiting from this uncharted territory.
What is the Metaverse and How Do Real Estate Agents Fit Into It?
The Metaverse is a virtual environment that utilises blockchain technology, to put it simply. Imagine it as an enhanced version of Second Life or The Sims with real-world assets and cryptocurrency-based transactions.
It alludes to a form of virtual reality where users may converse with one another and other computer-generated items as if they were in the same space.
Real estate agents will be in charge of assisting buyers and sellers of virtual land in the Metaverse. It involves helping to negotiate rates, finding the ideal property, and offering guidance on how to use the land the most effectively.
Guidelines for Becoming a Metaverse Real Estate Agent:
Find a trustworthy company offering virtual real estate services first. There are many of options, so take your time and shop around. Real estate purchases on the four main metaverse launchpads reached $501 million in 2021, according to MetaMetric Solutions.
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Create an account with the service provider you’ve selected next. Following that, you must finish a brief instruction on how to utilise their platform.
All that’s left to do is begin listing homes after that! There is no need to worry about things like marketing or presenting the property because everything can be done digitally. You may list as many or as few items as you desire.
Characteristics of a Metaverse Real Estate Agent:
People can connect with one another and explore virtual worlds in the constantly expanding metaverse. The need for virtual property grows along with the metaverse popularity. Realtors operating in the Metaverse will need to be well-versed in the Blockchain Technology that powers virtual reality.
They should also be knowledgeable with the several platforms that make up the Metaverse, including High Fidelity, Sansar, Decentraland, and others. In the Metaverse, a real estate agent should also have the following qualities.
- In the Metaverse community, real estate brokers must be able to network effectively.
- Cryptocurrencies should be used by realtors. Digital currencies are essential for Metaverse transactions, thus agents must be familiar with them.
- They must understand technology. VR headsets and 3D scanners are used by an expert Metaverse real estate agent. Immersive VR should be used to display homes so that potential buyers may experience the space before making an offer.
- A good agent will be well-versed in the Metaverse market and adept at negotiating the tricky legal terrain.
- Flexibility—A skilled agent should be able to quickly adjust to Metaverse changes. They must be adaptable and willing to take risks.
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The Metaverse’s Potential Impact on Agents and Buyers/Sellers
Real estate acquisitions are conducted via a blockchain using a cryptocurrency; in Kiguel’s instance, his most recent purchase was done using the Ethereum blockchain, which is one of the most popular in the metaverse.
This type of exchange uses self-governing technology, a key tenet of the decentralised movement, and offers a record of the transaction code without needing any verification from a third party. Each parcel’s size and asking price are specified, and after the information has been provided, it cannot be changed.
Negotiations may then take place. The Decentraland bot then posts information about the transaction via social media. Every transaction is disclosed to the public online.
Although Kiguel doesn’t believe there is a current demand for realtors, he believes that as metaverse worlds develop and assets rise, there may be a greater desire.
He adds, I do think there is going to be a level of expertise developed but it’s going to be a different skill set than the types of brokers available in real estate today.
A realtor who is familiar with the virtual neighbourhood can inform a buyer about whether it is the right metaverse to buy in and can demonstrate how to transact online, he says.
