The Future of Things: Virtual Reality and Real Estate

While most of us have yet to be formally introduced to the term “Metaverse” that will change shortly as Facebook plans on changing its corporate name to embody the Metaverse world.

With the recent launch of William Shatner (and others) in space, most of us realize that what we once thought was sci-fi has now become reality. The concept of what is reality, however, is ever-changing. In fact, many in the tech field are feverishly working on and believe we will soon have an alternative to the “real world”—a virtual world that we work, travel, shop, have social get-togethers, and more. This new universe, or the metaverse, will enable us to test our imagination as to what we only imagined, blurring the lines of reality and imagination.

The question is how “real” world  businesses will interact in the metaverse. While we currently may use computers or smart phones to review and make purchases, for instance, the metaverse will allow us to visit  virtual shops.  Entering the metaverse  currently may require specialized headsets for full immersion but we also may be able to enter eventually from our computers or smart phone devices. While Services and products found in the metaverse then can be purchased and delivered to your “real” home or office or to you in the metaverse. The metaverse allows for businesses to showcase their brand in a new space to a new audience.

Real estate agents may use the metaverse to allow potential buyers to virtually tour homes without every leaving their own home. These buyers would be able to experience walking through a home on the market by virtually touring the property room by room. Furniture and interior design can also be scanned into the metaverse and uploaded to see how it would look within the property. The potential purchaser or seller would experience viewing the property by physically being a part of the tour.

Developers and architects could further visit job sites through the metaverse to monitor the construction of a commercial (or residential) property in 3-D, resulting in a more efficient process and thereby providing less time to design and build in the “real” world. Virtual reality allows real estate companies to market the finished property before the completion of construction, allowing for buyers to experience the space from the comfort of their home.

What does all this mean?

The pandemic has encouraged growth in the development of the metaverse as many people began working remotely and spending more time in front of a computer and/or smartphone. The metaverse provides a place where we socially participate with others—without having to physically leave. This is a game changer in a multitude of ways and yet also raises serious issues as reality and fantasy becomes blurred. Developing, purchasing, and selling digital real estate still differs from physical real estate. However, both will eventually converge as we start to treat the metaverse as an all-encompassing reality.

Should you have a question about a potential real estate purchase or sale or a legal matter, our team at Oppenheim Law may be reached at 954-384-6114. Should you need assistance with a real estate purchase or sale, our title company, Weston Title & Escrow, Inc. can be reached at 954-384-6168.

Roy Oppenheim

From The Trenches