Metaverse in real estate. How will it impact the real estate market in the future? That's what
new just like Bitcoin was over 10 years ago. And you know what many of us now wish we would have
understood Bitcoin back in the beginning around 2009 for maybe investment purposes. So what is
Metaverse? Metaverse is a digital space that users can be in using multiple types of technologies
including augmented reality, video holograms and virtual reality. I think one of the best
ways to understand Metaverse is to watch Steven Spielberg's movie called Ready Player One. Here
the main character escapes a chaotic reality by entering a virtual reality universe using virtual
reality equipment and an avatar. This scene we'll explain it better. There is no other place to go
except the oasis
A whole virtual universe. I watched this movie a few years ago and I admit I’m a digital geek.
If the Metaverse is going to be anything like that I’m actually really intrigued already here's a
short clip of how Microsoft describes Metaverse a Metaverse is a digital space inhabited by digital
representations of people places and things think of it like a new version or maybe a new vision of
the internet. Many people talk about the internet as a place. Now we can actually go into that place
to communicate share and work with others. It's an internet that you can actually interact with
like we do in the physical world. The idea is to use avatars to participate in the virtual world,
go to work a concert with friends or even travel the world together using an avatar. These virtual
worlds will likely become one of our main ways of using the internet in the future but the Metaverse
does not exist yet so that's important to note. Apparently we're about five to ten years out for
this to become what some publications are calling the web 3, so a new version of the internet.
Bill Gates, like or dislike him, predicts that work meetings will be held in the Metaverse in as
little as three years where instead of using zoom, which we're doing today, we will have an avatar
and we'll work in a 3d virtual space using virtual reality equipment. Facebook or rather the formerly
known as Facebook organization believes in this so much it rebranded the corporation to Meta
from Facebook Inc. And I'm sure you've seen the recent press releases. For now The Metaverse is a
concept that companies such as Meta are banking on becoming the next iteration of the internet. And
whether you like Facebook or not, Facebook did revolutionize social media into this mainstream
digital platform as we know it today. But so what does all of this have to do with real estate?
Just like a real world real estate market, real estate in the virtual world can now be bought
as well. There are a lot of virtual worlds such as Decentraland, Sandbox that sell parcels of land to
build on. And the organizations that are building out these virtual worlds are doing so in the hopes
that their virtual world will become a place where people will venture to using their avatars
to buy things, to play games in, or to explore the environment. Once you've bought the land in one of
these virtual worlds you can develop it further into an income producing property that you can
rent out to others if say you developed it into a retail store and a brand such as Nike for example
rents the space from you. To develop it you would buy NFTs which stands for non-fungible token.
If you don't know what NFTs are, look it up because there's going to be so much more talk
about NFTs in general. NFTs are essentially digital assets that represents anything really
from a piece of art, or clothing or building. You can also hang on to the virtual property that you
just bought and resell at a profit later if it has appreciated so if there's demand for it. Seoul the
capital of South Korea recently announced that it will be the first city government to enter the
Metaverse. And this is huge. they're planning to make public services and cultural events available
in a virtual environment where residents with the aid of a virtual reality goggles can tour
historic sites or even file a civil complaint for example. It is just a matter of time then
when US cities and towns such as Sarasota, where I live in, will enter the Metaverse as well.
Our future world will be made up of both the physical world and the digital Metaverse and that
will have an impact on real estate transactions and open additional real estate investment
opportunities for everyone. My goal today was to provide you with an initial introduction
to Metaverse because you're going to hear so much more about it in the future. Coming back to earth,
if you're looking for a trusted realtor in Sarasota county I would love to be the realtor you
select. If you have any questions whatsoever just reach out to me anytime. If you learned something
new today please like this video. Thank you so much for tuning in today watching this video
towards the very end I really appreciate it. See you in my next one and take care.