As an entrepreneur with a background in both Silicon Valley & Madison Avenue over the past three decades, I believe looking back over history, visionary CEO’s and digital corporations are putting their money where their mouse is in 2022. Especially into: metaverse, blockchain, crypto, web3, AR/VR, smart contracts and NFTs.
Especially because over the past 12 months, I’ve seen multi-million-dollar purchases of “land” in the virtual world known as the metaverse. As the most connected real estate agent in the US in the ‘physical world”, I believe this will soon become a multi-trillion-dollar market. In fact, buying a building on the metaverse today like: Noho, Hudson Yards, Tribeca, Central Park South, and Nolita, is like buying on Fifth Avenue back in the 1800s.
The median sales price in Hudson Yards surged to $5 million, making it New York City’s most expensive neighborhood.
Having worked in the real estate industry in both New York & Florida (and developed properties worldwide), I certainly know, many “big time” real estate players and developers are looking to the metaverse to see how money can be made, and many agree it is possible!
Importantly, as I was living in Westport, Connecticut, I was fortunate enough to watch how traditional advertising was morphing into ‘interactive marketing” in the late 1980’s, when Modem Media Poppe Tyson were distributing and marketing customized services across multiple internet-enabled communication channels, enabling clients to gather customer data.
SO, I see and instinctively feel the same about the digital and physical real estate worlds – seamlessly integrating in the years to come too! In fact, I strongly believe, the virtual world will probably complement traditional real estate.
“Land monopoly is not only monopoly, but it is by far the greatest of monopolies; it is a perpetual monopoly, and it is the mother of all other forms of monopoly.” – Winston Churchill
FACTS ABOUT VIRTUAL REAL ESTATE IN 2022
Real estate sales on major metaverse platforms hit $501 million in 2021, according to MetaMetric Solutions. In January 2022, sales on those platforms were more than $85 million and MetaMetric projects sales could reach $1 billion in 2022. In some cases, virtual real estate went for as much as a physical house.
As I see it, the metaverse is “the Internet of the future.” Importantly, Augmented reality (AR) and virtual reality (VR) are two principal types of immersive technologies to demonstrate various platforms and enhance user experiences.
Best yet, the metaverse promises to create spaces where experiences are built around individuals, but that will require access to a great deal of personal data.
Since the arrival of COVID-19, many companies have shifted towards virtual events and digital marketing strategies to continue connecting with their clients and audience.
Despite housing sales and new listings remaining active during the pandemic, real estate industry agents, brokers and workers have been forced to seek creative solutions to connect sellers, potential buyers, and industry professionals.
As I have repeatedly stated for the last decade – thanks to new developments in real estate tech, the days of ‘only imagining’ may soon be behind us. With today’s technology improving home touring and selling efficiency, buying sight unseen, fixing, and flipping rapidly, improved advertising and quality leads and now the metaverse gaining immense traction, collaboration and technological innovation will make the coming years incredible!
So, if you want your organization to deliver a shockingly better customer experiences, dramatically improve EBITDA and achieve greater results – the metaverse just might be the solution.
HOW BUSINESS LEADERS AND CONSUMERS DESCRIBE THEIR KNOWLEDGE OF THE METAVERSE:
The following statistics are courtesy of a recent report I read via PwC’s survey of over 5,000 US consumers and 1,000 US business leaders, 50% of consumers call the metaverse exciting, and 66% of executives report that their companies are actively engaged.
Importantly, while these numbers might look impressive, it’s important to keep in mind that the “ultimate” version of the metaverse (fully immersive, with seamless and secure transitions among a multitude of metaverse environments e.g. Decentraland (MANA),The Sandbox (SAND), GALA (GALA), etc ) doesn’t exist yet BUT, many incredible companies and people are in high gear attempting to dominate in this ‘land grab” in 2022.
Let’s look at some of the key results from PWC’s recent research in November 2022 on metaverse:
Just look at the differences between how consumers and businesses look at the metaverse and what drives them to their respective metaverse outcomes: meeting business needs and consumer desires! So, in my opinion – “the first to dive in will be the best dressed!”
BUSINESS:
· 3% of Business leaders – Never heard of it
· 7% of Business leaders – Heard of it; don’t know what means
· 22% of Business leaders – Have a little understanding
· 45% of Business leaders – Have a good understanding
· 23% of Business leaders – Have a detailed understanding and stay up to date on it
CONSUMER:
· 21% of Consumers – Never heard of it
· 24% of Consumers – Heard of it; don’t know what means
· 28% of Consumers – Have a little understanding
· 19% of Consumers – Have a good understanding
· 8% of Consumers – Have a detailed understanding and stay up to date on it
This lack of consensus around the metaverse is common for emerging and disruptive technology, where the parts often advance before the whole. That’s likely why we’re seeing so many companies successfully focus on operationalizing key technologies and building blocks such as: augmented and virtual reality, blockchain, smart contracts, cryptocurrencies and NFTs.
Importantly, most of these technologies have matured enough to enhance consumer and employee experiences, help gather and record transactions, open new marketing and sales channels, and more.
Again, I believe the metaverse will expand forward thinking companies, generate more revenue and even create immense amounts of sustainability moving forward!
As a digital pioneer, I personally believe the metaverse will indeed either “revolutionize”business or be the next incarnation of the Internet! I also believe with you are a real estate company, or Fortune 500, the most entrepreneurial companies today are:
- prioritizing metaverse hiring,
- customer research and
- upskilling as much or even more than their investments in metaverse-related technology.
SUMMARY:
Finally, move fast and be an Innovator. Speed is one of your main advantages over large or multinational companies. Even major companies such as: Gucci, HSBC, Microsoft, Louie Vuitton, PricewaterhouseCoopers, and Atari have bought land in the metaverse PLUS, more than 200+ consumer-facing brands now have offices/homes on the metaverse today. Be an innovator or an early adopter!
GET EXTRAORDINARY RESULTS!
Each brand will use the land for different purposes, but they would’ve bought the land only if they believed it held value. Importantly, always inspire and ignite trailblazing innovation in your company or workplace.
Remember, owning a home, business, or sporting stadium in the physical or metaverse is a keystone of wealth!
Note:This article will be one of many future articles I will pen my thoughts on the ‘future of the Internet’ e.g., metaverse, blockchain, crypto and real estate’s incredible future!
About Geoff De Weaver:
Geoff De Weaver is an award-winning Silicon Valley & Madison Avenue media executive, who has lived and worked globally (e.g., Asia, North America, South America, Europe, and Australia) with a track record of pioneering digital marketing and launching cutting edge content and technology to drive revenue, audience engagement and brand loyalty. PLUS, he has recently ‘pivoted’ back to luxury real estate.
I believe people all over the world are capable of incredible things if they have the support, trust, and cooperation they need. I am at my best when I can provide support and leadership, build the structure, culture, and advocate for others to achieve their goals and feel fulfilled. I like to inspire my team, clients, and customers so that they can change the world and make it a better place.
I take ownership of client/brand deliverables. And I am always proud & motivated to act as a trusted advisor for many VC’s, CEO’s, CMO’s, Entrepreneurs, Iconic & Luxury brands worldwide.
Geoff is a super strategist who directs Fortune 500 clients to define their vision, create a strategy, and harness their internal innovation to grow their business or reinvent their products. Expert at building and transforming brands, businesses, and digital & physical customer experiences at scale. Focus on building adoption for what’s next: worldwide, emerging markets, languages, audiences, trends & tech.
Connect with Geoff at:
LinkedIn: https://www.linkedin.com/in/geoffdeweaver/
Twitter at: https://twitter.com/geoff_deweaver
YouTube: https://www.youtube.com/watch?v=lXLsYLrl7w8&t=15s
Amazon Authors on: Geoff’s Books, Biography and Blog
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