Real Estate is a hot topic. But so is the metaverse. And now, they are colliding. Two Spanish companies have merged forces to set up a virtual real estate office in the metaverse. They are selling real property, but you have to go to the metaverse to view it.
It seems like things are really happening in Spain when it comes to the crypto ecosystem. Not only do the Spanish have a high adoption rate of cryptocurrencies, but they are also digging in when it comes to the metaverse.
Spanish companies Metrovacesa and Datacasas Proptech have got together to do something very newsworthy. Metrovacesa is a traditional real estate agency with 100 years of history in Spain. Datacasas Proptech is a Spanish startup specializing in the online sale of properties.
Their combined effort will result in a virtual real estate office. This office will sit on a plot in the metaverse Decentraland. Yep, they have a real estate office in the Metaverse.
They will be the first Spanish developers to access this virtual space and to sell IRL properties. In this virtual real estate office, users can obtain digital information about the homes, be assisted by a virtual salesperson and carry out the buying process remotely.
This real estate office is not alone in the metaverse business world. They join other large firms from an array of sectors that are already hawking their wares in the virtual world.
The first thing that that will be getting flogged in the metaverse real estate is a highrise called Málaga Towers.
Property in the metaverse
The metaverse is currently expanding like lightening. Metrovaces says that anyone can access their real estate agency in the metaverse in a very simple way. “It will feel like walking through a shopping center designed in 3D. The user registers on Decentraland, creates their avatar, and can walk through the metaverse and interact with companies that have bought or rented land there.”
The virtual real estate agency will give potential property buyers a virtual feel for the real-life building. Málaga Towers is located in Málaga city on the beachfront. At the metaverse real estate agency, potential buyers can see the 3D model, videos of the project and the plans. The user can be guided by the virtual salesperson as to how they can reserve one of the homes. The sale can be made in a totally digital process.
Real Estate and the blockchain
Metrovacesa is no stranger to Web3. In 2018, they started multiple projects on the blockchain, including tokenization of assets, traceability projects, certification of its sustainability commitment, and tokenization of loans. They say that these experiences place them in a solid position to understand the technology on which the metaverse is based, and capitalize on it. “Real estate activity in the metaverse is increasing. Proof of this is that investments in land and virtual buildings have been settled for a value of more than 500 million dollars in 2021. It reached 85 million dollars in January 2022 and has forecasts of reaching 1,000 million dollars throughout the year.”
Carmen Chicharro is the Director of Sales, Marketing and Innovation at Metrovacesa. She said that the objective, with this proof of concept, is to create a laboratory in the metaverse in which to test a new relationship channel. “With their digital customer profile, buyers can acquire a physical or virtual home, and use forms of payment and investment through NFTs. We want to analyze whether there is a new business model in the metaverse.”
Santiago Cabezas-Castellanos, CEO of Datacasas Proptech, said that, already in 2021, they have sold new properties worth 12 million euros. “Many of these sales are through the client’s mobile. The blockchain will change everything in the real estate world.”
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