What is the Metaverse?

    What is the Metaverse?

    Apr 29, 2022

    We all thought a change was coming when Zillow and other top online real estate firms declared they would open online brokerages with 1% commission fees. Then, a pool of investors could fight over buying your home, so you didn’t have to use a real estate agent at all. Then using crypto to purchase real world homes rolled around and the shift to digital was in full swing.

    Get ready player one, we are skimming the surface of the Metaverse!

    Meta What?

    To put it simply, the Metaverse is a place where a user can go to interact with other users, make purchases, pedal their own business items, visit establishments, or invest in NFTs (Non-Fungible Tokens). Kind of sounds like Fortnite or Roblox doesn’t it? VR Chat perhaps…? The Metaverse isn’t so much a place or a specific type of tech as it is another layer of reality that is able to meld over our own.

    The Metaverse term was coined from a book called Snow Crash from 1992 author Neal Stephenson. The book was about virtual reality and how the next step in human interaction would be virtual. Stephenson wasn’t too far off from the now with VR gaming for console and PC users immersing themselves for hours and even days in worlds far different from our reality where they can do anything they want.

    What to do in a Virtual World?

    First off, you must select a world to live in and create an avatar to move around the world.

    Having a virtual world with no limitations means that the sky is the limit! Currently in the Metaverse, major retailers (like Gucci and Nike) are setting up shop to help promote their businesses in the virtual world. You can enter these store fronts and purchase shoes for your avatar to wear around or purchase a Gucci item. Real world money is paid for these NFT items for the avatar that are a digital verse of a tangible item.

    You can build a real estate empire within the virtual world - going around buying land parcels for cheap then developing them with buildings and purpose to resell to the highest bidder. Celebrities have jumped on the bandwagon and have made their own homes in various worlds, like Snoop Dogg. Other factions were brought into the spotlight through the world of NFTs aka the Board Ape NFT compound in the Sandbox.

    You can just be social. Buying a parcel of land in an up-and-coming neighborhood means that you will have tons of interesting users to chat with. You can all meet at a nightclub, yes, they have those, and just hang out. A simple premise, but you don't get the chance to hang out virtually with a stranger in Japan in real time.

    The Metaverse is even set up for the small business owner or even the largest of business owners. It’s made for those trying to get their career off the ground. An aspiring artist could showcase their work through their home or create a gallery in the Metaverse for other users to come and visit. If they like a piece of art, they can purchase it using the worlds cryptocurrency, and have that artwork as an NFT until they decide to sell it.

    Did We See it Coming?

    Year after year, our technology keeps advancing and we strive to create the next best, revolutionary thing. We started with basic web that allowed us to communicate through instant transmission emails. Our level of connection raised a notch. Next, we had the connectivity of the social media platforms and online shopping. All of these things stayed within our 2D world. Experts say that Web 3.0 is where we are headed next. It is a full embedded experience of interfacing with the web; you will use every part of you to move, shop, interact, and all without leaving your home.

    It's Still Emerging

    The Metaverse (along with NFTs) is still in the developmental stage. Investors are flocking to companies producing the worlds for users while the companies creating the worlds are packing them full of actives and features for users. The price tag on the Metaverse is going up along with the popularity. Some plots of digital land are selling for about the same as real world homes on the market. Speak with your financial advisor if a Metaverse purchase is right for you.


    If you enjoyed this blog content, make sure to check out ERA Liberty’s other blog articles on allwvhomes.com. We blog about all things real estate, local eats, and happenings in and around our community.

    For all your home buying or selling needs, ERA Liberty Realty is always there for you! With two local offices to help you no matter where you are, our agents are knowledgeable of the area and the housing trends happening within them. Reach out to us today to get your journey started in West Virginia, Virginia, Maryland, or Washington DC! We also have rental agents and agents that property manage for clients.

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