Commercial Real Estate Industry Adjusts to Metaverse Real Estate – The National Law Review

In the six months since Facebook, Inc. rebranded to Meta Platforms, Inc., the idea of the “metaverse” has catapulted from a little-known science fiction fantasy to the forefront of popular culture. This year, digital real estate sales in the metaverse are expected to double and reach $1 Billion.^[1] Despite this surge of interest, there is still limited consensus on what the term means, and what the implications of this new technology will be on society and the economy. The emergence of digital real estate in the metaverse presents a unique opportunity for the commercial real estate industry.

In this article, we will provide (i) a brief background on what the metaverse is, and (ii) an overview of why the commercial real estate industry should take notice.

What Is the Metaverse?

There are multiple metaverses. Some are built on blockchains (“onchain”), while others are built “offchain” in traditional video game environments. The common thread is that all are persistent, virtual…

Read Full Story: https://www.natlawreview.com/article/real-estate-metaverse-what-digital-real-estate-why-does-it-matter

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