Only a year ago, we could start this article that the Metaverse is a concept that hadn’t really met the high expectations we had of it. But, the tech develops at a lightning pace and our understanding of what Metaverse is and what it could be expands with each passing day.
Today, this amalgamation of digital emerging technologies keeps erasing borders between the real and the virtual world and provides a near-unlimited launch pad for creative marketing approaches, ideas, and business models.
One of these novel concepts comes in the form of Metaverse real estate which now sits at the value of $1440 million and is projected to climb all the way up to $15,698 million by 2030. So, let’s see what this fuss is all about and how to tap into this emerging market.
What is Metaverse real estate?
Essentially, Metaverse real estate is not that unlike its real life market. In this case, developers create digital spaces and properties, using the digital infrastructure, and competing on the limited markets. These digital properties can then be sold, rented, or held while their equity keeps building up.
The end users can use these digital environments as a marketing outlet, for educational purposes, for playing virtual games, getting entertainment, holding business meetings, or whatever use case scenarios can cross your mind.
Usually, these assets are deployed through Virtual Reality, Augmented Reality, or Blockchain which are all technologies with very strong legs. So, if you are looking to make your portfolio more diverse, this venue must be on your radar.
Choose a platform and acquire land
If you want to make your investment count, you should first choose your go-to platform based on its advantages and inherent flaws. At the moment, the top four contenders come in the form of The Sandbox, Somnium Space, Decentraland, and Meta which so do your research before committing to any of them.
But, when you do find the platform that suits your investment plans and business model, you should make strategic plans for acquiring virtual land as represented by non-fungible tokens (NFTs). Being sold in parcels equivalent to real life counterparts, these investments require similar approaches like market research, investment plans, and considerations regarding vicinity to other parcels and virtual landmarks.
Put your investment on the market
Marketing one Metaverse is not that different from traditional investments or, for that matter, real life properties. So, your approach should consist of a regular mix of social media outreach, content marketing, paid ads, and, of course, professional link building services from reliable SEO agencies. Keep in mind, though, as much as they are a digital asset, Metaverse also presents a certain digital marketing venue.
Search engine optimization within virtual environments is a marketing branch in rapid expansion and all the assets you are going to build can be readjusted for easy search within said digital platforms. So, keep these things in mind while you are building your Metaverse infrastructure.
Pick up the cues from real estate listings
Good design practices are applicable across the board. Therefore, if you want to create a functional digital environment, you should check the available apartments for rent and see what types of apartments are packing market heat.
The first thing that crosses the mind comes in the form of open floor layouts, bold accent colors, splitting up the space into smaller, single-purpose areas, and social hubs where people can move from their current tasks to take breaks and simply hang out.
Of course, instead of things like workout setups and coffee dispensers, you will use some digital pastimes. But, all these things should serve the same purpose – encourage social interactions and brainstorming.
Measure, maintain, and improve
One area where digital properties have huge advantages over their physical counterparts is the fact they are much easier to remodel and upgrade. Run this idea to the fullest possible extent and never stop improving upon your original idea.
Setting up a measuring stick in the form of KPIs and immediate objectives right from the design phase will give these efforts a much stronger sense of direction. Keeping all these metrics and KPI results documented will also allow you to engage in more in-depth analytics and standardization.
Focus on user experience
Finally, it’s important to highlight that the elements you incorporate into the heart of your digital assets play a crucial role in drawing in new clients. However, what truly ensures their return is the overall experience they encounter.
Make sure to seamlessly integrate this aspect into your strategy. Some of the areas you should focus the most are customer service, customized experience, and the content the user will consume while spending time in the Metaverse. Small games, exhibits, and authoritative pieces of content will serve you just fine.
Well, we hope these couple of considerations gave you a better idea about what Metaverse real estate is all about and how you can carve a part of this developing market for yourself. The good news here is that, when it comes to good practices, this digital venue operates very similar to the traditional real estate market. Feel free then to put these insights to good use and make your investments truly count.