Just as the web runs on newly created blogs and social media posts, the metaverse gets life from users who are constantly building and changing the landscape of its various 3D worlds. It’s an amazing place for real estate investors, but the advantages don’t stop at things like virtual rentals and metaverse development projects.
In fact, there’s quite a bit of groundbreaking work happening right now with the concept of “digital twins,” metaverse copies of real life real estate. Why would anybody want to build a digital version of a building they’ve already constructed in real life? There are lots of reasons.
1. Simply to show off
Never underestimate the power of vanity. There are some digital twins that simply exist because they can, and that’s OK. For example, back in January, ONE Sotheby’s International Realty announced the creation of the first mansion that would also be sold along with its metaverse counterpart.
The MetaReal mansion will end up in The Sandbox ( SAND -5.37% ) and will be an exact replica of the house that’s being sold along with it. Why? Because it can be done and someone will enjoy having the prestige of owning a metaverse mansion that looks exactly like their real home.
2. Creating better virtual walk-throughs
A Canadian start-up called NTRY is looking for a better way to show properties that exist only on paper, and it’s going to be doing it with a metaverse-like world. Inspired by a rise in virtual showings of real properties, NTRY decided it was high time that builders got in on the action, too. Instead of getting a video or a desk-size model, potential buyers will be able to visit condos and homes through a proprietary platform that gives them a much more immersive experience.
Of course, this is being done in more wide-open metaverse spaces, too. Habitat for Humanity of Central Arizona recently wrapped up a fundraising event that featured a digital replica in Decentraland ( MANA -6.64% ) of the very real houses it was raising money to build. Not only did the replica benefit those curious about the construction process and methods, but it also created a sense of what the homes would actually be like in real life.
3. Fostering a team-centered environment for office workers
People who got a taste of working from home during the pandemic may want to keep it up indefinitely. Some companies are trying to find ways for employees to connect to one another in a more immersive environment than videoconferencing can offer. Realtors at eXp Realty, which is held by eXp World Holdings ( EXPI -5.06% ) have been doing it successfully for years using its proprietary 3D platform, Virbela, so there’s no reason to think that other companies can’t do the same.
Some companies have taken the opportunity to create digital versions of their offices in popular metaverse platforms, although few have limited themselves to simply twinning. Vice News, for example, has an architect-designed structure in metaverse platform Decentraland, and employees meet in the metaverse regularly. Accounting firm Prager Metis also has a not-so-twinned digital office in Decentraland.
Twinning an office exactly, though, offers additional benefits that simply creating a beautiful new one does not. Everybody knows where things are in their own building, and spaces in the real structure may hold special significance for people. A twin of your actual HQ could foster additional bonds among your team when members realize their office is anywhere they need to be.
Building a digital twin gives a whole new experience
Whether you’re twinning for fun, for work, or to raise funds for building projects, digital twins of real-world structures are excellent uses of metaverse real estate. Developers may find both that digital twins are less expensive to develop and that they attract more interest and from much farther away than their own region of the country; businesses could help workers develop the bonds that are often lacking in videoconferencing and telecommuting scenarios.
And, of course, if you just really have a cool house, dropping its digital twin in the metaverse is an interesting way to commemorate it while also ensuring that your friends can drop by anytime, no matter where they live. More luxury metaverse real estate clones will very likely be coming online in the future for this very reason.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis – even one of our own – helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.