Are There Real Estate Agents in the Metaverse? Digital Land Deals
Investors have gravitated towards the metaverse for the prospect and value potential of owning digital land, but who brokers these deals? Are there real estate agents?
The metaverse seems to be the next hot commodity. Companies are building out their own in the hopes that consumers will gravitate towards their virtual worlds. For different reasons, investors have gravitated towards the metaverse for the prospect and value potential of owning digital land, but who brokers these deals? Are there real estate agents in the metaverse?
If real estate agents exist in the perceived booming ecosystem of the metaverse, how can someone become an agent?
Land deals in the metaverse often get brokered.
The largest land purchases in the metaverse are in the millions, with the largest land sale closing out at $4.3 million in The Sandbox, by Atari on December 8, 2021.
Contrary to purchasing a home or searching for an apartment, where a real estate agent is involved, land on the metaverse often occurs peer-to-peer through a trusted community broker or secondary market.
Since transactions are occurring on the blockchain, the purchases don't need middlemen—in this case, real estate agents—to facilitate the process and paperwork since it's public and verifiable.
Often, these purchases occur through a native or secondary market or OTC (over-the-counter), which is a trading term that crypto pundits use when the trading of assets is peer-to-peer without ever being listed on the market.
This form of trading is risky depending on the trading parameters set. While OTC trading might lead to better deals made, some users get scammed at the end of the deal since they're at the mercy of trusting a person at the other end of the screen.
Some communities have discovered brokers who facilitate large purchases. Often brokers within these communities are trusted members who have access to some of the larger portfolios in the project and they know who has the most valuable assets.
Brokers play a key role in facilitating new investors who are looking for valuable deals that might not necessarily be on the market.
Metaverse real estate companies are growing.
Meanwhile, Metaverse Property is the first virtual real estate company. The virtual real estate group facilitates the acquisition's virtual land to new investors and supporters of the crypto, blockchain, and Web 3.0.
The company also specializes in development and works to make clients' dream digital homes a reality through property management and metaverse consulting and marketing.
Basically, Metaverse Property has paved and cemented itself as a first-mover in the sector. SuperWorld is a competitor to Metaverse Property. Users can purchase virtual real estate in real-world locations.
Contrary to Metaverse Property where digital land is across various existing metaverses, SuperWorld allows users to invest in a stake in the company when investing on digital land and share in platform revenue.
In the metaverse, while there are platforms that offer more formalized services like Metaverse Property and SuperWorld, the advantage of owning land on the metaverse is mitigating the need to have a middleman. However, as the landscape grows and capital pours in, it will be interesting to see the jobs that materialize.