Can the Metaverse Change the Miami Real Estate Market?

April 8, 2022

“Metaverse” is a massive buzzword in the realms of technology, business, and finance right now, and like all buzzwords, its definition is hazy, debated, and molded by the objectives of those who use it. Now, the Metaverse is being debated whether it can be a real estate game-changer.

One Miami commercial group is trying to make their listings more attractive by utilizing the Metaverse. Currently, Inhouse Commercial is partnering with the Metaverse Group to create a virtual copy of the two buildings that they have for sale in Miami Beach.

The properties are located at 930 and 960 Alton Road, and whoever purchases the properties, will receive the digital copies of the buildings in the Metaverse. The total asking price for the package is $25 million.

The property is owned by the former Miami Beach Mayor, Phillip Levine. It has been on the market since early 2021. Although the property has received multiple offers, the company stated that they believe they could lure in a big tech company with the Metaverse addition.

Metaverse Group, a significant virtual real estate owner and developer, has so far only created representations of the virtual property. According to Matt Zanardo, the firm’s consulting head, it will wait until Inhouse finds a buyer to completely build it out and choose the metaverse where it will reside.

According to Inhouse’s owner, “Companies and brands in our line of business were entering the metaverse, and we saw there was probably going to be a need for a connection to the real world.”

Recently, a number of organizations and brands have entered the metaverse recent months, and the feasibility of the virtual real estate industry has yet to be shown.

If the company succeeds with this deal, this will be the first-ever commercial/metaverse purchase and will forever change how commercial properties are presented to developers as well as other potential buyers.