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The recent announcement by Meter that its senior management will operate remotely from various corners of the world, from Israel and New York to California and the United Kingdom, symbolizes an exciting new era. The decision goes beyond embracing distant work; This is the proof of the effectiveness of Metaverse, the focal point of the desire for Meta growth. By working on Metaverse, the company seeks to prove that teams can collaborate effectively and work on the Internet in an interactive, conversational, and life-like way. If successful, the move will promote a return to the physical office.
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But what’s interesting here. Metaverse can extend not only the physical office, but also the asset class across real estate. Look at luxury retailers and mall owners, and then luxury apartment builders – all of them should start testing how a submerged internet can redefine how they sell property and build customer loyalty. See what it means here.
Related: 3 Ways to Create Sustainable Wealth in Metaverse
Retail space and metavers
Epidemics and advances in ecommerce have presented continued hardship for retail homeowners and mall owners. In the face of record vacancies and store closures, tenants are increasingly looking for something more to bring customers back into the physical space.
Take a look at Gucci, Burberry, Louis Vuitton, Balenciaga and Nike: their exciting launches across the Metaverse range from a combination of immersive experiences to limited-edition digital handbags. Other retail brands are quickly realizing that they need to do something similar and rent space in a virtual store. Which, of course, made the video an overnight sensation. But not everyone is Gucci, Barberry, Louis Vuitton, Balenciaga or Nike. And that’s where the opportunity lies.
Retail landlords and mall owners should make digital replicas of their assets in the metavers and then rent both the virtual and physical space together. By doing this, they enable tenants to create a powerful interplay between the real and the virtual world.
“Buy our limited-edition shirts in our virtual store to access our exclusive events in our flagship store” creates a new conversation with a customer and gives him or her a new reason to return to the physical store. Of course, when this happens both the landlord and the tenant benefit.
Related: The Mini Apple Store aims to attract shoppers after the epidemic
Luxury apartments meet metavers
When are luxury condos selling well? When they are able to create significant buzz – and Metaverse serves as a way for them to do so.
Here’s how to approach it: Create a virtual replica of an ongoing residential development and allow interested buyers to own virtual development pieces via limited-edition NFT, which then unlocks access to preferred pricing and physical condos.
NFTs encode proof of ownership and can be rationed based on demand, which helps developers re-imagine conventional waiting lists. Further, the same NFTs can be used to create more buzz, tying their ownership to an exclusive advantage, as physical development goes live in the market.
Deficits and exclusivity increase imitation aspirations and NFTs associated with virtual development widen it. This is a marketing strategy that we will see more of in the coming years.
Related: NFTs: The New Bedrock of the Virtual Economy
Hotels and Metavers
Hotels work hard to differentiate their brands, and Metaverse offers a new way for them to accomplish this. Let’s take Four Seasons in Bali as an example and imagine a digital wellness retreat hosted by management at the hotel’s new Metavers property. Thousands of users log in, roam around the digital property and participate in online activities. Many share it with their friends and subconsciously register this digital experience.
Now, imagine a certain percentage of these thousands of users (and their friends) planning a trip to Bali in real life. Are they more or less likely to book in four seasons? More likely, of course. Digital identity raises brand awareness, and will enable Metavers hotels to improve their existing conversion funnels – a lifeline for their business.
The Internet is entering a new, submerged era built on Metavers and will have an impact on stakeholders in the created world. Although its first day, retail mall owners, condo developers and hotel operators who note this opportunity will see a lot of benefits in the long run.
