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The metaverse industry is set to grow at an alarming rate of CAGR of 39.1% from 2022 to 2030, and its market is set to reach USD 824.53 Billion by 2030!
The best time is now to become a metaverse real estate agent.
However, becoming really well-versed in the world of real estate within the metaverse is really difficult if you’re new.
In order to become a real estate agent in the metaverse, you’ll need to meet some requirements and know some important tips.
In this blog post, we will discuss the 5 steps you need to take in order to become a real estate agent in the metaverse virtual world!
What Is The Metaverse?
The Metaverse is a fictional, shared, virtual world that is generated by computer code. It is a user-created universe that exists within the internet. It is also sometimes called “the matrix” or “cyberspace”. The term was first coined by science fiction writer Neal Stephenson in his novel Snow Crash.
In very simple terms, a Metaverse is a virtual world where people can interact with each other and with computer-generated characters and objects.
It is also a place where people can create avatars of their own or digital representations of themselves. These might or might not look like themselves in real life.
The Metaverse is similar to the internet in that it is a decentralized network of computers that are all interconnected. However, the Metaverse is different in that it is a three-dimensional space.
The Metaverse is also different from the internet in that it is a virtual world that people can visit and explore.
The virtual real estate that you’ll be buying and selling with the ones that people will interact with online.
Some popular Metaverses include:
- Somnium Space
- Second Life
- Habbo Hotel
These Metaverses have metaverse virtual real estate because they are built on the blockchain, and are completely unique and immutable.
As such, any ownership of the digital land is final.
However, not all metaverses are built on the blockchain such as VR chat, which is a virtual reality platform.
What Are The Requirements For A Metaverse Real Estate Agent?
While there are no hard requirements to become a Metaverse real estate agent, there are some things you need to definitely consider in order to become a successful one!
The requirements for becoming a metaverse real estate agent are similar to those for a traditional real estate agent. However, there are a few key differences.
First and foremost, you’ll need to have a deep understanding of how the Metaverse works. This includes how the different virtual reality platforms work and how they are interconnected.
You’ll also need to be familiar with the different types of crypto assets that are used in the metaverse. This is because many of the transactions that take place in the metaverse are done using crypto assets.
As virtual real estate in the metaverse is bought using cryptocurrency, you’ll need to be well-versed in how to swap coins, and tokens, and have your wallet ready to purchase virtual land.
Lastly, you’ll need to have an aptitude for learning new things. This is because the metaverse is constantly evolving and changing. New technologies and platforms are being developed all the time, so you’ll need to be able to keep up with the latest changes.
As more opportunities open up in the Metaverse, the skills, knowledge, and expertise you’ll need to be a good Metaverse real estate agent.
What Are The Five Steps To Becoming A Metaverse Real Estate Agent?
Now that we’ve gone over the requirements for becoming a metaverse real estate agent, let’s discuss the five steps you need to take in order to become one.
1) Learn About The Metaverse Extensively
Before you do anything else, you’ll first need to get yourself educated about how the metaverse works and familiar with the different types of virtual reality platforms that are available.
There are a lot of resources available online that you can use for this purpose. Some good places to start include the Metaverse subreddit and the Decentraland Wiki.
Once you have a good understanding of how the metaverse works, you’ll be in a good position to start learning about how to buy and sell virtual real estate.
And that leads us to our next step…
Reach out to successful Metaverse real estate agents and ask for advice. These people have been in the business for a while and know all the ins and outs. They can give you some great tips on how to get started and what to watch out for.
A few good places to find successful Metaverse real estate agents include the Decentraland subreddit and the Somnium Space forum.
You can also find them on Twitter and Discord Servers.
2) Get Familiar With The Different Types Of Crypto Assets
As we mentioned earlier, many of the transactions that take place in the metaverse are done using crypto assets. So, it’s important that you get yourself familiar with the different types of crypto assets that are available.
Some popular types of crypto assets include Bitcoin, Ethereum, and Litecoin. However, there are many other types of crypto assets out there.
A good place to start your research is the CoinMarketCap website. This website lists all of the different types of crypto assets that are currently available and provides information on each one.
Once you have a good understanding of how crypto assets work, you’ll be in a good position to start learning about how to use them for transactions in the metaverse.
These will be helpful for you later on when you’re interacting with virtual real estate assets.
You can speed up your learning process by watching crypto-related content which can be found in these mediums:
- Crypto YouTube Channels
- Crypto Newsletters
- Crypto News Sites
- Crypto Podcasts
- Crypto Discord Servers
Beyond just learning you need to make sure you’re staying updated on the latest news in the crypto and metaverse space.
3) Join A Metaverse Community
One of the best ways to learn about how to become a successful metaverse real estate agent is to join a community of other metaverse enthusiasts.
There are many different communities available online, such as the Decentraland subreddit and the Metaverse Discord server.
By joining one of these communities, you’ll be able to interact with other metaverse enthusiasts and learn from their experiences.
You can also find a mentor in one of these communities who can help guide you through the process of becoming a successful metaverse real estate agent.
In these communities, you will find people who are passionate about becoming a metaverse real estate agent and are willing to help you on your journey.
Don’t hesitate to reach out and ask for help when you need it!
Joining a metaverse community is a great way to network with other metaverse real estate agents and learn about new opportunities in the industry.
It’s also a good way to stay up-to-date on the latest news and developments in the metaverse
4) Start Building Your Portfolio
Once you’ve joined a metaverse community and have started to learn about how the metaverse works, you’ll need to start building your portfolio.
Your portfolio is a collection of the virtual properties in the different virtual worlds that you own and manage.
It’s important to start building your portfolio as soon as possible so that you can start to generate income from your properties through real estate investing.
There are many different ways to acquire virtual properties, such as buying them outright, renting them from other real estate agents, or even developing them yourself.
To track your metaverse properties, it’s best that you keep them all listed down in a spreadsheet so that it doesn’t get too messy.
At this point, you should:
- On-ramp your fiat currency into cryptocurrency
- Change your cryptocurrency coins into tokens that a Metaverse uses to purchase virtual land (SAND, MANA)
- Prepare your crypto wallet and purchase your digital real estate of choice.
Whichever way you choose to acquire your properties, make sure that you add them to your portfolio so that you can start generating income from them.
Building a portfolio is essential for any metaverse real estate agent as it’s how you generate income from your properties.
The bigger and more diverse your portfolio is, the more income you’ll be able to generate.
Many Metaverse real estate agents choose to buy land in metaverse platforms that have more traffic, and in locations in the Metaverse where there is land owned by other popular brands & celebrities
So, start building your portfolio today and add as many properties as you can.
5) List Your Metaverse Properties on Real Estate Marketplaces
Once you’ve built up your portfolio, you’ll need to start listing your properties on real estate marketplaces.
Real estate marketplaces are online platforms where buyers and sellers of virtual property can connect with each other.
Some of the most popular real estate marketplaces include:
Any native or secondary market shown above is great to start with!
Listing your properties on these marketplaces is essential for two reasons:
First, it allows buyers to easily find and purchase your virtual real estate.
Second, it helps to increase the visibility of your properties and attract more buyers to which you will want to sell virtual land to.
So, make sure to list all of your properties on real estate marketplaces so that buyers can easily find and purchase them.
By listing your properties on real estate marketplaces, you’ll be able to attract more buyers and generate more income from your portfolio.
What Are The Responsibilities of Metaverse Real Estate Agents?
As a Metaverse real estate agent, you will be responsible for managing the sale and purchase of virtual land for your clients.
This includes listing properties on marketplaces, negotiating sales prices, and coordinating with buyers and sellers.
You will also need to keep up-to-date on the latest news and developments in the metaverse so that you can advise your clients accordingly.
In addition, you will be responsible for managing your own portfolio properties and generating income from them.
So, if you’re looking for a challenging and exciting career, then becoming a metaverse real estate agent is the perfect choice for you.
What Is A Metaverse Realtor?
A metaverse realtor is a professional who helps people buy and sell virtual real estate. Metaverse realtors are responsible for managing the sale of virtual properties, which includes listing properties on marketplaces, negotiating sales prices, and coordinating with buyers and sellers.
In addition, metaverse realtors or metaverse real estate agents need to keep up-to-date on the latest news and developments in the metaverse so that they can advise their clients accordingly.
Can you sell property in the Metaverse?
Yes, you can sell property in the metaverse. In order to do so, you will need to list your properties on real estate marketplaces. Real estate marketplaces are online platforms where buyers and sellers of digital land can connect with each other. Some of the most popular real estate marketplaces include Decentraland, OpenSea, and Cryptovoxels.
How much does metaverse real estate cost?
The cost of metaverse real estate can vary depending on the type and location of the property. Generally, virtual properties are priced based on their size, location, and amenities. For example, a small virtual property in a popular area with few amenities may cost more than $300, while a large virtual property in a prime location with many may cost upwards of $500,000.
What is Virtual Real Estate?
Virtual real estate is a term used to describe online properties or assets, such as websites, domains, and mobile applications. A virtual real estate investor accumulates these assets to earn income from various sources such as advertising, lead generation, and affiliate marketing.
Virtual real estate can also refer to the collection of digital products created by content creators for sale on the internet.
These products may include e-books, music albums, software applications, and digital artwork.
Is the Metaverse a Virtual World?
Yes, the Metaverse is a virtual world. It is an immersive, 3D environment where users can interact, create content and participate in activities with other people from around the world.
The Metaverse is becoming increasingly popular as more people become comfortable using virtual worlds for a wide range of activities from gaming to shopping, learning, and more.
These are just a few simple tips on how to become a metaverse real estate agent.
By following these tips, you’ll be well on your way to becoming a successful metaverse real estate agent.
So, what are you waiting for? Start learning about the metaverse and begin building your portfolio today!
Note that there are also other ways to make money in the metaverse using other business ideas that work really well. Read this article I wrote to know more:
I hope you’ve enjoyed reading this article on how to become a metaverse real estate agent. Thanks for reading!
Justin is the founder and author of Justjooz. He is a Nanyang Technological University (NTU) alumni and a former data analyst.
Now, Justin runs the Justjooz blog full-time, hoping to share his deep knowledge of business, tech, web3, and analytics with others.
To unwind, Justin enjoys gaming and reading.