“It’s Not a Game”: How Versity Is About to Revolutionize Real Estate Using the Metaverse

The first thing that might come to mind when you hear the words “metaverse” and “real estate” is digital earth on platforms like Decentralized, Cryptovoxels or The Sandbox. But a new platform, Versity, aims to shake up the bricks and mortar of the real world using the digital toolbox of the metaverse.

Versity, who this week spear its initial coin offering (), is an “immersive mirror of the real world”, said Claude Li, CEO of Agences de Papa, France’s largest independent real estate company and architect of the idea behind the platform.

Each Versity property corresponds to a physical apartment or a house in the real world. “It’s a tool to help make real businesses more efficient,” Li said. Decrypt. “It’s not a game.”

From painful to painless

The process of showing, renting and buying a property today is very inefficient and time consuming. Videos, photos, and 3D walkthrough software don’t do enough to help people discover an ad, and physical tours often don’t lead to a sale.

Maybe the potential buyer likes the apartment, but not the neighborhood, or the space looks good in a photo, but the reality disappoints. There may not be enough light in the living room, or the lobby and other common areas don’t appeal.

“It’s a tool to help make real businesses more efficient. It’s not a game.”

—Claude Li

“Visiting presents a real bottleneck,” Li said. The Versity metaverse aims to remove that bottleneck.

Potential buyers can explore a digitized version of the actual neighborhood and surrounding streets where an apartment for rent is located, then click through to enter a property. Once inside an apartment, buyers can move around the space at their leisure, interact with a virtual real estate agent or other related service providers (such as mortgage lenders or interior designers ), ask questions and see what the space would look like with real furniture in 3D.

People don’t need a VR headset or a special device. The experience is available through a website that anyone can access via their phone, tablet, or laptop.

“The goal is to provide people with real utility so they can make better buying decisions faster,” Li said.

A new economy

But beyond making the real estate industry more transparent, Les Agences de Papa is also creating a new business model, Li said.

One of the reasons for the success of Papa’s Agencies is that they don’t have physical offices and don’t put their agents in the field. It is a 100% digital real estate agency with a fixed commission of €2,000, regardless of the sale price of the property. It’s a disruptive business model. At other agencies, the fees can easily exceed ten times that amount.

With Versity, the Agences de Papa intend to shake up the traditional real estate model once again.

Versity is built in partnership with Web3 and 3D specialists including Blockchain Xdev, Smartchain and The Full Room, using open source tools from Unity and powered by $SITY tokens running on the Polygon Block chain.

A postal or ZIP code in the real world is 1 NFT or “Parsell” – a play on the word parcel – in Versity. The price of a Parsell is tied to the popularity and desirability of the true neighborhood it is meant to symbolize.

An NFT for New York’s Lower East Side, for example, would be priced differently than a suburb somewhere in Arkansas, Li said.

Premium Parsells represent approximately 7% of the NFT offering within Versity. These are replacements for the most coveted properties and will only be offered for auction periodically in its own market. The rest of the plots will also be available on the same market. All plots can also be sold on secondary markets, with negotiable prices set by NFT owners.

Realtors who wish to list a client’s property in the Versity metaverse will pay a fee using $Sity tokens to the owner of the NFT that represents the actual neighborhood where that property is located. Service providers who agree to offer their services will also pay a fee.

It’s an elegant setup that drives value for everyone involved, Li said. Sellers will be able to generate more interest in their properties and close deals faster, while clients will enjoy a better customer experience. and more fluid. Investors, on the other hand, derive recurring revenue from their Parsells in exchange for the right of use.

Versity will first launch in France with plans to roll out to other countries in the near term.

Home Truths

Its real nature is what differentiates Versity from other so-called metaverse real estate projects, Li said.

“We did a lot of market research before launching this project and we couldn’t find any other metaverse that created a true reproduction of the real world,” he said. “We want to use Web3 technology to serve the real economy.”

“We want to use Web3 technology to serve the real economy.”

Part of what is driving the current crypto crash is the disconnect between digital assets and reality.

“Web3 and blockchain have the potential to revolutionize so many things,” Li said. “Now is a good time to consider using these tools for more than gaming, crypto and speculative finance.”

To find out more, visit Versity website Where Telegram.

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