The Influence of Virtual Events on Metaverse Commercial Real Estate Values: A Review

Abstract

Purpose: This review paper examines the complex relationship between virtual events and the commercial real estate prices in the dynamic Metaverse, which is a network of interconnected virtual communities enabling real-time interactions. Virtual events have emerged as a prominent element of our digital reality, surpassing geographical limitations and reshaping the understanding of interaction and professional connections. This paper aims to explore the intricate interplay among technology, virtual events, and the commercial real estate ecosystem within the Metaverse.

Materials and Methods: It will analyse several case studies, identify emerging trends, and assess the economic ramifications of these dynamics. This observation highlights the capacity of virtual events to influence the real estate environment of the Metaverse, presenting prospects for developers and investors. However, it also underscores the need for comprehensive regulatory frameworks to guarantee equity and long-term viability.

Findings: The increasing recognition of virtual events by corporations and organisations has led to a growing need for appropriate virtual venues inside the Metaverse. Consequently, this surge in demand has directly influenced the worth of virtual commercial real estate. The ongoing development of the Metaverse holds the potential to create a forthcoming reality in which the physical and virtual domains coexist and fundamentally transform our methods of engaging with the surrounding environment.

Implications to Theory, Practice and Policy: Utilise digital twin technology for interactive property replicas, enabling potential buyers to explore properties virtually before visiting. Enhance efficiency and transparency in property transactions by exploring blockchain and smart contracts; leverage the metaverse for collaborative design and conduct virtual training for real estate agents to optimize technology utilisation.