"It's Not a Game": How Versity Intends to Revolutionize Real Estate Using Metaverse - Decrypt

“It’s Not a Game”: How Versity Intends to Revolutionize Real Estate Using Metaverse – Decrypt

The first thing that comes to mind when you hear the words “metavers” and “real estate” is digital land on platforms such as DecentralandCryptovoxels or The sandbox. But a new platform, Versity, aims to shake up real bricks and mortar with the help of the digital toolbox metavers.

Versity, like this week launched its first coin offering (ICO), is an “immersive mirror of the real world”, says Claude Li, CEO of Agences de Papa, the largest independent real estate company in France and the architect behind the idea behind the platform.

Every property in Versity correlates with a physical apartment or home in the real world. “This is a tool to make real business more efficient,” Li said Decrypt. “It’s not a game.”

From painful to painless

The process of viewing, renting and buying property today is very inefficient and time consuming. Videos, photos, and virtual walkthrough software in 3D do not do enough to help people experience a listing, and physical walkthroughs often do not lead to sales.

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

“This is a tool to make real business more efficient. It’s not a game.”

Claude Li

“The visit is a real bottleneck,” Li said. The Versity meta-verse aims to remove that bottleneck.

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

People do not need a VR headset or any special device. The experience is available via a website that everyone can access via their phone, tablet or laptop.

“The point is to give people real benefits so they can make better and faster purchasing decisions,” Li said.

A new economy

But in addition to making the real estate industry more transparent, Les Agences de Papa is also creating a new economic model, Li said.

One of the reasons why Les Agences de Papa is so successful is that it has no physical offices and does not exhibit its agents in the field. It is a 100% digital real estate agent with a fixed commission of € 2,000, regardless of the property’s selling price. It is a disruptive business model. At other agencies, the fees can easily exceed ten times as much.

With Versity, Agences de Papa plans to further disrupt the traditional real estate model.

Versity is built in collaboration 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 Polygon blockchain.

A postal code or postal code in the real world corresponds to 1 NFT or “Parsell” – a game with the word pack – within Versity. The price of a Parsell is linked to the popularity and desirability of the real neighborhood that it is meant to symbolize.

A NFT for the Lower East Side of New York City, for example, would be priced differently than a suburb somewhere in Arkansas, Li said.

Premium Parsells represents approximately 7% of the NFT offering within Versity. These are stand-ins for the most sought-after properties and will only be offered at auction periodically on the own marketplace. The rest of the plots will also be on the same marketplace. All plots can also be sold on secondary markets, with negotiable prices set by the NFT owners.

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

It’s an elegant installation that creates value for everyone involved, Li said. Sellers will be able to increase interest in their properties and close deals faster, while giving customers a better and smoother customer experience. Investors meanwhile earn recurring income from their Parsells in exchange for the right of use.

Versity will first be launched in France with plans to roll out to other countries in the near future.

Home truths

Its true nature is what sets Versity apart from other so-called metaverse real estate projects out there, Li said.

“We did a lot of market research before we launched this project and we did not find another 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.”

Claude Li

Part of what drives the current cryptocurrency crash is the link between digital assets and reality.

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

To find out more, visit Versity website or Telegram.

Sponsored post by Versitet

This sponsored article was created by Decrypt Studio. Read more about collaborating with Decrypt Studio.

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