Beyond Boundaries: It's the Internet, but not as we know it
The Metaverse, the Web3 Revolution and the opportunity for branded real estate. One for the innovators 🕹️
The Ares House designed by Daniel Arsham for The Row - a private ‘members-only’ real estate community in the Metaverse - launched at Art Basel Miami last December 📷: The Row, by Everyrealm and The Alexander Team.
When thinking of property developers and real estate brands, innovation and early technology adoption probably aren’t the first things that come to mind. For many, presenting themselves effectively on their websites and social media platforms still remains a challenge.
Yet, for over two decades I have helped developers and property brands orchestrate entire reproductions of homes, spaces and precincts, creating interactive and immersive marketing suites and sales galleries that engage the senses, use technology to articulate and visualise the brand’s offer, and captivate customers.
These dynamic spaces bring architectural plans and creative vision to life, transforming two-dimensional designs into tangible, three-dimensional experiences.
Now, envision a scenario where these showrooms and spaces operate irrespective of location, completely unbound by physical constraints.
The Metaverse holds the promise of this boundless immersion
‘ROAM’ the hybrid immersive mixed-reality experience concept for Bentley branded residences, a collaboration by Projects of Place with NYC-based architecture studio Mcheileh Studio for the Dezeen & Bentley: Future Luxury Retail Design competition. (Currently shortlisted with 14 other entries - keenly anticipating the outcome!)
Enter: The Metaverse
With a name (aptly?) resembling an animated superhero, the buzz surrounding the Metaverse and its enabler, Web3, is hard to ignore.
While the technicalities of gaming, NFTs, the blockchain and VR may seem overwhelming, at it’s heart, the Metaverse is about storytelling. Your opportunity exists within the narrative you build.
The transition from Web1 to Web3
Web1 - the original Internet, born c.30 years ago, connecting vast amounts of information quickly.
Web2 – add in social media, online shopping and e-commerce, the Internet is transformed into a space that connects people and business.
Web3 - combines the best of Web1 & Web2, forming a platform for crafting virtual and augmented worlds that enable interaction with digital objects and each other.
Through decentralisation, the Internet becomes open source – sitting in the hands of its users - essentially becoming the world's greatest co-creation project.
The Metaverse is the new digital realm where users forge physical and virtual worlds, an intricate interplay of spaces.
It's the Internet and e-commerce, but not as we know it.
If the Metaverse is all about connecting people with places and spaces, it presents an incredible opportunity for property developers and the creators of spaces and places.
The First Ever Metaverse Architecture Biennale, “Presence of the Future” 2023 takes place in Dubai next month.
A canvas for brand immersion: and an edge for property brands
As Web3 and the Metaverse continue to evolve, more brands will naturally find their way onto the platform, just as they did with websites, social media, and apps.
While you might not have heard your competitors discussing their Metaverse presence yet, don't let that convince you it's not an area worth exploring.
Consider this a head start – Web3 isn't an alternative to Web2, it will eventually replace its predecessor.
The question isn't IF your brand will be in the Metaverse, but WHEN?
A guide to exploring your brand’s presence in the Metaverse
If you’re interested in discovering how your brand can show up in the Metaverse, our advice is to start by simply treating it like you would any other branded project:
⚡️ Spark Curiosity
Engage your team’s curiosity and involvement in understanding the Metaverse's potential.
Drawing inspiration from pioneering Metaverse brands, what is their virtual experience and offering? Identify brands whose values align with your own and analyse how they’ve translated their values in the virtual realm.
💭 Visualise Your Outcome
The Metaverse thrives on narratives. What is your brand narrative and how might it be represented in a dynamic, digital realm?
📌 Define Your Goals
Outline your Metaverse ambitions and the impact you intend to make. What makes sense for your brand and customers?
Imagine:
A dynamic online space for residents of Build-to-Rent (BTR) communities
If your brand supports environmental causes, why not grow a digital forest with each customer transaction
Design-focused brands can link up with renowned ‘design week’ events in places like Miami, Milan or Dubai, virtually teleporting customers to these prestigious events
Extended amenity spaces for residential communities to virtually connect and gather, fostering vibrant digital communities that enhance personal connections
👾 Your Digital Dream Team
Assemble a diverse, skilled, multidisciplinary team to bring your vision to life.
In addition to brand and marketing experts, you may also benefit from gaming expertise, special effects, graphic design, motion picture, visualisation and more.
Curate the team to match the vision, not the other way around.
🤝 Collaborate!
In the real world no single developer is responsible for the building of an entire community, and for true community the project needs to appeal and be accessible and inviting to a variety of demographics.
Just like in the real world community consultation is critical to understanding what people want and need from your brand or business.
Do something that moves your industry or sector forward at the same time as showcasing your brand. Be a true contributor to the Metaverse by helping to make it a great place.
🤩 Implement – and enjoy yourself
Create your presence in the Metaverse - and have fun!
Beyond the tech, the Metaverse is a space for innovation, connection, and co-creation. Embracing the opportunity to redefine your brand's reach, impact, and future.
Interested to learn more about the Metaverse? Let me know in the comments.
Interested in discussing how Projects of Place can assist you in embarking on your own Metaverse journey? Hit reply and get in touch, we’d love to help!
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Congratulations to those of you who joined our 21 DAY CHALLENGE: STRATEGIC CAREER GROWTH - it was fantastic to hear your feedback and personal stories!
To recap the key take-aways:
🚀 Align your activity with the company’s mission
🔎 Focus on your KPIs and adding real value (using our WIP worksheet)
⚖️ Conduct regular and honest self-assessment
📊 Calculate your impact using commercial metrics (using our KPI worksheet)
📚 Be resourceful with your professional development
🙋♀️Take initiative in your performance reviews
AND MOST IMPORTANTLY…..
🎯 Set yourself a career target - and a plan to achieve it!
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Or for those of you who prefer to DIY, the two worksheets we previewed in the challenge form part of our online training framework:
STRATEGIC TASK MASTERY: How to unlock a value-driven approach to your workflow and get paid what you’re worth
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Here’s a sneak preview.
Until next time,
Caitlin