October 11, 20214 yr Expert Peer Review Group The Metaverse describes a shared virtual universe and a new digital reality economy where a people work, play and socialise in a digital community. Starting next year (2022) consumer-grade Augmented Reality (AR) headsets are primed to scale alongside widespread use of AR tools on mobile devices. Interactive, immersive, and collaborative 3D virtual worlds / simulation platforms created using AR/VR/XR immersion technology are predicted to create a new venues for community life, social interaction and creativity or a “third place” (beyond the home and work). In the Metaverse, individuals will also be able to customise their own digital personas or 'avatars' and even invest in virtual asset, including "real estate" via non-fungible tokens (NFT) which verifies ownership status and authenticity using blockchain technology. Digital twin technologyies will also enable enable users to remotely simulate, monitor and optimise many aspects of our physical world by creating massive virtual sets of existing cities and buildings. So what are the practical applications of a 'metaverse' for the commercail real estate industry ... will the NFT economy ever challenge our physical economy or ownership of physical assets ? Will it accelerate our move towards an everything as a service economey (XaaS) .. or wil it simply help us to become more creative ?
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