Real Estate Pro Breaks Down Property for Sale in the Metaverse
Culture
Speaker 1: Hi guys. My name is Herman Chan from Golden Gate Sotheby's International Realty. I've been still in real estate for 20 plus years, but today is the first time I'm gonna explore real estate in the metaverse. Ooh, I'm scared. Oh, let's check it out.
Speaker 1: All right, Boys and girls and everyone in between. First thing up is decent land. I've been told it's some type of like neighborhood, I [00:00:30] guess it says here two by three fashion district estate. Super close to Soho Plaza. Okay. I like it when you're close to things to do, that means that good walk score higher value. Yeah, like that. Okay. Price 28 8 88. Is that Ethereum? What is that? How much? 50, 53 million. Is that 53 million USD or pesos? Huh? So 53 million. So what am I buying here though? I'm, I'm okay. See I'm seeing coordinates now. I had a little youngster tell me there are certain coordinates, like if [00:01:00] you have a memorable coordinate, like a XY coordinate. I feel algebra. So this is like, I'm getting PTSD right now, but like if you have a memorable coordinate, like 100 by 100, that's like primo. That's what I've been told.
Speaker 1: I dunno if that's true or not. If you have like 100 Broadway, very iconic, memorable names. I mean there's something about like a branding of an address. So I could see where there would be value in that. In terms of like marketing a property. Oh look here. Fashion district under description. So it's just like a regular MLS [00:01:30] fashion district. Double roads nearby. Okay. This is like just like real estate. So double roads. They keep talking about this. I'm presuming it's a selling point, right? It's almost like saying, Oh, close to the freeway, close to the Bart Uhhuh just north of record breaking decentral land sale. In my world, that means they're citing a comp. They're trying to justify their price. A comparable sale. So I'm wondering what that price is. It doesn't say <laugh> because in our world to uh, ascertain value [00:02:00] using this house is worth this because the house across the street, which is the same size and the same attributes traded for this last month here, I'm wondering if there's some type of way I can look this up.
Speaker 1: It just says vaguely record breaking sale. Well, where <laugh>. So I've entered this space here in decent central land and loving the pink hair. I'm just gonna twirl around and check things out. This is not unlike, you know, during Covid, during the whole shutdown, everything went digital. So a lot of us real estate agents actually were not able [00:02:30] to tour homes. So doing things in digital was how we sold real estate. So this is not that unusual for me as a listing agent. We would scan the entire property, we would triangulate the entire house from a forest ceiling to the walls and create something. But this is definitely more cartoony. I think this is cool and everything, but why am I buying this? I'm wondering honestly like is this just so I can speculate and sell somewhere else on a different platform or <laugh>? Yeah.
Speaker 1: Ooh. As a salesperson, I want to be able to like, like convey the [00:03:00] value to something I'm selling to the consumer as a consumer right now. Cause this is my first time kind of playing around with this metaverse thing. It just feels fun in a game. But what, what am I buying here? Maybe it's the parcel numbers from the coordinates I guess. Cuz clearly it's nothing tangible, right? <laugh>, I wanna know that if I'm buying this, no one else can replicate it or something like that. Because that's what would make this like valuable to me. If I'm gonna assume metaverse life, right? Wouldn't that be terrible? I buy this and spend all this money and all of a sudden right across the street on another parcel [00:03:30] is the same exact house.
Speaker 1: Okay friends, now I'm in another house, it's called Deacon Den, apparently looks very hotel esque. I'm getting very Vegas hotel vibes here. Normally when you're buying a regular house, you want to see what the bedrooms look like, you're what the kitchen is like because that's where you're gonna hang out. Since I'm not physically being in these spaces, like I'm wondering what is like a signifier of value or bougieness. Because when you can draw anything on a computer, essentially, it's not like you were importing Carrera [00:04:00] marble from Italy or some, you know, everything is all os and ones. Is it os and ones? Is that what it is? <laugh>, as I'm walking through this, I'm trying to understand the value proposition of why I would wanna spend this kind of money on this. It's not about the house, the house, the real estate is just in name.
Speaker 1: It's just an excuse for me to transact money on a scarce product, which I'm presuming is this parcel. And God willing is like X amount of finite units in this decentral land [00:04:30] play zone. I would be really pissed if I bought this and there were gonna be more and more parcels. There were available in decentral land and it was just an ever expanding supply. It's almost like when you buy really deep in the boonies, like it's more expensive to buy in the city because like you only have like in San Francisco it's seven by seven miles. There's no more land. But when you go deep into the burs, it just becomes less and less valuable because like you buy into a new construction, which is great, the house is gorgeous, but there's like hundreds [00:05:00] of other acres that the other builders are gonna be building in the next two or three years. In some ways it just kind of starts to make you feel less special. This is like that example on steroids. The whole notion of value is scarcity. Because if there's not enough of something, that's what makes something goes up. So I'm presuming in this decentral land area, there's these three parcels here I'm buying and hopefully there's an a limited supply. If you have a million process left and right all the time, what's, what's the value in that, right? Does inflation occur in Metaverse, by the way?
Speaker 1: [00:05:30] Ooh, it's Mario. Where's Luigi? He's my favorite. Oh my god, this is bringing me back. Ooh look. This is for sale here. Oh my goodness. Okay, I'm liking this. The house is actually kind of cute. Let's just look at this sign here for sale contact. So and so the seller on Discord. On Discord. Now what? Just hold a dance second around here. Discord is not decentral land. I think it's trying to trick me. See why [00:06:00] can't I just buy it through decent central land? Hmm. So suspicious. I kind of feel like if I'm selling a house and a buyer comes to me, normally you would pay everything through u s D. Everything is better that way. Escrow title loans. But if someone comes to me and says, Oh I wanna buy it through, fill in the blank some crypto thing. Immediately I'm thinking something's odd. Why wouldn't you do it through the regular way? I'm not saying there's not some legitimate crypto people, so y'all don't come for me. Okay, but <laugh>, why wouldn't you just do it this way? This is interesting to me because like I feel like it's a redirect. I [00:06:30] get this vibe of like for sale by owner situation. I'm not sure what this is all about, but I think it is. I immediately think is dark money.
Speaker 1: Where's Snoop Dog Sandbox is the next one. All right, so this one seems more plot driven. I'm getting like a bird's eye view plot map of this green thing going on. I'm seeing lots of recognizable logos. So this should be called Logo Land Warner Brothers. I I, I know that I recognize this guy. Snoop. Yeah, this is my era. [00:07:00] Oh, Atari. Oh this is brings me back too. Apparently people are buying things closer and closer to things, you know, same thing. Location, location, location. What else is new, right? But what am I close to? I guess if you buy something close to iconic brand, it's almost like success by association or value by association. Like if you buy next to someone who is like a celebrity neighbor, is there some kind of cred that will give you like higher valuation? I guess it's something like that and hopefully as I said multiple times before, if [00:07:30] that's the value system you subscribe to, I hope to God that there's only x amount of process to be sold around Warners or oh here's ape.
Speaker 1: It's just the famous ape thing that people are talking about. Yeah, I mean how cool is that to say, Oh my gosh, I own something next to Snoop Dog or whatever. I'm just wondering, is there like a secondary market for selling these parcels and like maybe the value of the land that you buy next to someone rises in falls with the celebrity status. You know, some celebrity statuses get canceled the house three by three large Atari estate. [00:08:00] Oh, in the locations. Here we go. The coordinates 57 99 say no, I want something that's easily memorable. This, this is not numb. Ooh. 66 1 1 1. I like this one. This is mine. I'm trying to understand what value someone finds in this. I think a lot of it is just brand equity speculation. This is very much a function of like a capitalist society. A Martian would come down here and be totally confused.
Speaker 1: All right friends, we [00:08:30] are in another metaverse, this one called Upland. I have been told that as I'm exploring this, that apparently you can actually buy a parcel which is a mirror of what an actual house is. So for example, this listing I'm in right now, 2 69 a Pacific, 23 million. If you're interested, I plugged in the address here and look, this is the actual plot size of the property. Fantastic. Right? Okay, so, So I'm thinking right, I'll click on it. Oh, it says someone owns it. That's so interesting. Oh my gosh, [00:09:00] wait a second. Nobody told me. Oh my goodness. Okay, 2 69 at Pacific Avenue, we're in Pacific Heights. One blog off a billionaires row. The weird thing is, I didn't know this and my seller doesn't know this. Like everybody who owns their house, maybe their property is being traded somewhere. Often a different metaphor somewhere.
Speaker 1: It's just kind of scary. So why would I would use this if I was a consumer? First of all, if I was the owner, I would probably just wanna log it down anyways. I dunno how much it is, but if it's not that much of money, I'd probably just lock it down just to [00:09:30] be safe. Kinda like your URLs, you logged on different URLs, a different variations just to kind of like control your branding and your imaging and not have your competitors kind of like hijack you or whatnot. I could see that happening here. Oh, you know what? Another purpose of this might be a nostalgia. Like if you'd buy a house that you grew up in. Ooh. Or maybe we're a revenge, huh? Someone wrong you in school. <laugh>. Yeah, you wanna lock up their parcel. The difference between between this and the other two.
Speaker 1: Metaverses. Okay. This one seems to be actually aligned to the actual [00:10:00] parcel maps of real life. So in some ways that's more relatable to a real person in our regular life. This one I feel like actually is based on some sense of reality, although couldn't another developer just make another up plans like a plan two or or Downland or something and we still have the same parcel again. Yeah, well I have certainly learned a lot. Uh, I'm still lost, but that's okay. I'm sure some of y'all too. And for those of you who aren't You'all gonna sass me in [00:10:30] the comments. I welcome it. So don't forget to light comment and subscribe on C Net's YouTube channel. Thank you so much for watching Experts React. We really appreciate you c Chao.
