Real estate 2.0: Accelerating metaverse development and the influence of generative AI

Article published originally in Construction Week Middle East

Once a futuristic dream, the metaverse is now a rapidly evolving digital universe, sculpted in part by the power of artificial intelligence. Real estate companies stand at the forefront of innovation, reaping the benefits of generative AI and its applications within the metaverse.

The GCC region is rapidly emerging as a global leader in the metaverse, with a projected $15 billion injection into its economies by 2030. This growth is driven by integrating metaverse and 3D internet technologies within the region’s real estate sector, with major players embracing this innovative space.

Democratising content creation in the real estate metaverse

Generative AI can be used to create realistic and immersive virtual environments that are identical to the real world. One of the key challenges in the metaverse has been the complexity of content creation tools, limiting accessibility for mainstream users.

By leveraging AI algorithms, these tools empower creators with basic technological capabilities to build digital assets and experiences seamlessly. The metaverse, once the domain of tech experts, is now open to a broader audience. Generative AI democratises content creation in the metaverse, with some notable examples including:

• Photorealistic virtual environments: Generative AI unlocks a new era of immersive experiences. This technology generates virtual environments indistinguishable from their real-world counterparts.

By replicating textures, lighting, vegetation, and architectural elements, users can engage in immersive virtual tours, gaining a true sense of the space. This can be used to personalise the virtual landscape experience for each user by generating environments matching the user’s interests.

The NEOM project in Saudi Arabia exemplifies this potential, investing $1 billion in metaverse and Artificial Intelligence (AI) applications to build a digital twin of its city project, The Line. This will allow individuals to virtually visit before investing and helping in the development’s design and construction.

• Automated 3D Asset Creation: Platforms like Alpha3D enable users to generate realistic 3D objects from simple 2D images or text descriptions, significantly reducing development time.

AI empowers users with real-time customisation options, allowing them to personalise virtual spaces and express individual styles. On-demand creation eliminates reliance on pre-existing libraries, providing bespoke 3D assets based on specific needs. This helps reduce development costs and resources, making metaverse content creation more accessible.

Enhancing user experiences through personalisation

In the metaverse, user experiences are key to engagement, and AI plays a significant role in tailoring these experiences to individual interests.

• Hyper-personalisation: Generative AI can analyse a user’s preferences and needs to generate personalised property suggestions. By leveraging hyper-personalisation, real estate companies can unlock new revenue streams and gain a competitive edge in the evolving metaverse landscape. This could include factors such as desired location, style, size, budget, and amenities.

• Innovative architectural designs: Unlike the physical world, the metaverse isn’t bound by the laws of physics. This lack of rules and limitations allows architects and designers to conceptualise and implement structures that would be impossible in the real world.

Crypto House Capital’s MetaReal City in the UAE is a prime example of this approach. This innovative city offers limitless creative expression with dynamically changing buildings, providing unique aesthetics, functionality, and purpose. Projects like MetaReal City demonstrate the immense potential of personalisation in enhancing user experiences

• Predictive algorithms: Furthermore, predictive algorithms elevate the user experience by analysing vast datasets of user behaviour and preferences. This enables AI to generate highly relevant recommendations for virtual land, homes, and even businesses. This streamlines the search process, ensuring users find properties that perfectly align with their needs and aspirations.

Additionally, AI predicts future trends within the metaverse, empowering users to make informed investment decisions and capitalise on emerging opportunities.

Benefits for real estate companies

The use of generative AI in the metaverse offers several benefits for real estate companies. This powerful technology streamlines content creation and project development, leading to significant cost savings and faster project completion. This translates to quicker market entry and the ability to capitalise on emerging opportunities in the ever-evolving metaverse landscape.

Beyond cost savings, it unlocks the potential to create intensely immersive virtual environments that showcase properties in a new light. Potential buyers and renters can explore spaces in detail, envision themselves utilising the property, and gain a deeper understanding of its value. This immersive experience translates to increased engagement and ultimately leads to more sales and leases for real estate companies.

Furthermore, generative AI personalises the metaverse experience for each user. By tailoring content to individual preferences, this technology fosters a more engaging and satisfying journey for potential clients.

Personalisation builds stronger relationships and builds customer loyalty, further enhancing the success of real estate ventures within the metaverse. Real estate companies stand to experience a transformative shift as generative AI steps into the metaverse.