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UDES Student Explores The Benefits Of The ‘Metaverse’ For The Real Estate Industry

Camilo José Ardila Suárez, a student of the Civil Engineering program at the University of Santander (UDES), made his degree project around the possibilities offered by the ‘Metaverse’ to develop the digital real estate industry.

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With this research, the young man is a pioneer in the analysis of new technologies that are revolutionizing international markets, by incorporating ‘blockchain’, ‘smart contracts’ and ‘NFT’. These terms are part of the business models in the ‘metaverse’ and cover topics such as cryptocurrencies.

Firstly, Ardila Suárez explains that the ‘metaverse’ is a digital reality parallel to our physical reality. “With devices like special glasses, we enter a world completely into a virtual world, which is combined with the real world. We can do everything we do in everyday life, but in the ‘metaverse’. For example, it is possible to go to the bank without going out into the street”.

In his project, the researcher identified how real estate businesses could develop in the ‘metaverse’. “We reach out to everyone. In the ‘metaverse’ we can have a house that is only available on the local market, but emerges immediately in the international market, which has the currencies that guarantee payment or cryptocurrencies. This depends on the contract laid down.

Among the benefits of the ‘metaverse’ are cost reduction in real estate companies and the elimination of paperwork in government institutions. “You wouldn’t need physical offices, you could have them in the ‘meaverse.’ Processes would be simplified and costs would be reduced, as there would be no need to travel. Completely secure contracts can be made,” says Ardila.

Ardila Suárez thanked UDES for the support provided in the development of this work, which is the first project in the world applied to the digital real estate industry in the metaverse, using ‘Blockchain’, ‘Smart Contracts ‘, NFT and ‘real estate tokenization. ‘technologies.’.

How are we in Colombia?

Camilo Ardila asserts that the country is behind in the implementation of these technologies, which are being implemented in other parts of the world. He notes that it could, for example, take between three and five years to implement the results of his research.

According to Ardila, there are no clear policies on the ‘metaverse’ in the country, as the National Government has barely made reference to ‘blockchain’ technologies, which are used in the multi-purpose cadastre. “Until now, the applicability of the ‘metaverse’ in Colombia is a few years behind,” he says.

Faced with this situation, the young man warns that more research, resources and incentives are needed for entrepreneurs to tackle this world.

The student started his project last year, amid the emergence of NFTs, which are digital assets that represent ownership of something. “I began to investigate in depth its characteristics and how this technology could be applied to real estate.”

“In the middle of the pandemic the conventional market declined, but the digital industries grew exponentially. This is where the idea of ​​connecting the virtual with everyday life was born. Thanks to my director Raúl Di Marco Morales who was with me throughout the process,” said Ardila.

Likewise, the young man thanked the support received from the director of the Civil Engineering program, José Antonio Delgado. “It helped me focus the line of research to determine how small, medium and large entrepreneurs can benefit from this technology.”

“I tell all young people to investigate and read. Knowledge is power and it is only the person who puts up the barriers”, said Ardila.