“Father Agencies” are trying to modernize real estate sales

The real estate sector is also changing under the influence of digital transformation projects. Job incumbents and physical agency networks for the first time witnessed the development of online portals for displaying advertisements. Such services have since become quite popular.

Other technologies have appeared since then: 3D modeling, lease automation, virtual tours and BIM (Building Information Modeling).

Improve visit efficiency with 3D immersion

Immersion is another focus that companies in the sector have explored for value creation. BNP Paribas Real Estate, a wholly owned subsidiary of BNP Paribas, for example, is developing a new tool that combines technologies and immersive 3D data: Wired (Wearable Real Estate Dataroom).

In the real estate agency sector, another company is betting on immersion. Les Agences de Papa (LADP), 100% online, offers an economic model based on fixed costs to stand out from the competition.

Founded in 2019, shortly before the pandemic started, it has also invested heavily in marketing in an effort to increase awareness of its brand. For example, the company offered the services of Teddy Riner as an ambassador – Teddy Riner is also a shareholder in the company.

Listed on the stock exchange, Les Agences de Papa employs about a hundred people. To take a new step in their development, they have ambitions in the metaverse and the crypto-asset economy, or “tokenomics.”

These desires are embodied in the “Versity” project.

“Versity is a real estate, immersive, and Web3 portal,” explains Nicolas Frattini, co-founder of MagIT. “It’s SeLoger that will offer a different approach to viewing real estate,” he promises.

Creating an Economy with Cryptocurrency and NFT

This project was born from a note. It also responds to a business problem for the agency that must deliver on its promises to cut costs. Thus improving operational efficiency is strategic. To increase their income, SMEs also have to find and invest in new services.

With the will to explore the metaverse you intend to achieve this. Versity development has already begun. The tool is based on three pillars: the universal visit, a digital currency (utility token) called SITY and finally NFTs, the so-called non-fungible tokens, because they are unique and not divisible.

Nicolas Frattini, one of the founders of Agences de Papa

Visit first. It uses various tools to create a virtual representation, like the game Fortnite, of the properties for sale, but also of the neighborhoods in which they are located. In particular, Les Agences de Papa uses the 3D Unity Engine – also at the heart of the BNP Paribas wired solution.

“The virtual world is intended to be a mirror of reality where you can visit the neighborhood and the apartment. Above all, it allows you to be in direct contact with real estate and housing professionals,” summarizes Nicolas Frattini. “You can visit your apartment with an architect, mover, insurance company, and banker,” he explains. “Thus, the potential buyer will have all the information before a real visit.”

For him, this approach will help make real estate transactions more flexible because properties for sale – represented in the metaverse – can be visited online (in different ways).

Apartment modeling services

There are three ways to import a flat into this metaverse. In complete independence, real estate agents – or owners – will be able to use smartphones’ built-in Lidar technology to scan. The file is then imported as a 3D object into Versity.

“The token will enable the purchase of services in our metaverse.” [comme] space rental [publicitaire] to spread his interest. »

Nicolas Frattinidad agencies

Les Agences de Papa also offers an auxiliary mode, through a partnership with a startup that has manufactured the 3D digitization process and of which Maison du Monde and Leroy Merlin are among its clients. Within 48 hours, at a cost of 50-100 euros depending on the region, the property manager will have a 3D object that can be imported into the metaverse.

Finally, the third scenario: delegating the process by making an online appointment with a photographer with 3D equipment for a consumable visit in virtual reality. The data can also be used to create a 3D object.

However, the real estate agency wanted to push its project even further with uses related to blockchain and crypto assets by creating its own token: SITY. This code is a means of payment for services related to the property.

The utility code will enable the purchase of services in our metaverse [comme] space rental [publicitaire] for a certain period in order to publish its property ”, explains Nicolas Frattini.

Generate revenue for NFT holders

SITY tokens are offered for sale through an ICO (Initial Coin Offering). This process was carried out in several stages, and it is also an opportunity to raise funds to finance future developments. Thus the pre-sale and first round raised 4.7 million euros.

The next token sale is scheduled for September, after being postponed due to the cryptocurrency price crisis.

Les Agences de Papa wants to reach the actors in the real estate market: agents, promoters, brokers, etc. Note that these tokens will also give the right to vote on developments and decisions related to Versity.

“The virtual world is a mirror of reality where you can visit the neighborhood and the apartment […] With an architect, carrier, insurance company or banker. »

Nicolas Frattinidad agencies

These tokens play a role in governance through the constitution of the DAO (Decentralized Autonomous Organization), a concept that thrives in the world of blockchain and decentralized finance (DeFi).

But the third pillar of the real estate metaverse will be another class of crypto-assets: NFT (Non-Foldable Token).

The virtual region will be divided into plots (or PARSELL) each with an NFT. These lands, which correspond to a postal code, will also be put up for sale – payable at SITY. The holder of NFTs will receive a portion of the income associated with the title they hold.

These NFTs will be commercialized after the ICO through market launch. Depending on various parameters (including real estate activity in the municipality and price per square meter), the algorithm will calculate the initial value of NFTs.

The most searched cities will belong to a certain category of NFT, called “Premium”. They will be auctioned at a starting price determined by the algorithm.

But why do you get such an intangible commodity? To collect a share of the income from the resulting real estate activity, in particular by posting advertisements on the portal, explain Agences de Papa.

Owners of NFTs will receive a “weekly and direct return, depending on the number of SITY exchanged in relation to a zip code, for example after posting an advertisement. As for us, we charge a commission on the transaction”, defines Nicola Frattini.

The creation of the metaverse is entrusted in part to the community

Versity can potentially accommodate a very large number of 3D objects in order to design properties, as well as biology. Manufacturing such a development may seem complicated. To overcome this challenge, the company will rely on community participation.

Thanks to BIM solutions, architects will be able to enrich the metaverse, for example. In return, the community will vote to reward these proposed additions if they are accepted. Non-professionals will also have a tool, 3D design software, provided by the platform.

“It is society that will gradually enrich the most demanded and most commodity neighborhoods.” To promote use of the Service, LADP also provides a mechanism to reward users who visit and participate in the promotion of merchandise and the metaverse. The name of this system: visit to earn, referring to play for profit, paid games for players.

The metaverse, underlying technologies, and its economic crypto model are outlined. Papa agencies have retained the services of blockchain experts, including Smart-Chain, Blockchain XDEV, and Osborne Clarke for legal aspects.

Versity’s roadmap anticipates the end of the ICO in September, and then the opening of the NFT market in October. Real estate portal Web3 will be launched online at the end of the year with immersive parts, including apartment tours. The first neighborhoods will be digitized later, during the first half of 2023.

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