The Agency Turks and Caicos partnered with metaverse investment company MetaSpace Real Estate Investment Trust (MREIT) to develop its headquarters in Decentraland, a 3D virtual world browser-based platform.
The Agency Turks and Caicos will be the first real estate brokerage to be represented in Decentraland.
MREIT was launched in late 2021 by a team of blockchain enthusiasts and leaders in the virtual world. It offers solutions to the decentralized finance (DeFI) sector and companies looking to expand into digital assets, including real estate. Its native token allows MREIT to acquire, develop, and manage interactive virtual assets across the metaverse.
The Agency Turks and Caicos plans on using the new space as a virtual sales and training center for agents and clients, and to implement more integrated metaverse solutions next year.
Sean O’Neill, managing director of The Agency Turks and Caicos, said the partnership is a key strategic move for the company’s growth that will help it attract people to the islands and create investment opportunities.
“Through our partnership with MREIT we have been able to create a first of its kind digital presence in Decentraland that will expose the Turks and Caicos, and our listings, to a greater audience,” O’Neill said in a prepared statement.
Eric Klein, founder and CEO of MREIT, noted the industry has changed in the last six months.
“That means building foundations in order to prepare for a decentralised and digital economy. What I believe we’ll see is the combination of platforms and consolidation of metaverses with more approachable uses for businesses,” Klein said.
Just this week, The Agency expanded its presence in the Caribbean with the opening of an office in the Dominican Republic. The other three locations include Bahamas, Turks and Caicos, and the Cayman Islands.
The Agency has closed more than $45 billion real estate transactions since 2011, and has 65 offices in five countries. It also featured in the 2022 RealTrends 500 brokerage rankings among firms in the average sales price by sides category, with a $2.5 million average sales price.