What Law Firms Should Know about Buying Property in the Metaverse
The Metaverse has long been a place for socialization and connection with other people via innovative technologies. But now, the multifaceted world of 3D technology is changing into a space where businesses and professional services can connect and thrive.
Law firms are already entering the metaverse and buying property in the metaverse to house the virtual versions of their practice. Washington D.C.-based Arent Fox is among the first major law firms to buy digital land and open an office inside the metaverse. Other law firms are likely to follow suit.
But analysts warn that buying metaverse property could go one of two ways:
- Either law firms will have a distinct advantage in the ever-increasing digital economy.
- Or, they will regret the decision if the metaverse does not “take off” as hoped.
What Law Firms Need to Know about Buying Property in the Metaverse
Is your law firm considering entering the world of the metaverse? There are some things you need to know before you buy that prime piece of virtual property.
1. The Metaverse is Unproven
We all know that Web3 and the metaverse are technologies that are here to stay. But a lot of what is being built in the metaverse is unproven, untested, and unregulated. This is causing many law firms to be skeptical about their own entrance into the virtual world. In fact, a recent Twitter poll revealed that 82% of poll respondents (legal and real estate professionals) said they are not considering building a virtual presence in the metaverse.
For law firms, there is a risk of damaging their reputation if the unproven and unregulated nature of the metaverse were to become scandalous. Many lawyers report they are waiting and giving the metaverse some time to mature before they consider entering that realm.
2. There are Advantages to Early Entrance
Despite the potential risks, there are also many who believe that there are advantages to early entrance into the metaverse. Law firms investing in the metaverse could increase productivity and operational efficiency because employees will not be bound by delays, traffic, and other “real-world” delays.
Another advantage is publicity. Law firms who enter the metaverse are sure to make headlines, much like Arent Fox has. The publicity will no doubt draw attention to the firm by potential clients and peers in the legal industry. Down the road, early adopters in the metaverse will also likely be considered industry experts.
3. A Potential Competitive Edge
Law firms do a lot of marketing and outreach in order to stay ahead of the competition. Now, the metaverse could be a way for law firms to stand out among the competition. Daniel Maland is a partner at Mark Migdal & Hayden, and he says,
“Especially as the digital sphere evolves and technology is critical to the future of business. The question any savvy executive should ask is, ‘Do you want to be in the game or do you want to be out?’ That is the nature of remaining relevant.”
The metaverse may well be the next frontier of marketing, advertising, and doing business. Many large corporations are already starting to invest in their positions in the virtual realm. The question is how competition will look in the metaverse.
4. Where to Begin
If your law firm is ready to take the plunge into the metaverse, you may be wondering where to begin. There are a few important steps you can take as you start out to make sure you are getting the most out of your experience. We recommend the following:
- Choose your ideal platform: The Sandbox is one of the leading platforms, but there are many platforms out there.
- Consider the competition: Take a look at what other law firms and businesses are already established in the platform.
- Educate your staff: Before you jump into the metaverse, make sure you and your staff understand the technology.
- Make a plan: As you consider your journey into the metaverse, make sure you have a plan for what exactly you want to achieve in the virtual realm. Do you want to meet clients? Have NFTs, accept cryptocurrency? Will you need new technology at home or work?
- Take some risks: One of the great things about the metaverse is that it is allowing traditional brick-and-mortar businesses to take some risks and have some fun with technology. Exploring new opportunities could be a catalyst for business growth and development.
Why Consider Buying Property in the Metaverse?
Technology is evolving constantly, and businesses have little choice but to embrace technology or be left behind. Web3 – the newest iteration of the internet – is just over the horizon. Many businesses are already entering the Web3 space and metaverse, but there is a lot left to learn about this new way of interacting with the internet.
As Web3 develops, we will see new websites, software, applications, and platforms process information in new ways. We will see innovative technologies become more commonplace, and the way we connect and interact with others will evolve.
For law firms, buying property in the metaverse could be one way of staying ahead of the curve and securing a place in this ever-changing environment. It could also open opportunities for lawyers to ask questions and learn new skills that will propel their business into the new age of the internet.