Web3, the idea that loosely describes what could be the next iteration of the internet, is coming for real estate. Most incumbent players in the traditional property industry do not know much about decentralisation, blockchain technology and token-based economics. But they might need to start learning quickly – or hire those who are in the know. Buildings are an obvious candidate for the concept of digital twins. Ray Fang, Real Estate partner, says to IPE Real Assets: “Simulation technology backed by data can also help managers plan for changes to a building over time by testing management strategies on a digital twin before executing the same in the real world. This has the potential to be hugely beneficial, for example, by more accurately predicting replacement costs. By monitoring and forecasting occupation and user activity, a manager can adjust energy resources to optimise a building’s carbon footprint.”