Les Agences de Papa, whose economic model does not fail observers of the real estate microcosm, has just released the figures for its activity on the 1er mid 2022. The digital real estate network is reassessing its ambitions upwards and revealing its roadmap.
391,000 euros turnover in the 1st half of 2022 compared to 50,000 in the 1st half of 2021
” The first half of 2022 was characterized by both strong sales growth and the generation of new revenues from related activities (unaudited figures)the company’s press release said. Thus, the Agences de Papa recorded income from related activities, resulting from the launch of Versity, the first metaverse dedicated to real estate, for an amount of 4,469,000 euros. This revenue is converted into revenue for accounting purposes  at the end of the final round of the ICO scheduled for 2 N/A semester 2022.
In addition, the subsidiary Les Agences de Papa France achieved a turnover of €391,000 in the first half of 2022, compared to €50,000 in the first half of 2021. This increase reflects the increase in the commercial activity of real estate transactions.
New target for 2022: 10 million euros turnover
Given the development prospects of the Metaverse Versity, Les Agences de Papa is revising its 2022 revenue target upwards. ” The completion of the ICO and the activation of the NFT platform in the second half should make it possible to reach a new target of 10 million euros (compared to 1.5 million euros announced last April)’, the company specifies.
Les Agences de Papa, currently listed on Euronext Access+, confirms its intention to eventually request a transfer of the listing of its shares to Euronext Growth. The two founders, Nicolas Fratini & Frédéric Ibanez declare: “We many thanks to all shareholders who have placed their trust in us. Together we take a new step ! »
Find here the Mon Podcast Immo interview with Nicolas Fratini and Frédéric Ibanez.
Cutbacks in sales teams
In order to ensure the financing of its activities, the company continued its actions to seek financing, either directly in capital or in debt. In the first quarter of 2022, direct or indirect investments in equities thus amounted to €2,450 thousand, of which €2,000 thousand via the Holmarcom Group (Morocco) and €450 thousand via a group of European investors.
At the same time, the Group has committed to reducing its cost structure by taking advantage of actions to automate and industrialize processes, which has resulted in a reduction in the number of sales teams (and associated costs) from 92 people as of December 31, 2021 to 56 people per year. March 31, 2022 and proportionally reduce the borrowing requirement. These cost-cutting efforts continued into the second quarter of 2022.
Finally, in May 2022, the company launched a new project to accelerate and facilitate the digitization of real estate companies around a metaverse solution. To that end, fundraising through an ICO (Initial Coin Offering) was launched in April 2022, which is structured in several rounds.
Versity, the 1st European Metaverse dedicated to real estate
Les Agences de Papa is the only listed company to support a European metaverse project aimed at real estate players.
The Metavers VERSITY is ultimately intended as a replica of the real world in which it is possible to create, sell or buy virtual plots in the form of NFT PARSELL. The different countries and areas are cut out in the form of country, corresponding to postal codes.
En offrant une réplique à l’identique du monde réel, l’objectif de Versity n’est pas de supprimer les visites physiques mais de permettre aux potentialls acheteurs de sélectionner de manière plus efficace et plus rapide les biens immobiliers qui correspondent à leurs critères de Search. With this, Versity enables brokers to have a more targeted customer base and thereby optimize the efficiency of the sales process by, for example, reducing the number of unqualified site visits.
For dads, Metaverse Versity offers a multitude of possibilities in the real world and in the virtual world to:
- Buy, sell or rent real estate anywhere in the world
- Visit immersive properties and their immediate surroundings
- Customize the real goods according to your requirements
- Propose an offer of real services (relocation, financing, furnishing, etc.)
- Access to virtual plots in the form of NFT Parsell and income generators (rental and others)
- Offer virtual services (3D design, architecture, design, etc.)
After the successful launch of the 1 er round of the ICO during the 1 er mid-2022, the roadmap for the Versity project will continue at 2 N/A semester :
- Launch of the other four rounds of the ICO;
- Development of the technical architecture of the Metaverse to lead to the launch of a beta version of Versity in late 2022;
- Opening of the Marketplace dedicated to Versity, which will mainly be used to buy or sell plots of land (NFT Parsell).
 Token recognition: The ICO product excluding VAT is recognized as revenue upon delivery of the exchange tokens