eXp sells off Virbela, but it’s not quitting the metaverse 

Virbela, once hailed by Glenn Sanford as the "ideal" environment for eXp's global ambitions, has been quietly sold back to its founders.

The company, acquired by eXp in 2018 for an undisclosed sum, was returned at the end of November to Alex Howland and Erik Hill. They waived severance payments totalling $252,100 as part of the deal, according to documents filed with the SEC. 

Does this mean eXp is done with the metaverse? No. It's just accessing it in a different way. FrameVR is the new star in the mega-brokerage's virtual sky — easier to access and, like Virbela, owned by eXp.

"At eXp, innovation and collaboration in the virtual world have always been central to our mission," the brokerage's chief innovation officer, Seth Siegler, said in a statement to Real Estate News. "With FrameVR, our cutting-edge browser-based platform, we continue to set the standard for seamless team connectivity, no matter the location."

How FrameVR is different from Virbela: App-based Virbela required a download. Browser-based FrameVR does not, which makes it easier for users to "create and engage in immersive 3D environments directly through a web browser or mobile device, facilitating virtual meetings, events, and collaborative experiences without the need for extensive hardware or software installations," an eXp rep said.

Sanford, who served as the company's chief strategy officer from 2020 to 2023 and once said Virbela could "make distance irrelevant," is now heaping praise on FrameVR. In an Oct. 20 post on X, Sanford described FrameVR as "the most enterprise ready metaverse out there," adding: "I'm proud to have had eXp fund and support this project from inception to its current state."

What is eXp doing in those virtual worlds? The brokerage launched its FrameVR-powered virtual online campus at exp.world in February, saying it provides "easier accessibility and powerful new features" for eXp Realty's 85,000-plus agents and staff worldwide.

"Just like the 'old' world, this new world contains virtual meeting rooms, an auditorium, and an entire support system staffed with offices — just like in real life with real people — such as accounting, human resources, brokerage operations, legal, tech support, brokerage operations, and more," eXp said in its launch announcement. Agents can also create their own virtual space, called a "Frame," and invite clients into it to chat, share documents and even explore 3D models of properties together.

"FrameVR empowers our agents, staff, and partners with a reliable and forward-thinking virtual workspace designed to foster success," Siegler said. "As we evolve, eXp remains committed to leveraging the best tools and technologies to redefine what's possible in real estate and beyond."