Blockchain Events
Billions Spent To “Capture” The Metaverse
According to surveys, people and businesses spent $2 billion on virtual land in the last year.
The metaverse is still years away from creating an immersive online ecosystem where people may live, work, and play. Is the land grab dangerous?
“I’m displaying my artwork.”
Angie Taylor’s avatar isn’t your usual land tycoon, with her dark red Mohican and continual cigarette. She is a member of an organization that is claiming new virtual kingdoms.
“My July 2020 metaverse cargo cost £1,500,” she explains. “I bought it to show my own work and to conduct metaverse events.”
In the Voxels universe, Angie from Brighton launched two cryptocurrency-only exhibitions.
Angie’s plots are the size of a small family house (if you compare them to the size of her avatar). The tallest structure has three stories, a roof deck, and a pink cab that drives about for amusement.
The grandeur of the globe is conveyed via air.
“Hold down F to soar up and see my community,” Angie explains, as thousands of identical land boxes sprawl across her gallery.
Voxels is a virtual world in the style of the metaverse. People refer to “the metaverse” as if there were just one. Companies are selling land and experiences until one platform takes over or these domains merge.
In the last year, $1.93 billion in bitcoin has been spent on virtual land, with $22 million spent on 3,000 Voxels pieces.
Voxels are built on Ethereum, where every transaction is registered and broadcast on a public blockchain, allowing Dapp Radar to track it.
- Second Life Lessons from Zuckerberg’s Metaverse.
- In Metaverse, children can visit virtual strip clubs.
- What is the Metaverse?
Decentraland is an animated popular universe. Since 2020, land in the area has sold for hundreds, if not millions, of dollars. Samsung, UPS, and Sotheby’s also purchased land and established stores and visitor centers.
Philipp Plein has a four-football-field-sized plot of land on which he plans to build a metaverse store and gallery.
Mr. Plein’s mother is dissatisfied with his $1.5 million purchase.
“What did you do?” my mother inquired.
Are you insane, and why do you waste so much money?
Mr. Plein has been selling online items in 24 cryptocurrencies since last year, and in 2022, he will build a shop on London’s Old Bond Street selling garments and NFTs for Bitcoin, Ethereum, and pounds.
“I took a risk by spending so much money on land,” he explains.
“How would I restart my brand after 24 years?”
According to Dapp Radar, the dip in cryptocurrency values has caused metaverse real estate values to approach a one-year low.
Sandbox, another crypto metaverse, is being purchased by Adidas, Atari, Ubisoft, Binance, Warner Music, and Gucci.
Gucci has also incorporated Roblox, as well as Minecraft and Fortnite, two of the most popular metaverses.
They don’t sell land or use blockchain, but they do have some of the elements that sci-fi writers believe are required for a true metaverse.
- In-game currency and socialization
- Successful communities generate on-platform revenue
- Gucci Town receives over 36 million visits every year, while Nike Land receives over 25 million. In Gucci Town, gamers may buy real-money avatar apparel, while playing games gets them Nike Land T-shirts and footwear.
Fashion is eager to capitalize on the perks and drawbacks of the metaverse.
The Amsterdam-based Fabricant manufactures apparel for avatars in Decentraland, Sandbox, and other crypto metaverses.
“Everyone thought we were insane when we first started and said, ‘Why do you need this?”
Co-founder and head designer Amber Jae Slooten believes people will wear smart devices in the future.
The Fabricant’s most expensive sale was a $19,000 digital dress that was sold as a digital art work and was never worn, quite a huge amount for something that was spent and never used.
Investors believe that many of us will soon spend time in the metaverse.
This is uncertain because crypto metaverses are rarely populated and are only used for events attended by thousands, not millions.
People are leaving even in the virtual world, where Facebook and Instagram owner Meta is investing billions.
Ms. Slooten believes that as these worlds evolve, people will gravitate toward them.
“Younger generations already play games, so this will be crucial. They can’t distinguish the difference between virtual and real.”
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