No one to go to a concert with? Visit a digital concert like Justin Bieber’s. Wanting to get some retail therapy without paying the big bucks at department stores? Have a “Pretty Woman” moment shopping down Rodeo Drive, collecting clothes and other items for your avatars. Big fashion houses like Louis Vuitton have launched their own games and collectable items in virtual worlds.
Online multiplayer worlds have been around for years. Think World of Warcraft, Fortnite, Minecraft, or The Sims. These worlds have hundreds of millions of players and their own economies. The metaverse is a community of virtual worlds where users can work, play, relax, transact, and socialize. The ‘Big Four’ players are Sandbox, Decentraland, Cryptovoxels and Somnium.
With a whopping 2.95 billion gamers worldwide, and the average American gamer now being 35-44 years old, industry titans like JP Morgan, Microsoft, Atari, and Snoop Dogg are asking: how do we capture and capitalize on their attention and entertainment needs?
Investors can get in on the action by visiting trading platforms like OpenSea to buy land and houses using virtual currencies. While the gains can be incredible, just be prepared to lose everything, economists warn.
The value of the metaverse property is determined by the amount of traffic generally present and the improvements digitally built to entertain and advertise to guests. Staying true to reality, it’s still about location, location, location! Celebrities are getting in on the action, and so people want to be next to them, like Snoop Dogg’s new neighbor who got land for $450,000 next to his NFT house.
The metaverse real estate market is growing quickly. Last year, the average price of a land parcel doubled from $6,000 to $12,000. Total sales breached $500 million and the market is projected to grow at a 31% annual compound rate from 2022 to 2028. What do you think, is this your chance to get into the next big thing?
What do you think, is this your chance to get into the next big thing?