Enter the metaverse
Investors are spending millions of dollars on virtual pieces of land in the metaverse. Recently, Republic Realm dropped a casual $4.3 million on a piece of virtual land from seller Atari in Sandbox. The purchase breaks The Metaverse Group’s record, set only a week prior, for a $2.3m purchase in Decentraland. Both transactions are mind-boggling to the average investor, but equally, recent moves in the space indicate that this is an exciting time to educate yourself and enter the metaverse.
Web 3.0: What is the metaverse?
In order to understand the metaverse, it’s important to understand the evolution of the Internet. Let’s travel back in time: The Web 1.0 era was reminiscent of static, dull homepages static by today’s standards. Names like AOL, Netscape and MSN messenger dominated the landscape. If you’re old enough to remember using a dial-up connection to access the Internet, you’re intimately familiar with Web 1.0.
What happened with Web 2.0?
Here, the world witnessed faster Internet speeds. We weren’t casual observers anymore. Instead, we started sharing. And arguably, we shared everything. Whether it was that cringe-worthy high school prom photo, a dating profile, information on Wikipedia, or photos on Instagram; our lives reside on the Internet. Eventually, we even shared our homes on Airbnb and cars on Uber. The sharing economy proved to be incredibly lucrative. And companies like Meta (formerly Facebook), Amazon and Twitter capitalized on personal data, transforming our most intimate information into cash. Our personal data gave rise to monoliths. And along with our governments, we became disenchanted with it all.
As we enter the realm of Web 3.0, a new reality emerges. Terms like decentralization, transparency and ownership are beginning to take shape. The blockchain has enabled a revolution across all industries. Peer-to-peer digital currencies have the power to render banks obsolete by eliminating the middleman. Self-executing smart contracts like Ethereum, Solana and Cardano are further fueling the endless possibilities for safe, trusted and transparent transactions between stakeholders. The metaverse is a natural shift away from the centralized locus of power held by the likes of Amazon and Google. In Web 3.0, no central entity will house personal information or violate user privacy. There is plenty of room for new players to enter the space and compete.
What is digital land?
Sharing information online is a comfortable concept. On the other hand, online ownership is a novel concept. Previously, only domain names were accessible to investors. Whether it’s to beat inflation, increase returns or simply earn passive income, a good investor is always looking for a healthy return on investment. Platforms like Decentraland, Sandbox, and Upland offer investors an opportunity to purchase digital land in the form of NFTs and earn income in return. With the onset of Web 3.0, the possibilities of ownership on the Internet are truly limitless. Owing particularly to the ingeniousness of NFTs, anyone with an Internet connection and a wallet like MetaMask can buy, sell and trade parcels of digital land. In late 2021, the market is booming.
Why is digital real estate popular?
Today, land prices on platforms like Decentraland and Sandbox have skyrocketed. We are still in the early stages however. To date, over 16,000 people have purchased plots of land in Sandbox. The cheapest parcel of land at the time of this writing was ~$14,000 on the Decentraland Marketplace, a massive increase from a price tag of only several hundred dollars a year ago.
Akin to physical real estate, digital real estate is rapidly becoming an asset class on its own. Supporters of digital real estate point to its uniqueness, scarcity and ability to generate income. The transparency of the blockchain ensures that developers are kept honest, and that no new parcels of land can be created, preserving the value of these investments. As we spend more time engaging on the Metaverse, we’ll want to show off our latest wearables, host and attend events and showcase works of art in our virtual homes. Spending time in the metaverse is a natural extension of sharing pictures from a recent vacation or life event on Instagram. At our core, we’re wired to share, connect and bond over shared experiences. The metaverse represents a natural evolution of the behaviours we are all too comfortable with.
What can you do with digital land?
Buy, sell, rent, trade or host friends and guests. Whether digital land is used for active or passive income, the options are boundless. If you’re a business, purchase land to set up shop and sell your digital services or products. If you’re an architect, contact businesses and landowners and offer them your services. As in real life, the properties in the metaverse will attract higher price tags if they’re designed with aesthetics and functionality in mind. This is an emerging space and the first movers will have an undeniable advantage. If you have a new idea, it might be worthwhile to explore it. The story is still being written.
Where can I learn more about digital land?
First, it’s important to do your own research. As a cryptocurrency copywriter. I work with brands and entrepreneurs in the blockchain and DeFi space. I’ve learned that this space is evolving at blazing speeds. To keep up, it’s important to dabble in the metaverse (as opposed to reading about it!) There’s no need to do anything but visit websites like Decentraland, Sandbox, Upland, Aavegotchi, and Reddit forums (Cryptocurrency, Metaverse). Find your own sources, too. Read blockchain news and follow major players on Twitter. If you’re truly interested in the metaverse, there’s nothing stopping you from making a dent in this space.
Are you a blockchain or cryptocurrency brand? If you’re looking for a cryptocurrency or blockchain copywriter, please feel free to get in touch with Vesper Copywriters.