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The Rise of the Metaverse
The hype around the Metaverse has sparked interest in purchasing digital land and virtual real estate. Unlike the real world, you can buy and sell land parcels in the Metaverse using cryptocurrencies or non-fungible tokens. Once you have your parcel, you can sell it at a higher value or lease it to other developers or metaverse event organizers. The Metaverse has already attracted some big names in the industry. For example, Gucci recently teamed up with game-making platform Roblox to sell NFTs. Coca-Cola has been making similar moves by selling digital tokens that can be used to enter the Metaverse.
Blockchain-based apps enable users to own virtual land and earn money from gaming. Popular metaverses include Decentraland and SecondLive. Both Decentraland and SecondLive are based on Ethereum and support over 500 body parts. Axies can be bred up to seven times and the offspring can be sold on the gaming platform. Tokens in the Metaverse can be bought with a variety of digital currencies, including cryptocurrencies, such as Ethereum and Bitcoin.
Microsoft has also announced its own metaverse, which is a mix of software and hardware, data centers and blockchain technology. Depending on the platform, Metaverse users may be able to interact with each other in the metaverse before the real world is even invented. This could be beneficial for businesses and consumers alike. The potential market for the Metaverse is enormous. It’s estimated that the market for virtual reality is worth $1 trillion by 2026.