![]() The space included digital stadiums where enthusiasts could interact and watch historic matches together. The Australian Open rented virtual land from a different metaverse company to host a festival concurrent with the annual tennis tournament. Companies like Sugarman’s Metaverse Group rent land and have a team of developers to build out their tenants’ visions. Some businesses have benefited from using short-term rentals instead of purchasing metaverse property. Schär said catchy numbers, like 100 degrees by 100 degrees, led to more visitors than, for instance, 271 and 73. Metaverse visitors can teleport anywhere within a particular virtual world by typing in X, Y coordinates. “But, if the attention for the whole world decreases, then the prices for all of these land parcels will decrease.” Goldberg adds that while he believes that Cuban was right that new metaverse land can always be created, companies can’t manufacture the attention.Īnother key factor is a memorable address. candidate at the University of Basel and one of Schär’s co-authors. People are interested in having the land in places with a lot of foot traffic,” says Mitchell Goldberg, a Ph.D. To his point, the most valuable metaverse land is located in areas where chance encounters were boosted by already-present communities, according to a paper by Schär and fellow researchers. Cuban added that purchasing metaverse land was dumb “because there’s unlimited volumes that you can create.”Ĭuban added that he thinks some properties will have value once the community in that metaverse is stronger. I mean, that’s just the dumbest shit ever,” Cuban said in an interview published Sunday on the crypto-focused YouTube channel Altcoin Daily. “The worst part is people are buying real estate in these places. ![]() Yuga brought in approximately $320 million by selling Otherdeeds, NFTs that granted ownership to 55,000 parcels of land in the BAYC’s virtual hangout spot. The management-consulting giant McKinsey projected in June that the metaverse could grow into a $5 trillion market by 2030, which would equal the size of Japan’s economy, the third-largest in the world.īillionaire businessman Mark Cuban has been one of the loudest critics of metaverse land sales, despite his investment in Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) and its corresponding metaverse world, Otherside. “What has changed is people’s expectations.” But that being said, traffic has never been particularly high,” Schär says. “We don't see a significant decrease in traffic numbers. ![]() Sugarman adds that he isn’t concerned about falling prices, as his company expects to hold properties for years to come as utility increases with adoption. “The vast majority of utility is still there, but it's declined in price for other economic reasons,” says Lorne Sugarman, the CEO of Metaverse Group, a virtual real estate company. ![]() But the utility-or lack thereof-is mostly unchanged. The harsher economic outlook has made it harder to justify spending that money on land in virtual worlds. These businesses paid hundreds of thousands of dollars when metaverse and crypto hype were high and money was flowing into digital assets. Adidas owns property in the Sandbox where it hawks digital athletic gear as NFTs. Samsung built a virtual version of its flagship New York store, allowing guests to test products. Most corporate property owners purchased their land for marketing purposes, hoping to place experiential advertisements or virtual storefronts along the most crowded boulevards in metaverse metropolises. There's a very high likelihood that you're going to lose everything,” says Fabian Schär, a professor at the University of Basel and the managing director at the school’s Center for Innovative Finance. ![]()
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