Even when Meta makes ambitious plans to build its Metaverse, such shared online spaces, also called metauniverses, are already doing big business by selling and trading digital assets.
Perhaps the most striking example of this was when only this week a plot of land in cyberspace Decentraland was sold for $ 2.4 million, According to Reuters.
Last month, Facebook made headlines as it changed its name to Meta, signals a major change in focus as the company intends to build a digital world where people can connect, work, play, make deals and do many other things.
Although this has sparked public interest in the domain, the concept of a metaverse has been used by video games and other platforms for some time.
Roblox, a platform that allows users to play games created by other users, came out in 2006. Such platforms often use their own currency, which users can buy with real-world money, something that allows their designers to generate profits. .
However, the metaverse we see is being built now involves the use of a blockchain, the technology that powers cryptocurrencies. With increased awareness of cryptocurrencies and the availability of cryptocurrencies, the metaverse allows a two-way flow of money: users can not only buy currencies on the platform, but also earn them and then redeem them to spend in the real world.
It is for this reason that people are in a hurry to claim their places in the metaverse. Decentraland is one such destination that is expected to accommodate people in cyberspace. When people visit, they will have the opportunity to meet other people or attend events. The $ 2.4 million virtual plot of land sold this week in Decentraland is located on Fashion Street, the platform that hosts digital fashion events and allows people to sell digital clothing for consumer avatars.
The plot is sold for 1.29 million MANA, Decentraland’s own blockchain-based currency, whose value on crypto exchanges has risen more than 400 percent this month, according to Reuters.
Decentraland is just one player in the metaverse. Soon report from crypto giant Grayscale said the metaverse offers many such opportunities, ranging from e-commerce, advertising, digital events and hardware. The company listed opportunities such as selling artists irreplaceable tokens (NFT), casino winnings and games in cryptocurrencies and music concerts as roads that can use cryptocurrencies to trade.
Last month, On the edge report this Meta plans to spend $ 10 billion next year to build your own version of the metaverse. However, according to Grayscale, revenue from games in the wider metaverse alone is expected to grow to $ 400 billion by 2025. The market opportunity of the metaverse itself could be over a trillion dollars a year, he added.
Such predictions are exciting. We look forward to seeing what kind of universe emerges from so many different players creating their own digital worlds.