For instance, global consulting company PwC’s Hong Kong wing has purchased a land parcel in a metaverse space where it intends to construct a Web 3.0 advisory hub to facilitate a new generation of professional services. Several large companies have jumped onto the metaverse bandwagon. The actual token currency where the transaction takes place depends on the metaverse environment. For this, users can create an account on any of the crypto wallets such as Metamask, Bitski or Arkane.
Transaction and ownership of land on metaverse can be done using cryptocurrency. Land prices in Metaverse have risen by as much as 500% as of March 2022. These four platforms together have a combined 268, 645 parcels of land. The most popular metaverse environments also known as the Big 4 are Sandbox, Decentraland, Cryptovoxel, and Somnium. The landowners will have complete control over how virtual land is utilized on their land which is identifiable by a set of geographic coordinates to locate the property. Users can claim ownership of a parcel of virtual land-based on blockchain ledgers. According to a leading Analytics firm, real estate sales on major metaverse platforms reached $501 million in 2021 and are expected to double in 2022. Visiting and creating a virtual landscape, conducting virtual events, and purchasing properties are opening new possibilities for real estate. There are unique and non-replicable land parcels available. In the metaverse, real estate is a virtual ecosystem, where technologies such as virtual reality, and augmented reality, seamlessly come together to create a real-world user experience. “Not only will these virtual meetings eliminate the constraints of distance, reducing our use of urban transport, but they will also allow us to choose a location for a meeting anywhere on the planet”, Rijmenam said. Although the experiences are virtual, their costs - in terms of money, energy, and environment - are real and increasing.Īccording to Rijmenam, in the coming years, other social activities such as enjoying a coffee or a beer with friends may also take place online. Now, it is possible to visit several museums virtually, he added.Īs the metaverse grows, it will need more money, land, and infrastructure to house the computer servers it runs on. Van Rijmenam a tech strategist says, “We are currently spending astronomical amounts of money to make our cities more liveable, equitable, and sustainable, but what good are these investments if the citizens of tomorrow will only experience the city virtually?”.Īccording to Rijmenam, many urban attractions such as cinemas, restaurants, museums, and historical monuments will see a drop in the number of customers. Books like Navigating the Metaverse, by Cathy Hackl, Dirk Lueth, and Tommaso Di Bartolo The Metaverse Handbook, by QuHarrison Terry and Scott Keeney and Step into the Metaverse, by Mark van Rijmenam, all set themselves up as Lonely Planet guides to the digital frontier. There are some popular books that explain to people more about the metaverse. In the metaverse, people can operate their own Forever 21 stores and even sell their own designs.
Morgan and Samsung have set up shop in Decentraland, a decentralized virtual reality platform. Even Microsoft has recently acquired the video game giant Activision Blizzard for the US $68.7 billion.įashion brands like Nike, and Gucci are designing clothes and accessories for the metaverse. With this, several companies, including Apple and Microsoft are betting that the world of tomorrow will be carried out in the metaverse. He re-branded Facebook as ‘Meta’ and invested $10 billion in virtual space. In October 2021, Mark Zuckerberg announced a plan to bring metaverse into life. The protagonist in the show wears a headset to escape reality and enter a virtual space where avatars stroll the streets, digital shops line the pavements and electronic currencies rule the roost.Īfter 30 years that vision is close to becoming reality. In 1992 Neal Stephenson’s sci-fi classic Snow Crash coined the term ‘metaverse’.
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