Future Economies: People Are Paying Millions For Land in the Metaverse

Our report predicted that the global population will increase spending on virtual worlds and that is an important observation for the virtual economy as it shows the growing importance of the virtual economy. In 2021, Facebook changed its name to Meta. Many pundits today believe that virtual economies will boom in the near future.  There is no doubt that Blockchain and NFT are important drivers of this new trend.

In this article, CNET reported that, people are willing to spend millions to own the virtual properties in blockchain based virtual platforms such as Decentraland.

“Decentraland currently has 800,000 users, up from just 40,000 at the beginning of 2021. It’s a safe bet, Kiguel reckons, that the growth rate will continue to rise, at least for a while. That means new and veteran Decentralanders will pass by his company’s prime virtual real estate every day when they spend time in the digital realm

In both Decentraland and Sandbox, prices are booming because of the promise that virtual land can be used to attract valuable attention, either now or in the future. Snoop Dogg is in particularly deep, owning a Sandbox mansion where he performs and hosts parties. A celebrity moving in is good for prices: a plot of land next to Snoop Dogg’s mansion went for $458,000.”

To find more information about the impacts of new technologies on the  future of economy, check the future of ownership project.

Note To Entrepreneurs:  I should tell you that don’t fomo into Metaverse, there will be many new opportunities for you. There is a huge potential for entrepreneurship in Metaverse. We didn’t reach the Dot Com bubble moment of Metaverse yet.

To Policy Makers:  :  It is clear that merger of virtual worlds with the real world is going to generate challenges as well as opportunities for the soft power of national governments.