The Metaverse as the new Wild West

There is a lot of talk in financial news and on an abundance of other websites that explain how NFTs, or non-fungible tokens, are the new thing in crypto. You might have heard some of these NFTs like Crypto Punks selling for insane sums of money. If you don’t know, NFTs are unique digital assets where they can possess individual value. NFTs can represent just about anything of distinguishing value digitized on the blockchain. Metaverses, then, are digitized pieces of land generally designed for gameplay. Some examples more well known are Decentraland, The Sandbox, Mars4, Genesis, and of course Facebook’s Meta. People are scrambling to the Metaverse because of the potential for massive adoption and use cases, but also for investment opportunities. Personally, I have a close friend that operates a digital real estate business that purchased roughly $2M worth of digital land in Decentraland recently. He explains to me how big businesses are clamoring to him to get started in this new world.

Just like in the era of the gold rush where people went off in exploration to find their fortune, so too are people moving money over to the Metaverse buying up this form of land. Companies are moving to this industry and developing the digital land building storefronts and other businesses as another avenue for revenue generation and brand identity. But as in the early 2000s where people bought .coms as investments or to have a presence on the Internet, similar is likely to happen today with the Metaverse. These parcels of land will be bought up at lightning speeds because of the perceived potential value. But just like in the early 2000s and the .coms if you don’t know what you’re doing you wasting a lot of money on something you know nothing about. I want to share what I have learned about the Metaverse from my experiences in crypto over the years and what I know from industry experts like my good friend.

The first thing I would like to share is that the metaverse, and crypto overall, is so new that no one really has any idea of its potential. You will hear many different use cases as developers and organizations plan their deployment. To get a good handle on this I suggest reading any group's whitepaper which will explain their blockchain’s purpose. A lot of metaverse organizations have a road map for their deployment which might explain the possible benefits and uses of this metaverse. Even Meta (Facebook) painted a wonderful picture of what the metaverse could be, but as it rolls out it could change. Just like Facebook evolved over the years, so to how the metaverse projects will evolve to suit clients/investors/users needs.

I personally see metaverses as the engine for global commerce and entertainment as the technology that enables virtual reality or augmented reality improves and becomes more mainstream. Imagine being able to slip on a set of goggles to take a stroll in Central Park, or how about a shopping spree on Rodeo Drive, or attending a concert at Sydney’s Opera House? Or Madison Square Gardens? Or really any number of places. It’s only limited by people’s imaginations. Knowing this, and using a little business acumen, entrepreneurial spirited individuals can easily become landlords in this new virtual world(s). Keep this in mind as you decide to invest in metaverse lands. It will serve you well.

However, current projects I have become familiar with plan to use these lands as a P2E, or Play to Earn, gaming function as online gaming has become a very popular means to earn a living, or at least a good passive income. There are not any games functioning yet, so this technology is very infant currently. So if you are interested in knowing more about metaverses I encourage you to do some research on your favorite meta and to take the plunge once you’re comfortable with what it does. Just like as I mentioned, the .com era made people a lot of money, but it was those that knew what the technology could be that won best. Be cautious, but brave.

When I first entered this space the prices for NFTs were very cheap, just like Bitcoin back in the day. The prices of these assets have risen dramatically in a very short time, so it would be prudent of you to make sure you don’t invest more than you can afford to lose, and that you make your investment in something that you fully understand and enjoy. This way it will not be a challenge or arduous task to manage your land. You can sit back and collect all that wonderful passive income.

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