Ellen Britt for CNT #NFT
The world of virtual real estate continues to explode, fueled in part by Facebook diving headfirst into the metaverse and changing its corporate name to Meta. Prices for plots of land within some virtual worlds have skyrocketed by as much as 500% over just a few months, with no top in sight!
Businesses Are Catching On
But what is really interesting is that brands and businesses have started to catch on to the idea that having a presence in the metaverse can augment, or in some cases, even be alternatives for their physical locations.
A Quote To Remember
Mihai Vicol, an analyst for Newzoo, wrote in the company’s blockchain trends report recently that he believes “…a single location in the metaverse has the potential to reach a larger share of customers than most physical locations.” That is an astounding statement and for those businesses and brands that are early adopters, this could mean a head start on a sea change in the way business is conducted in the not-so-far-off future. Virtual real estate in these metaverses may be digital but just like land in the real world, it’s not unlimited, so first movers will have a definite advantage.
These metaverse worlds will be able to provide a highly realistic experience and that includes shopping for digital and even real-world products. Events, such as concerts or conferences, can also be held in these spaces, attracting an audience for brands and businesses, just like a physical concert venue or conference center has surrounding shopping, theaters, and restaurants.
Some major investors are putting their money into early metaverses such as Decentraland and The Sandbox with the idea of building virtual shopping malls. For example, Adidas purchased land in The Sandbox which it will build out with experiences and branded content. And Republic Realm, a virtual real estate developer bought land in The Sandbox for an eye-popping $4.3 million to construct Metajuku, a virtual mall that is a digital reconstruction of Harajuku in Tokyo.
Mint City Places Up And Coming
Soon to launch Mint City Places is concentrating on businesses big and small and is crafting innovative offerings that will allow most any business to have a presence in the metaverse. This is especially attractive as many smaller businesses have really struggled during the pandemic to maintain their physical properties in the face of declining customer visits.
So get ready…the great virtual land grab has only just begun!