Exploring the Virtual Metaverse and Its Dynamics – The Virtual Property Boom
Even though the Metaverse has become the most talked-about phenomenon this year, it can still be hard to have a clear understanding of what the term represents. This article will provide you with an in-depth insight into the virtual Metaverse and how this new technology is poised to transform the conventional web experience.
Introduction to the Virtual Metaverse
In simple terms, the Metaverse represents the evolution of the existing web experience into an interactive virtual world that brings together the best elements from augmented reality, virtual experiences, and other transformative technologies to create an alternative interactive world for people. The 3D world is being created through the collaboration of the biggest brands in the tech space with leading stakeholders, including Facebook, Google, and Microsoft, signaling a shift towards the Metaverse.
Similar to the way the internet was in the early 90s, the Metaverse today is still evolving in different phases by taking input from different elements. As an extension of creative representation, the concept is allowing creators and users to come together in an interactive environment and explore transformative applications.
A key step in this regard has been the phenomenon of virtual properties. Similar to the way domain names were considered in the 90s, virtual land allows users to procure a permanent presence on the Metaverse through their purchases. With billions of users expected to transition towards technology in the next few years, virtual land presents the ideal opportunity for creators to develop interactive experiences and market their brands in new ways.
Exploring the Dimensions of Virtual Properties – Potential Applications
Similar to the way websites provide diverse value to people today, virtual properties are expected to make a transformational impact in the technology world by providing a new medium for companies to engage with consumers.
Here are some of the potential applications of branding in the virtual property landscape.
Advertising – Brands are actively using their virtual properties as a way to market their real-life products and applications. Other companies are using the Metaverse to raise brand awareness and enhance brand equity. Leading brands like Mercedes have expanded into VR-based advertising to market their upcoming products and services. Similar to the way advertisements drive revenue on social media, meta-verse advertisements are expected to be the next big thing in the tech world.
Entertainment – Across the entertainment world, the Metaverse offers truly endless possibilities for content creators to curate unique experiences for consumers. A key element of entertainment in the Metaverse is the culmination of real-world content in the digital space to offer new social experiences. Examples of such collaborations have already been explored in the form of virtual music concerts by famous celebrities, such as the Fornite x Marshmallow collaboration.
Arts and Culture – With virtual and augmented reality at the center of the revolution, the Metaverse will allow users to experience global arts and culture in the augmented world. Investors like Metakovan have hinted at the creation of virtual museums featuring digital art from leading arts and content creators. These experiences will offer new cultural avenues in the digital world and allow billions of people to collectively access exclusive art pieces.
Gaming – Gaming is amongst the fastest-growing commercial applications on the Metaverse. Powered by billions of VR gamers, the gaming community offers tremendous potential in the virtual world. Virtual land purchases are being used to create gaming arcades and collective gaming experiences where users interact similar to games like Minecraft and Roblox.
Retail Sales and eCommerce – Leading eCommerce brands are already involved in the development of metaverse-based virtual stores and shopping experiences where users have the ability to make eCommerce purchases through AR and VR-based interactions. Embedded eCommerce is a central element of the entire Metaverse, with brands offering consumers the ability to seamlessly make purchases based on their metaverse experiences.
Investing and Reselling – Aside from the transformative applications offered by the virtual property, a major application being observed is real-estate investing to generate profits. Investors are doubling down on critical properties in the virtual world to flip them at exceptional profits. Aggressive consumer growth and corporate involvement are leading to record-breaking property values and sale figures exceeding property rates even in Downtown Manhattan.
All these promising prospects have been critical factors in elevating the virtual real-estate industry and generating record-breaking numbers for significant properties. Here’s an insight into some key sales figures from the Metaverse.
Insights From the Virtual Real Estate World - Significant Purchases
The Sandbox Metaverse
Sandbox has been leading the way in virtual property development with one of the most expansive virtual environments. The company’s innovative design and ambitious approach have led to over $500 M in collective investments from retail and institutional investors within the Metaverse.
Here are some other figures from Sandbox’s growth.
- The Sand cryptocurrency witnessed an increase of over 9000% in 2021 due to external investments and demand.
- A single land tract in the Metaverse was sold for $4.3 Million before the official launch of the Metaverse.
- Between 2019 and 2021, the company has managed to sell over $211 Million in land-based on the insights shared by the company’s CEO.
- Snoop Dogg’s metaverse collaboration with Sandbox has witnessed widespread public attention, with an investor spending $450,000 for a land tract near Snoop’s location in the Metaverse.
- Over 16000 people have actively invested in the Sandbox metaverse based on disclosures from the company.
Even beyond the Sandbox properties, other landmark developments in the virtual property world, including the Minecraft universe, have signaled the creation of a new variable of value. Investors are jumping at the opportunity to become a part of the future of the internet with early investments and collaborations.
The Collaboration Initiative – At the Core of the Virtual Property Boom
A significant element in the growth of virtual properties has been the prospect of collaboration between leading brands to offer unique experiences. Leading fashion houses, including Nike, Adidas, and Reebok, have announced partnerships with metaverse startups like RTFKT to offer virtual product offers in the Metaverse. Similar initiatives have been explored by investors in the form of virtual museums and offerings. This collaborative development is allowing brand enthusiasts to experience new iterations of their favorite concepts and explore new ways of entertainment.
Beyond the property landscape, art collections like Beeple’s “Everyday’s – The First 5000 Days” have managed to grab over $69 Million in collaboration with Christie’s. The sale represents the acceptance of NFT valuations by conventional investors and offers promising insight into the scale of the Metaverse moving forward. The investor Metakovan expressed intent to utilize the procured collection in the form of a virtual museum initiative to expand arts expressions and offer a unique virtual experience to consumers.
Getting in early on metaverse property investment can be a great way to secure a valuable commodity in the future. If you’re thinking about exploring potential investments, DiviVerse is the ideal partner to help you have the best insights and consultancy. With a team of blockchain experts and experienced investment consultants, we help you make the best decisions in NFT and Metaverse investing.