![]() Even investors are maintaining healthy skepticism about the current iterations of virtual worlds. If this all sounds quixotic, that cynicism is warranted. (Steinwold’s fund, for instance, has its hand in both platform investments and individual properties Austin runs a fund that invests in five different worlds.) The technology, too, is early-Adamo is the first to admit we’re about a decade out from easy mass adoption, and Austin notes plenty of “room for improvement,” from the interface to the technically complicated process of buying property. Many of the early buyers of virtual real estate are doubly invested-in the platforms themselves and through personal plays like DAOs buying and developing new land-so their bullishness is ultimately self-serving. ![]() Read More: NFTs Are Shaking Up the Art World-But They Could Change So Much More One research report predicts virtual gaming worlds alone could be worth $400 billion by 2025, with the broader metaverse industry worth over $1 trillion. Roblox, a more established gaming universe, listed on the New York Stock Exchange in March 2021 at a valuation of $42 billion. Animoca Brands, the company behind The Sandbox, recently reported it is now worth $5 billion, up from a valuation just over $2 billion in 2021. The big winners-at the moment, at least-are the platforms and developers, who are raking in investment dollars from early buyers. “So we’re also just seeing this blending between creators and celebrities and communities.” Then again, right now this is all speculation. ![]() “One of the things that’s so exciting and fascinating about the metaverse is it’s all about cocreation, right?” says Jessica Peltz Zatulove, another MetaCollective member. An entire industry of virtual world developers has already popped up. But the money is real.Īndrew Steinwold, managing partner at metaverse-native fund Sfermion, calls it “unlimited optionality,” breaking free of the bounds of our profiles and pages. None of this has been built or designed yet. “We can recreate what an educational digital experience is, in this new digital world,” he says. He envisions virtual classes, dormitory rooms that users can rent, and a full social experience. For Drew Austin, managing partner at venture capital syndicate RedBeard Ventures and leader for MetaCollective, it’s all about developing this corner of the future internet into a learning center or “university” for self-education on all things web3. MetaCollective has big plans for their blank squares. ![]() (Sometimes, they fly.) Click on a billboard, and you’ll see details of the NFT work and artist you’re viewing, with a link to OpenSea, the NFT marketplace. (Each of those pixels, or plots, is a property worth real money in general, the concept of scarcity is a farce online, but in these worlds-as in our physical one-it is often real.) Meanwhile over on Cryptovoxels, things feel more like an early-stage video game populated by blank walking mannequins. Right now, if you open The Sandbox on a web browser, all you’ll see is a flat map of brand logos scattered throughout land-shaped masses made up of colorful pixels. Read More: NFT Art Collectors Are Playing a Risky Game-And Winning ![]()
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