The Metaverse is the Web3 wave that democratizes buying and building real estate, hosting fashion shows, and monetizing video games
We are in the early stages of a relatively new breakthrough innovation. The Metaverse is the next wave of web3 that is changing the way we socialize, work, play video games, and interact. We’ll soon see businesses start up, office buildings built, meetings held for remote workers, and job interviews conducted in virtual reality.
Digital commerce in virtual reality will explode, especially as large companies such as walmart The big-box retailer plans to sell products virtually, ranging from electronics, home decor, children’s toys and games, sporting goods, personal care products to fitness services and classes health and nutrition in augmented and virtual reality.
They are not the first merchants to do so. It’s becoming a gold rush for retailers and apparel manufacturers as they embrace virtual reality and don’t want to be left behind. CNBC reported that the German sportswear company, Adidas, released NFTs and purchased land on the VR sandbox, a virtual real estate company. High-end fashion house Gucci in partnership with game maker Roblox to sell items. Balenciaga reached an agreement with epic games, the creator of fortnite, to offer clothes that can be purchased in virtual shops. Louis Vuitton established Louis the game showcasing its premium brand.
Nike acquired a digital sneaker company RTFKT, a popular metaverse company that offers a line of sneakers. An eighteen-year-old performer in the band sold over $3 million worth of virtual sneakers in less than seven minutes.
google, Apple, Microsoft and Meta are in a fierce race to bring their affordable VR/AR headsets to market for widespread consumer adoption. However, you may be able to participate and enjoy the metaverse without using the glasses and other gear.
To learn more about the Metaverse, we spoke with Andrew Kiguel, CEO of Tokens.com, one of the first real estate investors in virtual reality. The former investment banker recently made headlines with his company’s purchase of real estate in the fashion district of Decentraland, paying an estimated $2.5 million for the space.
Kiguel sees the future in the metaverse. In an extensive interview with the tech executive, he points out that a confluence of events paved the way for the rapid advancement of virtual and augmented reality becoming widely accepted.
The pandemic kept us indoors for two years, and it’s still not over. We have become acclimated to new technologies and rely heavily on existing software, apps and platforms and use them from the comfort of our homes and apartments. The youngsters – who came home from school while their lessons were online – spent time playing and interacting with their friends on Discord and social media. We’ve all happily turned to the internet to have our food and groceries immediately delivered to our doorstep from Instacart, Amazon, DoorDash and a host of other apps that have made it easier for us to work from home or anywhere in the world. world.
Getting acquainted with new technologies, people have taken to buying and trading NFTs, meme stocks and cryptocurrencies. Blockchain and other software and platforms have democratized the stock market. While investing was once the domain of older people with money, college kids and millennials saw the opportunity to trade YOLO in stocks, options, Bitcoin, and cryptocurrencies. as a way to earn enough money to pay off their student loans and afford a home and a better lifestyle.
When the pandemic swept the world, businesses closed and sent workers home. We spent our days on Zoom meetings. To the surprise of CEOs, workers were highly productive and stock prices soared to all-time highs. After an initial wave of furloughs and layoffs, the economy has rebounded so strongly that businesses are not finding enough workers. The past two years have paved the way for the acceptance of virtual reality.
Kiguel says, think what it would have been like for your ancestors to buy land in New York a hundred or two years ago, and the generational wealth it would have created. You don’t even have to go back that far. By the early 1970s, New York City was crime-ridden, collapsing, and ready to file for bankruptcy. An intrepid real estate investor in the Big Apple could have bought prime real estate for almost nothing and would now be a multi-billionaire. Taking a risk right now, staking your claim in the metaverse, can pay off big in the future.
In the metaverse, you can buy NFTs, develop buildings, play video games, attend concerts and events, and start businesses. It’s a way to start over. People who want to live virtually close to Snoop Dog in The sandbox paid nearly $500,000 for the privilege and access to the rapper, his parties and his concerts.
Kiguel’s $2.5 million investment in space Decentralized, one of the largest developed lands in the metaverse, paves the way for commerce of all types. Kiguel is convinced that his investment will pay off in the long term. As millions, if not billions, of people join the Metaverse, it plans to hold a lavish fashion show from March 24-27, spotlighting top fashion brands that could include Gucci, Burberry, and Louis Vuitton. There will be avatar models, catwalks, pop-up shops, and before and after parties.
His company can sell advertising to these other brands and try other ways to monetize his real estate holdings. These high-profile, exclusive events were once reserved for a small segment of the rich and famous. Virtual reality opens it up to anyone who is interested, as there are no physical limits to the number of participants.
New York-based digital real estate developer Republic Kingdom paid around 1,295,000 in crypto Mana—equivalent to $913,228—for 259 plots of Decentraland with the goal of turning it into a virtual shopping district. The domain will be called Metajuku, in homage to Tokyo Harajuku shopping district. Kiguel also plans to build towers in Decentralizedit is crypto valley and in other cities that are popping up in the metaverse, and renting office and commercial space.
Mark Zuckerberg, CEO of Meta, gives the impression that he rules the metaverse. This is not the case. There are lots of places to go. Each universe uses its own preferred currencies to transact. For example, The sandbox uses SAND, and Decentralized at MANA. These virtual worlds are built on blockchain such as Ethereum and Solana.
Today’s social media platforms are like “jails,” according to Kiguel, because the companies that run the sites have all the control, own the data, and reap the financial benefits. The new wave Web3 will change the rules, giving people control over their creativity. It’s a fresh start to build something new, similar to the beginnings of the Internet.
Kiguel is also excited about the growing rise of play-to-win games that are powered by cryptocurrencies. Game worlds like Axie Infinity enables and empowers people to earn money by playing games. Many of these players never even had a bank account, and now they are making more money than they ever imagined.
The metaverse will impact nearly every type of consumer technology, including social media, gaming, and fashion, Kiguel predicts. “Tokens.com is focused on bringing in the most exciting growth areas,” and excited to enter this new gaming vertical with an acquisition. This is part of Kiguel’s goal to offer a “full range of Web3 exposure”, offering exposure to the Metaverse, DeFi and NFTs.