The frantic metaverse land grab is likely to persist in 2022 as investors realize virtual real estate equals cash, predictive analytics firm says
- Interest in
metaverseland sales and rentals is going to continue to surge this year, NWO.ai said.
- The AI firm said online conversations around metaverse real estate have been robust.
- "The hype has the numbers to back it up: over $100 million has already been spent on metaverse land plots," NWO said.
The mad dash for virtual land is likely just beginning.
Real estate sales in metaverses like
"We're really seeing the utility of these properties rising; we're seeing that people can make actual money, that buying these properties equals cash. That is going to drive those sales," said Julia Myers, a machine-learning engineer at NWO.
NWO, an artificial intelligence startup that launched almost three years ago, tracks millions of texts like news articles, social media platforms Twitter and Reddit, and Google Search, among other things, in order to predict broader emerging narratives. For example, NWO said its AI foresaw millions of retail traders driving massive gains in meme stock companies like GameStop a year ago, and it predicted troubles for Chinese real estate company Evergrande.
Conversations around the metaverse, a virtual world where people can interact, shop, and game as avatars, have been robust. According to
In the last year, there have been eye-popping virtual real-estate sales, like the $4.3 million plot of Sandbox land sold to Republic Realm. Meanwhile, conversations around metaverse land rentals are also skyrocketing as companies like Tokens.com rent space in Decentraland for major events, including the first-ever metaverse Fashion Week — where people can buy the latest fashion trends for their look-alike avatars — as well as the inaugural virtual Australian Open.
"Location is really huge," Myers said. "The same with real estate in real life, it's all about where you are."
According to NWO, Decentraland has become the leading metaverse and upcoming events like Fashion Week are going to solidify that further. Surging interest in the metaverse has only been cemented by skyrocketing prices in the native tokens for metaverses like Decentraland, which has jumped 2,000% in a year, according to Crypto.com. Meanwhile, the Sandbox's underlying cryptocurrency has surged more than 8,000%, and
"As people gain trust in these platforms and the fact that the future is here, I predict that we will only see [sales] go up," Myers said.
- Kellyanne Conway says her husband was 'cheating by tweeting' his disdain for former President Trump in her new memoir
- The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022
- A SpaceX flight attendant said Elon Musk exposed himself and propositioned her for sex, documents show. The company paid $250,000 for her silence.
- What would happen to Twitter if Elon Musk backs out now?
- Researchers develop a virus that works even when iPhone is switched off
- Supreme Court of India extends time for submitting Pegasus probe report
- Chopper services launched in Goa for tourists, locals
- Both Ambuja Cements and ACC are bet worth investing with strong parent Adani