BBC Sheds Light on People and Companies’ Interest in Metaverse

PersonOutlineIconUPYO.comCalendarTodayIcon November 7, 2022AccessTimeIcon 4 Mins Read
PersonOutlineIconUPYO.comCalendarTodayIcon November 7, 2022AccessTimeIcon Mins Read
Gucci Town

Gucci Town

About $2 billion have been spent over the past 12 months in the metaverse as people and companies are racing to have a footprint in this digital world.

In a report, BBC asked about people and companies’ interest to buy plots of land in the virtual world where they can live, work, and show their products.

Finance firm Dappradar said in 2021 alone, $1.93 billion worth of cryptocurrency was spent to buy virtual land.

Artist Angie Taylor bought her first metaverse parcel worth over $1,710 in the Voxels world in 2020. Taylor bought it to exhibit her digital artwork and hold metaverse events. Now, she has two galleries in Voxels, where she can sell her artwork in cryptocurrency.

The report also pointed to the popular metaverse world, Decentraland, which launched in 2020. Millions of dollars from Sotheby’s, UPS, Samsung, and others were pumped into Decentraland to buy metaverse parcels to build shops and visitor centers there.

Philipp Plein, the ultimate luxury fashion brand, bought a plot in Decentraland’s metaverse equalizing to the size of four football pitches, looking forward to opening a metaverse store and gallery.

In this regard, the owner of the fashion brand, Philipp Plein, said his mum is not convinced that he bought metaverse parcels worth $1.5 million.

“My mother called me and said, ‘what did you do? Why? Are you crazy, why do you spend so much money, what is this?’,” he said.

Plein, for more than a year, sells goods in 24 different cryptocurrencies online in addition to selling NFTs at London’s Old Bond Street in exchange for cryptocurrencies such as Bitcoin and Ethereum and pounds.

The report also mentioned The Sandbox metaverse, where Gucci, Adidas, Binance, Warner Music, Atari, and Ubisoft purchased plots of land to showcase and market their products and services.

It pointed out that Gucci built its place on Roblox, one of the fastest-growing and largest gaming platforms in the metaverse. Although gaming platforms like Roblox do not sell land and are run without the use of any blockchain technology, sci-fi writers consider them real metaverse for some key ingredients.

BBC said these key ingredients are the users can hang out and play, and have the opportunity to make money on-platform, in addition, they have thriving communities and their own in-world currencies like Gucci Town and Nike Land, which have millions of visits in one year.

“Fashion seems to be the industry most keen to take the opportunities and risks associated with the metaverse,” the report added.

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