The Endless Opportunities of the Metaverse and Virtual Lands
Hello Seedify Community,
The metaverse is one of the most anticipated and exciting aspects of web3 but still, most people don’t understand exactly what it is, what it can be used for, and just how much of a difference it could make to the world. The metaverse will have a huge impact on many key areas of our lives including our jobs, social lives, and education. The metaverse will undoubtedly disrupt major industries including gaming, eCommerce, and financial services.
Today we are going to dive deep into what is possible in the metaverse and how you can look to potentially invest in your own share of virtual land. However, to fully appreciate the impact it will have on our lives, we first need to explore what the metaverse is.
What is the Metaverse?
There are many definitions and interpretations of what the metaverse is. Very broadly speaking, this could be summarised as a “shift in how we interact with technology” such as VR and AR and a 3-D universe that combines different virtual spaces where players, members, and users can interact, meet and socialize.
It is the place where digital and physical (and now even financial) worlds meet. Some describe it as a sort of new digital economy, where users can create, buy, and sell assets, many of which will be interoperable, meaning you can take virtual items like clothes or weapons from one virtual space to another.
Today, web2 companies, banks, record labels, and even cryptocurrencies are all ensuring that they are “metaverse ready”. However, this is currently being front-run by game developers who have already found many ways for players to earn additional revenue through play-to-earn models.
Blockchain games such as The Sandbox have given players a taste of what the metaverse will look like.. Players can purchase in-game assets such as weapons, wearables, cars, and much more. Ownership is at the heart of the metaverse as users look for more ways of earning passive income from the metaverse. One metaverse investment that has made several headlines and what has proven to be on many investors’ watchlists is virtual land.
What is Metaverse Land?
Metaverse land is a piece of digital real estate that you can buy, own or trade on certain secondary marketplaces. Land exists and is transferable as NFTs and as more people start to spend more time in the metaverse, the virtual lands might become scarcer and increase in value, making this type of asset very attractive.
These lands can be developed with the user deciding what and how they want to see the virtual world. These programmable virtual reality spaces provide a platform for countless activities and possibilities for users to make a lucrative return whether it be a passive income or a secondary sale.
Metaverse Land Use Cases
There is a very promising future for owners to develop their land to provide services, and entertainment to generate income. Currently, a lot of the use cases are either aspirational or still waiting on technological advancements to truly scale.
Although we are not entirely sure of the true potential virtual land offers here are some of the exciting and lucrative use cases for land in the metaverse:
Advertise
Just like in the real world, the metaverse will be full of businesses and individuals advertising their products and services. Imagine a virtual Times Square if you will with fully interactive and immersive advertisements. Owners of land in prime locations will be able to charge a premium for their sought-after advertising space and generate a handsome passive income.
eCommerce Store
Potential customers will be able to instantly get hands-on with real-life products, have an instant one-to-one consultation, or sign up for services in a virtual store. Items can extend to in-game assets such as NFTs, weapons, or wearables. As with all eCommerce stores, the possibilities are endless but where you decide to position your store could have an impact on your sales.
Offices
When Facebook rebranded as Meta they made it clear they were setting their sites on working together virtually in the metaverse. The idea that people will be able to work closely and interact with each other virtually is an exciting prospect for the future.
Schools
Whether it is private English or music tutoring, individuals, and large educational institutions, have an amazing opportunity to provide education and profit from doing so. From the most privileged countries to the least, virtual schools can provide opportunities for all.
Events Venues
Live virtual events have already generated millions of dollars, with events on the game Fortnite proving to be a huge success. From the likes of Travis Scott to Arianna Grande generating upwards of $20M from ticket sales, digital merch as well as players buying dance moves to perform in the game.
Art Galleries
Virtual galleries are here and are set to be even bigger following names such as Sotherby’s and MV Art Galleries entering the space on Decentraland. Of course, it is only fitting that there are NFT art galleries as well as shown below from OpenSea.
Games
Land owners are able to create their own games in the metaverse such as puzzles, survival, battlegrounds, adventure, strategy, simulation, and much more. User-generated content (UGC) means that builders can charge an admission fee or create incentives for players including NFTs, wearables, and other in-game assets with real value.
Resourced lands and UGC is a feature we will be implementing in the Seedify Metaverse. To read more on this, please refer to our article: A New Meta: Resourced Lands
Who is Investing in Metaverse Land?
Despite some metaverses being merely concepts, it hasn’t slowed down sales, but why? Investors are showing confidence that the land will hold real value and are perhaps looking to rent it to large companies or sell on for a profit at a later date.
There have been some major investments from web2 companies potentially looking to set up shop in the metaverse including HSBC and JPMorgan Chase purchasing land in The Sandbox. Other investments across various metaverses such as Decentraland include Gucci, Atari, Samsung, Adidas, and Estee Lauder.
Celebrities are also buying up plots of land and this is having a huge impact on prices already as last year a plot of land next to rapper Snoop Dogg’s virtual real estate in Sandbox reportedly sold for $450,000 in December.
Record Land Sales
NFT Land and digital estate sales have soared in the past few months, Sandbox has generated a volume of “$70.5 million for 4,433 assets”, making it the most profitable metaverse collection, Decentraland came in second in terms of total asset volume moved, “ $6.6 million for 399 assets” (* data from Bitscrunch.com).
Yuga Labs’ sale raising $285M for their 55,000 “Otherdeeds” NFTs will go down as a moment in virtual land sale history. The sale was so ‘successful’ that it clogged the Ethereum blockchain causing gas fees to spike to unprecedented levels.
Illuvium also recently topped the charts by raising $72M from a land sale despite bear market conditions, selling 19,969 plots via dutch auctions from 02- 05 June 2022.
How Can You Buy Land?
As you can see there are many opportunities to benefit from metaverse land and generate income from virtual land. Land is available to purchase as NFTs on various secondary marketplaces such as OpenSea.
Be Sure To DYOR
Not all lands are the same. Some are well underway with their development and some are speculative. Make sure you look into the team behind the project, the roadmap, and the concept behind their metaverse. Do you believe in it and see that it has a future? Be sure to do your own research (DYOR).
Seedify’s Lands of Dune Sale
We here at Seedify will be having our first virtual land sale for our upcoming metaverse. Lands of Dune will be the first biome that will have a Resourced Lands sale. Each biome will be home to unique resources that could be found only in that certain environment.
The sale will be limited to only 5.000 lands, in 4 different rarities.
- Legendary (100): 1 million $SNFTS
- Epic (400): 300k $SNFTS
- Rare (1000): 150k $SNFTS
- Common (3500): 50k $SNFTS
In total 545M $SNFTS will be raised & burned.
Following the initial sale, there won’t be any further Lands of Dunes sales in the future to make sure we do not dilute the resources found in this biome.
The Resourced Lands sale will be hosted at Seedify NFT Launchpad in the first half of November.
About Seedify
Seedify is a Blockchain Gaming and Metaverse incubator and launchpad, as well as an NFT launchpad, empowering innovators and project developers with access to funding, community building, marketing, and high caliber partnership network, with a full support system to help bring premier games, NFTs and Metaverse projects to our community.
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