00:08 — Kieron dives into virtual real estate—the real estate in the metaverse and the land grab that we saw in 2021.
00:20 — Figures have been revealed, showing that $500 million were spent on real estate in the metaverse in 2021. This spending was predominantly within the Big Four platforms: Decentraland, Sandbox, Cryptovoxels, and Somnium.
00:37 — The report goes on to state that by the end of 2022, we might see this spending double, which is incredible. Already in January, we’ve seen $85 million spent on real estate in the metaverse.
00:52 — There will be responsibilities that platforms will have when it comes to land sales. It’s very easy to sell off a parcel of land and forget the bigger picture.
01:05 — Currently, there are four major platforms where land is available—62% of which is actually in Sandbox. However, there are many smaller platforms and it might be a good time for these smaller platforms to consider location. Real estate is a huge thing in the physical world and it’s going to be a big thing in the virtual world as well.
01:28 — Consider somewhere like Sunset Boulevard, for instance. You’re going to move to Sunset Boulevard because you might live next door to a celebrity. That’s going to be one thing. It’s going to be about who is where and where you want to be too.
01:41 — If someone opens a shopping mall in a metaverse space, you might want to be nearby to take some of that traffic. They might set up infrastructure, but it all requires governance. There needs to be some cohesion of governance within the platforms themselves.
02:12 — Moving forward, smaller platforms will need to consider location as this land grab continues to grow. They will also have to carefully consider what land is being given to different corporations. Will they invest in infrastructure projects? Will they ensure the land is kept aesthetically beautiful and pristine, as users won’t want to buy a place in an industrial wasteland?
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