Metaverse Land has become a prominent integration method for many traditional companies into the metaverse. With how new of a concept the metaverse is and how much risk has been associated with it, it comes as no surprise that many are skeptical on this recent marketing trend.
Available for everybody, no matter the backing, Land within the metaverse at one point was costing 7 figures. The most costly transaction was recorded within the Decentraland ecosystem at $2.4 million which equated to 6,090 virtual square feet.
$1.93 billion spent of virtual land
A total of $1.93 billion has been spent on virtual land according to DappRadar, the top reporter on all things blockchain and web3 related.
Metaverse Land has opened many doors for brands to have their say on the blockchain. Thanks to The Sandbox we have seen brands like Gucci, Adidas, Gordon Ramsay and Slipknot develop their own experiences which have brought forward new ways to play and earn with NFT collectibles.
Gucci’s very own ‘Gucci Town’ has attracted a total of 36 million users to visit their The Sandbox immersive experience. Nike has clocked in 25 million in a similar yearly time frame. Here players can buy exclusive avatar items.
The emergence of digital fashion has been an amazing contribution from the fashion industry. New companies have taken the spotlight such as RTFKT (acquired by Nike) and The Fabricant.
These companies make exclusive digital fashion only available in the Metaverse. Whilst being a young company out of Amsterdam, The Fabricant’s record sale amassed to $19000 and came in the form of a dress.
The rise of digital fashion
we have seen digital fashion emerge out of The Metaverse and into games like Minecraft. They recently collaborated with Burberry to release a both in-game and real collection of clothing. This has come off of the back of Fortnite’s collaboration with Balenciaga, another heavyweight within the high end fashion.
The very first Metaverse artweek was also held within Decentraland which shows how real life, traditional concepts can become immersed effectively into the Metaverse despite unpopular mainstream opinion on this untapped market. Seeing Land have use cases such as this and many more opens up more understanding for investments into the metaverse.
Whilst being at the ‘forefront’ of Metaverse technologies, things have looked increasingly gloomy for Meta, the parent company of Facebook. They turned their business intentions to the Metaverse last year which has proven costly. Their stock price has plummeted, have netted billions of dollars in losses and are currently laying off 10% of their workforce.
Hopefully we see some more experiences and opportunities created by market leading brands within the Metaverse. Despite skepticism the overall success of the Metaverse cannot be disregarded and the only way is up for such a new industry like this. Many deem this the new internet when that came about in the 80s and 90s with many people left eating their words that doubted it all those years ago.
As the year pans out into 2023 be sure to check out DappRadar’s end of year report to get the full breakdown of web3 gaming and for all things esports and crypto gaming be sure to follow Esports.net.