Some consider the metaverse, along with NFTs, to be the next phase of blockchain technology and a step closer to creating a truly inclusive creator’s economy. Since its inception, the metaverse has continued to add new brands, concepts, processes, entities, and users daily in a bid to truly reflect an improved version of our real world.
We’ve compiled a list of 5 of the craziest things you can buy in the metaverse to help you navigate virtual worlds in search of the ultimate metaverse experience.
Real estate is the most common type of item that can be purchased and traded in the metaverse. Many people find the idea of purchasing land or landed property in a supposedly limitless virtual space strange, but it is the key to populating the space and unlocking the many available potentials.
Metaverse projects, like cryptocurrencies, usually have a limited number of assets—land available to users. Leading projects, such as Decentraland and SandBox, have a total of 90,601 and 166,000 plots of land, respectively, that users can purchase, trade, and use as they see fit within the ecosystem.
Metaverse real estate assets, like conventional land, can be worth a few dollars to millions of dollars depending on location, economic relevance, and available networks. This was demonstrated when someone paid $450,000 for a piece of virtual land next to Snoop Dogg in the Sandbox Metaverse. Over time, these assets have gained more use cases and can now be used in a variety of ways:
Already, the metaverse is being used to host crypto and social events. Some companies buy up metaverse space in order to connect virtually with people in other locations or to use as a hybrid option alongside the physical for those who cannot attend the event in person.
As an example, in the Decentraland metaverse, Samsung opened the 837X store, a virtual replica of its flagship NYC store. The launch culminated in an opening party that was a combination of a real-life and metaverse dance party hosted by DJ Gamma Vibes from Samsung’s physical store.
Celebrities have not been left behind, as top artists such as Justin Bieber and Snoop Dogg have hosted concerts in the metaverse, collaborating with top brands to further drive the adoption of the concept.
Art Galleries, Museums and Showrooms
Like any other innovation that is succeeded by emerging technology such as blockchain, Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI), the virtual space created by the metaverse will undoubtedly be used to display all forms of art. In the metaverse, brands, art curators, and individual creators are building 360° view museums, art galleries, and showrooms that users can enjoy via desktop, smartphone, or immersive VR experience.
The dynamic blend of NFTs and the metaverse allows digitized art to be immortalized on the blockchain. Magic Mint, for example, is an NFT museum gallery that allows artists of all genres and art styles—including all types of art, videos, and sounds—to display their work for free in a public gallery within the metaverse. Many other projects like this one exist to bring the vintage concept of art showcase into the next stage of technological development via blockchain.
That is not all, NFT collections purchase metaverse real estate to display NFTs from their respective communities. Individual investors who own virtual land parcels may also construct personal showrooms to display their NFT haul as they see fit.
Other Things You Can Buy on The Metaverse
The metaverse has use cases far beyond real estate. Here are some other items you can purchase while in the metaverse:
NFTs, Cryptocurrencies, And Virtual Money
A brand-new virtual economy will necessitate methods to transact and store value. Cryptocurrencies and NFTs are already essential components of any metaverse platform. They served as a clear means of exchange between users as well as a way to store and grow value.
There is already a way in the metaverse for creating NFTs that can be traded for additional profits. Cryptocurrencies and virtual money can also be used to purchase virtual goods or services from brands and individuals in the metaverse.
Gaming is another rapidly growing sector of the metaverse. This is not surprising given that RPG games have always featured 3D virtual worlds with avatars that interact and complete tasks and quests. Metaverse gaming projects such as Axie Infinity, Decentraland, and SandBox are at the forefront of a slew of blockchain games charging into and dominating the metaverse scene.
Users can purchase avatars, character skins, HP and XP boosters, loot boxes, bonus packages, weapons, trading cards, special items, and other game collectibles to enhance their gaming experience. Traditional gaming companies such as Epic Games, Roblox, and Nvidia have also made significant inroads into the metaverse. More in-game items from games like Minecraft, Fortnite, Grand Theft Auto, and Adopt Me! will be able to be purchased and traded as NFTs or with cryptocurrencies within the metaverse as a result of this integration.
At first glance, this may appear to be an absurd addition because fashion refers to what is worn in the physical world. However, avatars are used to navigate the metaverse; these avatars wear clothes (skins) that can be created, modified, and alternated, just like in the real world.
Experts predict that the metaverse will reshape the future of fashion, and that there will be an emerging fashion economy in which real-world brands and their fashion ideas will be available and tradable in the metaverse. Shops are also opening locations to sell digital versions of physical items that can be exchanged at physical locations.
Tickets To Sporting Events
The Brooklyn Nets became the first professional sports team to join the metaverse earlier this year, filing a trademark for “Netaverse,” a 3D live render of the basketball court and players that will provide 360° virtual reality experience. The team announced that they would offer tickets to their virtual reality events. Masters, the world’s most famous golf tournament, is also considering moving to the metaverse next year, according to Forbes.
With its NBA Top Shots collection and blockchain-related activity, the NBA is already on board with the blockchain community. In May, the NBA partnered with Meta to bring the NBA Lane experience to the Horizon Worlds VR metaverse in honor of the league’s 75th anniversary. This, among other developments, indicates that a new wave of sporting concepts is on its way to the metaverse.
One thing is certain: the metaverse is here to stay, and it is the internet as we know it’s future. As the general crypto market gradually recovers into another bull season, the metaverse platforms should see increased traffic and activity in the coming months, and users will be able to enjoy the full benefits that blockchain-powered virtual worlds can provide.