So, you’ve probably heard the term “metaverse” thrown around a lot lately. Ever since Facebook changed its name to Meta, the concept has become more and more mainstream. But what does the metaverse mean? To oversimplify, the metaverse is the digital world. It encompasses everything from virtual reality games to the blockchain economy that cryptocurrency is based on. If the NFT boom that occurred in 2021 is any indication, the metaverse is here. And for better or for worse, investing in the metaverse is becoming the new norm.
Investors are spending millions in the metaverse
Believe it or not, a plot of virtual land sold for $2.4 million dollars in 2021. Yes, really. Crypto investment firm Tokens.com dropped millions in crypto for a prime patch of pixels. The investment went to Decentraland, a virtual reality world based on the Ethereum blockchain. The largest investment in Decentraland’s brief history went to the “Fashion Street” area in the VR world. The plan is to host digital fashion shows to showcase virtual threads for the trendiest avatars.
Even celebrities like Paris Hilton have thrown their name into the metaverse shuffle. The hotel heiress has her own virtual world called Parisworld, where she DJ’ed a metaverse party on new years’ eve.
Should you invest in the metaverse?
If you’ve got the cash to spare, probably. Meta, (it still feels weird to call them that,) may be leading the charge. But they’re not the only company to throw their name in the virtual hat. Disney has also announced plans to get involved in the metaverse. And if the mouse has pounced, it’s because the dollars make sense. Non-fungible tokens aren’t just pictures of sleepy cartoon monkeys. They encompass any digital good bought and sold with crypto beyond investing in the currency itself. Lest we forget when doge went to the moon.
