The Metaverse, digital real estate and Snoop Dogg

By Millie Spooner, 24/01/22

Technology is forever growing but Mark Zuckerburg, the CEO of Facebook, plans on creating an entirely new dimension to the internet; the Metaverse.

The Metaverse is a futuristic adaptation of social media, a digital 3D universe where people can socialise and connect. Even after taking your VR headset off and tuning back into the real world, the Metaverse continues to exist with or without you.

However, this 'decentralised' universe is much more than light-hearted games and digital quests. The Metaverse is also an economy, where users can profit and sell goods.

For example, digital real estate has been a complete success for Zuckerberg and his team. Just like the real world, plots of land can differ in price depending on the location. Only the Metaverse has multiple worlds, which all differ in worth and the opportunities they can grant their users.

An extremely popular and valuable world is the Sandbox. This may be because Sandbox has collaborated the most with other famous brands e.g. Care Bears, Smurfs and most recently, Snoop Dogg.

Cryptocurrency and NFT's (Non-Fungible Tokens) are also a huge part of the Metaverse, despite how confusing it can be for the average person.

Investing in LAND ('portions of the metaverse open to player ownership'), has the potential to open a lot of doors in the future. In worlds like Decentraland and The Sandbox, LAND is limited and has no plans on expanding - helping to justify why the prices are set in the millions.

To help give context, the cheapest plot of land available to buy in the Sandbox was $15,179.

An investor paid 71,000 SAND (the Sandbox's version of LAND) to be Snoop Dogg's virtual neighbour. This roughly cost them $450,000 or roughly 336,200 in British Pounds.

His new neighbour now has access to exclusive parties, which will be member-only. But is it really worth all of that money?

Snoop Dogg plans on hosting live concerts at his virtual mansion, where he can interact with fans. As well as this, users will be able to buy Snoop Dogg avatars and other items e.g. his car collection, different dogs and unique NFT art. There is a chance to attend his private parties, by purchasing the Snoop Dogg Private Party passes (currently retailing at $2,396).

Like the famous rapper, many high-end fashion brands have joined the trend and created NFTs to be sold.

• Gucci sold a digital purse for thousands more than the physical bag's price.

• Dolce & Gabbana sold a $5.7 million nine-piece NFT collection, setting a digital-fashion record.

• Nike has built it's own Nikeland on Roblox's platform.

The line between the real and digital world is slowly blurring, as both are beginning to merge. For example, it is now possible to order a Dominoes within Decentraland (another Metaverse world). The pizza is paid for using cryptocurrency and will arrive at your doorstep (in the real world, of course).