Metaverse: The Future of Investments

Could blockchain-based online worlds become the new stock market?

Could blockchain-based online worlds become the new stock market?

It is no secret that demand for non-fungible tokens known as “NFT’s” has skyrocketed in 2021. They are a unique class of online assets that are digital files and can be anything from video to digital artwork, photos, and more. Blockchain validates the authenticity and ownership of every NFT. Prices have jumped extensively with newfound curiosity.

A recent example of this was the purchase of a $69 million NFT virtual artwork by the American artist Beeple at Christie’s, entitled “Everydays: The First 5000 Days”. The buyer, identified as a Singapore-based investor, Vignesh Sundaresan, is known as “Metakovan” within the online fictional universe, Metaverse. NFT’s are creating excitement around the Metaverse; however, the real potential will surge once virtual real estate is obtained to showcase the artwork. A process Sundaresan intends for the display of his newly acquired artwork. He is working to create galleries within four virtual world environments that the public can access through online networks or virtual reality technology.

While the new space has garnered more attention and investors than ever before, some warn that the possibility of a price bubble or waning interest could bring significant loss to investors. There is also a substantial opportunity for fraudsters in this market where most members operate anonymously with aliases. Who could forget Travis Scott’s virtual concert hosted by online gaming giant Epic Games on Fortnite last year? The unprecedented event made headlines, and the attendance of millions of viewers was the first large-scale evidence that virtual events could draw tangible profits. Leading platforms like The Sandbox, Decentraland, Somnium Space, and Cryptovoxels already have plans to gear up for hosting opportunities of fashion shows, concerts, art galleries, and even gambling events. These events could generate enormous income potential through ticket sales, virtual merchandise, and more.

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