Tokens.com has bought land in Decentraland at a price of $2.5 million. It sees the metaverse as a multi-trillion dollar opportunity and wants to bring fashion brands to its land.
It’s still very early days, and footfall in the various metaverses such as Decentraland is still fairly low. However, institutions are starting to see the future opportunities, and land grabs are being made now in anticipation for what these virtual worlds will one day become.
“If you can imagine the metaverse as a monopoly board, and rather than have just 28 parcels of land and 8 players, there are many more parcels of land that you can develop, and potentially millions and millions of users that you can collect rent from, and create immersive experiences for.”
So says Andrew Kiguel, CEO of Trust.com, which bought the 116 parcel estate in the fashion district of Decentraland.
On a recent video on CNBC he admits that the current traffic in Decentraland is low and that things are in development. However, he says that in March next year, his company will team up with Decentraland in order to launch a fashion week that he hopes will attract all the biggest fashion brands from across the world.
His vision for the week is of virtual runways in virtual fashion shows that will display the virtual gear that can be worn by user avatars. He cites the brands such as Gucci, Chanel, Ralph Lauren, Nike, and Adidas, who are all already entering the metaverse and who are selling their products as NFT skins that any virtual avatar would want to be seen in.
Kiguel believes that the returns on his company’s $2.5 million purchase of land in Decentraland will be huge. His view is that the multi-million dollar opportunity afforded by the metaverse will consist of:
“the next iteration of social media, the next iteration of computing, education, advertising, and shopping, and so when you put all this together it’s really going to change the way the internet is used.”
The CEO says that the purchase of metaverse land is a “pre purchase of advertising space” that will pay off massively as the billions of visitors that were predicted by Mark Zuckerberg start to enter the space.
He says that each of the 116 parcels of land that his company owns, equates to a space 52ft x 52ft in the real world. So multiplied by 116 it can be seen that this is a gigantic amount of space that will be developed to host events such as fashion shows, which he is predicting will attract as many as 300,000 to 400,000 unique visitors over the week of the event.
“What we are going to create is going to be the 5th avenue or the Rodeo Drive of the metaverse, where people will be able to go there and browse various things that they can purchase, not just for their avatars but for their actual lives.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.