Why Metaverse Real Estate Is Selling For Millions - Cheddar Explains

How much real money would you pay for a virtual plot of land? Developing technology is introducing everyone in the real world to new, virtual worlds, like Decentraland. In this metaverse economy, users are buying virtual real estate at high value - and it’s not just the average Joe that’s looking to invest. Company's like Facebook are betting big.
Further reading:
Al Jazeera
www.aljazeera.com/economy/202...
Economist
www.economist.com/briefing/20...
BBC
www.bbc.com/news/av/stories-4...
Irish Times
www.irishtimes.com/business/p...
Wired
www.wired.co.uk/article/metav...
UK Tech News
uktech.news/what-is-decentral...
The Verge
www.theverge.com/22588022/mar...
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[@cheddar]

Correction: At 0:40, it is stated that the Ethereum blockchain settled $2.5tr of transactions in Q2 of 2021. The correct number is $777.1bn

[@skinnymatt64]

Corrections 2: at 2:46 , dollar bills are unique, each has its own serial number and year it was made. Not all $1 bills can be exchanged equally because depending on when where and how a dollar bill is produced can significantly raise its value. So you need a better example.

[@bobskywalker8127]

is the correct number actually 777 billion? i doubt that. if you buy something for .1 ETH are they considering it a full ETH because they had to split it? i think you should ask some additional questions as these numbers seem like they came from a marketing team designed for clickbait. when you pay with your credit card, you pay the exact amount. you don't have to break an ETH.

[@tobzdaman619]

@@skinnymatt64 That makes dollar bills worthless if $1 bills can be exchanged for more or less than $1 1ETH = 1ETH regardless of the dollar value value

[@skinnymatt64]

@you wouldnt exchange a dollar bill for less than a dollar unless you had a screw lose , I was giving the example of rare currency, like rare coins for example but they will always atleast retain face value if not more, but never less , the value of 1 ETH has nothing to do with my comment, my main point is that every dollar bill is unique, when the video at the time stamp in my comment above said they were not

[@tobzdaman619]

@@skinnymatt64 People exchange dollar bills for more or less than a dollar every single second. Forex traders, banks and even government bonds are examples of this...

[@why_though]

"You can make anything there, no need to go through all the city planning." YEA, BECAUSE IT'S NOT REAL. REAL BUILDINGS HAVE AN ACTUAL USE.

[@CryptoDad83]

you sound like a boomer.

[@jackalenterprisesofohio]

@@CryptoDad83 you sound like an atheist Learn about Anubis today.

[@aeonubis6488]

Lol he's a boomer

[@wlaklak]

@@aeonubis6488 maybe he knows about history. Like the famous Ponzi?

[@nonegiven2830]

Mmm, should I spend 6,000 on a virtual plot of land to "build" a skyscraper, or should I spend 20 on minecraft and have infinite land Tough choice. I guess with the former I can scam others out of their money though

[@lucasglowacki4683]

It’s not bad enough that real life is getting too expensive….now imaginary life is even more expensive😂

[@Ray-kc3dq]

nah I guess real life would become less expensive and virtual is more, Which is good lol

[@naveenkumarc72]

What is this madness, only mad men used to live in a world of their own

[@efemenaipoko2205]

ha ha ha, imaginary life becoming expensive tooo,lol brah! I feel you.

[@bron5025]

Get with the times or get left behind.

[@LaceyThumpr]

#saythatagainplease 💪🏾👍🏽

[@tszvj]

So it’s like sim city if EA had figured out how to squeeze the most money out of their players, sounds awesome…

[@jahbrenpanvilla]

You mean the sims, watch EA turn the the sims into a metaverse.

[@erinjensen2799]

@@jahbrenpanvilla that’s what I was thinking too. But sim city is a real thing, it came out before sims.

[@Bnguyen276]

What makes you think the 100 dollar bill worth money? Bitcoin worth 50k? We make it worth that money cause we think it’s worth it.

[@loganw861]

@@jahbrenpanvilla people will just choose to play decentralized games where no one group controls it. every stake holder will vote. Verified fair voting via blockchain tech

[@loganw861]

@@ramenlover1727 KZbin & the internet has taught the world more than all schools through history combined. Businesses using the internet have created so much value in various industries, including food production through supply trains built on the internet. Maybe game land won’t be real, but if that’s where people spend time getting educated and entertained then that’s where ads need to be. A KZbin ad is more effective than a billboard in Texas because traffic from all the world can see an ad on KZbin. Blockchain is going to change the word for better or worse. Be on the side helping it change for good. It’s bigger than games. Although games are a multibillion dollar industry and will use this tech in the future bc they’re really fun.

[@DrGeoxion]

This is so ridiculous. Why create virtual scarcity? You can have infinite everything, so why would you ever impose limits on that!?

[@piface3016]

This video is an ad, Decenterland clearly paid the channel to do this. All these NFT's you see selling for millions of dollars aren't actually being "sold", 90% of it is just wash trading it from wallet A to wallet B so they can make a twitter post that "APE 8934 SOLD FOR 50 MILLION BUCKS" to try and trick the other 10% into unironically buying them. This video is the same. You say "People are buying virtual land for millions of dollars" so you can trick someone into thinking it's actually worth that price.

[@piface3016]

The video gives the example of Minecraft, which is ironic because in Minecraft you have basically infinite space, there's no need to make it scarce. Some servers implement a notion of property over items, but even then there's no cost to it, it's just to prevent grifting.

[@robinpratama8897]

I agree with you, this kind of world is nonsense, they implemented limitation like scarcity in real world into the virtual world, with the motive to create some kind of "value" to profit something that can be transferred into real world money.

[@aeonubis6488]

Unfortunately the digital land is selling for that much. Im invested heavily I'm mana and have made a butt fuck of money. You underestimate what dumb shit people with unlimited money are willing to pay for literally nothing.

[@aeonubis6488]

Just imagine how much money regular idiots spend on cosmetics in video games. My gf has dead ass bought thousands of dollars in skins.

[@ems7623]

Really quite absurd. I can't think of anything more bizarre than putting monetary value on virtual space.

[@bl8388]

It will make more sense in the future. Right now it sounds like a scam. I used to play mmos and the value of land in high demand areas led people to buy and sell in real life, good plots for hundreds or even thousands of dollars. Developers might give real life discounts or services but only to people who visit their meta neighborhood and sign a guest book at jiffy lube guest house for $10 off in real life for example. It will make more sense as developers and marketers figure out how to make it worth our time to be in meta.

[@snapascrew]

If I had a bunch of money and was bored id probably be buying and sitting on it then selling later. But as far as using it and participating in virtual crap, no thanks. Real life is keeping me plenty busy.

[@nwonomad]

Every single virtual space that has ever been created was done so by putting money into it, therefore giving that virtual space a monetary value, when those companies found ways to profit they made it clear that virtual spaces can make money and this has been happening since the beginning of computing

[@Mageblood]

is it that much more absurd than the multi-billion dollar business of cosmetic micro-transactions in video games? virtual clothing for virtual avatars in a virtual space

[@Mageblood]

+ millions of dollars worth of "dance animations" have been sold for characters on fortnite

[@louloug2008]

To someone like me who doesn't really understand how all this works it's just like a very very VERY expensive computer game

[@charlesritter6640]

Exactly what I was thinking.

[@funkypocorn]

Even if you understand. If you boil it down, it's exactly what you've said. The only thing that's makes it worth of investing, is believing that more and more people are joining the party and wanna play it.

[@robgrant2795]

Yes. But one that will trap your mind and you will have no choice but to play.

[@kaanalpkozanl3914]

@@funkypocorn So it is like a pyramid scheme?

[@funkypocorn]

@@kaanalpkozanl3914 well, not exactly. My previous answer could indicate this. But I would say it's has more in common with gambling or betting on the right horse. There are now more and more such 'metaverse platforms' ( I would call them games) showing up. And people might join the one where you invested your money in. But as soon as a new, more fancy one pops up people might not play in your 'metaverse' anymore and that is when prices will drop drastically. Or the metaverse ecosystem, you choose to invest might even never become as popular as you thought in the first place. Think of it like a computer game. Technology, graphics, game mechanics are changing and gamers/player's tend to get bored over time. There are maybe only a handful games that might still exists and have a well established playerbase that are older than 2-3 years. Remember second life, it was really hyped by it's time, but really quickly people lost interest. So right now I think at least half of the people just speculate with these things, NFTs etc. rather then playing these games.

[@swagger1930]

people are dropping millions on this specific metaverse version. but what happens when a newer and better one pops up and this is no longer as popular? do they just lose out on their money? how does this work

[@yngviifromspace]

exactly wondering the same

[@fishbrainLTD]

What happens when an Elder Scrolls or Dark Souls game comes out? Does Zelda become irrelevant?

[@swagger1930]

@@fishbrainLTD never played any of those

[@ynerome28]

i was wondering the same. its still soo early to tell which company will end up dominating the metaverse. whats good is u will hopefully be able to visit the different metaverses. So im hoping youll be able to transfer ur assets to a diff metaverse as well.

[@robinpratama8897]

Think of it like the internet as metaverse, with every domain in the interner as the virtual world that take place.

[@Metacognition88]

Is it possible to have a meta verse that doesn’t look like ps2 graphics?

[@vivekrao13]

It’ll take time. You thought you living in 2040 or what

[@JesusChristDenton_7]

We have one in 2029. Unfortunately the avatars aren't that great and it's not for public usage. By the way I'm from the future. California will experience a big earthquake by 2030.

[@5aadiq747]

@@JesusChristDenton_7 fuck off thats some scary shit cus i been thinkling about this aswell. and it aint no coincidende ready player one is based in 2027

[@montyfraley]

@@JesusChristDenton_7 can you give me the next 5 super bowl winners?

[@ProblematicBitch]

yes it is possible even now but consumers don't have gpus that are powerful enough to run it. In 10 years time graphics cards will be a lot more powerful and more people will have access to them

[@Lost_Scarf]

Digital life? While the rich live in the real world? Ohh now I see where this is heading 🙂.

[@realtimesample]

New world order no?

[@aloriium5957]

just don’t get distracted. it’s just a video game. it’s not a good idea to think about this as anything more than that. especially if you have a family or are in college.

[@evolvetravel1]

Boom.

[@AlexAnder-rv1gu]

@@aloriium5957 Well, that's the crux of the issue, there, isn't it? "It's just a video game". A very very very expensive video game. But just like those pay-to-play apps, they don't make money off of the 1,000,000 free downloads, they make money off of kids who don't realize what in-app-purchases mean and people with addictions to their phone/game who end up squandering huge amounts of money. "Don't get distracted" is a very important thing to say...however, not to the people who are like 'wtf?', you need to be saying it to the players and purchasers in this game. It is absolutely a form of gambling...and the stakes come with very high prices.

[@SilverWealth_Draper_Mint]

Exactly

[@keiyakins]

So, it's Second Life but with far worse climate impact?

[@don7117]

Another great example of the absolute decline of our society.

[@don7117]

@wespozo it's not the scam as much as it is a bunch of betas and losers who live in a virtual world. They need to get the fook outside and get some fresh air, FFS.

[@abram730]

@@don7117 LOL. I met people like you in VR. They had shrunk themselves down to the size of ants and followed me around calling me Chad. When you call people betas, you are projecting. You confuse PMS bitching males with being masculine.

[@joanelovincy9932]

if there can be more than 1 metaverse, then the land that i buy in one may be may or may not be as valuable as another. if developers can keep creating more metaverse land, what insentive do i have to buy a specific one?

[@PS3Ahziiz]

Just like stores going out of business, if you're not continually looking to expand your land then you're not providing the best service then you'll become obsolete.

[@VictorDomonik]

This is where assets like personality and art come into play. It's just like a movie theater, big chains want you to come to their theatre so they make sure they have the latest releases. Small theaters with smaller budgets chase a different audience, like indie movies, and so on. You go to the theatre with the movies you like.

[@jeffphilistin6431]

There shouldn't be one,creativity and having fun should be the main use

[@sarahangelina1254]

The point is for you to utilize the land and maximize its potential even if that means flipping and reselling the land. Your incentive to buy a specific one depends on your intention. If you can afford to rent or own digital property you’ll be researching anyways

[@justmen726]

If developers can keep coding an infinite amount of chat apps? What incentive do I have to leave WhatsApp?

[@hudsonhintze]

Referencing Ready Player One as a utopian metaverse when the movie is intensely dystopian is 🚩🚩🚩🚩🚩

[@user-qn1sx1bo7w]

Gosh what’s going to happen to all those addicted vrheads when the power gets shut off because you used all of your carbon credits.

[@johnnychang4233]

Wolfs of Wall Street meet Animal Crossing LOL

[@nickk6267]

"The users own everything. The users decide where this goes." Heh. Haha. HAHAHA! BAAAAHHAHAHAHAAHAHAHAHAH!

[@pliit2101]

I know right. Hahahhahahahaha

[@capricornucopiuh]

This lol

[@ThebirdsandThebees6000]

Yeah usually owners decide because they own it

[@gsrhatch14]

@@ThebirdsandThebees6000 they dont own shit. Just like your fb page if the owner decides to shut down your shit is gone. So no you dont own it

[@ThebirdsandThebees6000]

@@gsrhatch14 study NFTs a bit more my boi

[@niallmacdonald2710]

In the very early 90's there were 'Nanohomes' available, a similar idea but bottleneck limited by dial-up speeds. I had one on a beachfront island location. You could design your own home and furnish it with your own art, have your own music playing, etc. I still have a Hotmail account from that era, but not the Nanohome. All of this and what is coming now is all based off of the seminal sci-fi book 'Snow Crash', by Neal Stephenson, published in '92. I thoroughly recommend it to anyone.

[@westonblock7097]

I’ve read Snow Crash, and I’d say you’ve hit the nail on the head!

[@kc8203]

If ever there were something to make me belive in simulation theory, this would be it.

[@cassiusclay5112]

The technological singularity is almost here

[@Lost_Scarf]

Yes.

[@simulationtheory8815]

I do exist, am glad its becoming more apparent.😊

[@Vanderpool0312]

It's just a stinky lie. Let's improve our real life instead of building stone online absurd stuff that doesn't help anyone.

[@Ray-kc3dq]

True, it would have been way nicer if they revolutionized the tourism so its easier for one to travel around the world in affordable ways. And without the hassle of visa and etc etc Rather than trying to trap people into staying home

[@robinpratama8897]

Not after they could manipulate your brain impulse to hack your senses. You won't even realize what reality you live in.

[@deniseduterne6837]

@@robinpratama8897 so true! You got it!

[@naveenkumarc72]

@@robinpratama8897 it's called lunatic asylum

[@kamsibryan2974]

True but it has already started

[@blessedandbiwithahintofmagic]

We live now at the beginning of the cyberpunk era. It’s up to our actions, sweat, tears, and blood, whether this is original (dystopian) cyberpunk or post cyberpunk (non-dystopian).

[@henryginn7490]

7:10 hang on, hold up a minute. One transaction uses the same electricity as an average US household over 5 days? That is beyond irresponsible

[@ethanflanagan8184]

That’s f***ing ridiculous

[@Mutantcy1992]

Yeah when it's being used for 100% frivolous nonsense like most NFTs, it is irresponsible. When it's being used for dapps and smart contracts, and when Bitcoin is being used to safety transfer funds between strangers without using banks, consider the power consumption difference. How much power does a bank use just for their lights?

[@Mutantcy1992]

@@Hoes_Mad okay how much power does it take to make a single transaction by wiring money through the bank?

[@ItsJustMe0585]

Yup, this is my biggest issue with Crypto. All of it is INSANELY irresponsible with it's energy consumption, because it is so dependent upon high-eng graphics cards being worked to their max, to mine it.

[@henryginn7490]

@@ItsJustMe0585 I totally agree, the world worked fine without it, we really didn't need to add a new problem to the list. If you look at something like planes, they are a big source of emissions that is going to be hard to tackle, but at least it has some utility. I imagine there is some utility with crypto, but it cannot be worth this price

[@asano2361]

this is just a modern version of "buying a star"

[@Ivanfpcs]

You just unlocked a very deep memory of the existence of this bullcrap

[@mohammadomirah2611]

You can't build a gaming experience or buy art or exchange money or take a course or even shop on a star.. in Decentraland.. you CAN..! let this sink in

[@TheKeyote]

Land only has value because it is a finite resource. in a meataverse all scarcity is artificially imposed. This just sounds like money laundering but with more steps

[@QualicSelf]

Not true. There’s thousands of acres of empty land all over the world no one cares about. But a square foot in downtown Manhattan or Oxford St, London can be worth tens of thousands. There are millions of websites but only one front page of Reddit. Attention can be worth it’s weight in gold to marketers.

[@ar-videos]

@@QualicSelf those have near proximity. Virtual worlds have instant transport. The only value is in maybe naming, addressing, like how tlds are sold and traded. This already exists.

[@Jellyblob]

Diamonds are also artificially scarce-ified by the diamond industry and nobody bats an eye at that. Same can be said about most tangible things. The scarcity of some virtual items on the blockchain are almost more legitimate that that of tangible things.

[@forgotn42]

@@Jellyblob No, they aren't more legitimate. You just have more faith in the blockchain system.

[@Jellyblob]

@@forgotn42 Because the blockchain cannot be edited. Tangible items with scarcity such as gold can lose its value if an enormous deposit of it is struck tomorrow. I say almost more legitimate as the chances of the scarcity of something on the blockchain changing is so incomprehensibly, astronomically unlikely that it's a negligible risk, whereas the scarcity of a tangible good being altered, whether it be made more or less scared can be controlled by tons of factors. This is talking purely about scarcity, and on-chain assets. Value is subjective and I'm not gonna pretend like a plot of land in decentraland is just going to increase in value purely due to scarcity or whatever.

[@jackyzhou3642]

Real estate in virtual setting?! More like fake estate

[@forgotn42]

False estate has a better sound to it. ;)

[@monocharismatic]

How about: it is real to those who are gonna be able to capitalize on it and make some real money? If Nigerian spam emails manage to fool people into parting with their money, then this seems like a potential that even Facebook is interested in capitalizing on.

[@mohammadomirah2611]

@@monocharismatic well said. the future belongs to those who can imagine it.

[@user-zn1dy4ys7c]

It looks for me like an ultra capitalistic minecraft server:/

[@skwizzzb3904]

yep

[@tuyakulamusheko169]

Would be interesting to see how one would leave digital assets behind in their will. How would it work?

[@cdjwmusic]

digital assets are nfts on a blockchain. For nfts to exist in a blockchain, that blockchain has to have smart contracts. So you could transfer digital assets with smart contracts that deposits them on other wallets instantly

[@MrFLWRS]

NFTs

[@nigelmathew3666]

lol hack the will so that all the assets are under ur name...

[@shaunawilliams7698]

Not the digital will!🤣🤣 Next it will be digital power of attorney and digital funeral. What's next a digital crematory 🤣🤣🤣🤣🤣🤣🤣🤣🤣

[@shaunawilliams7698]

Don't steal my ideas Mr. Zuckerberg!!!!!!!

[@ravneetsingh22]

I am glad to see all these people in the comment section seeing right through this BS... I didn't expect cheddar to make a video on such a hyped up baseless world supported by a bunch of Chads

[@retahdude]

What was my guy grabbing at 7:50 ??? Lol

[@raymonddiaz2020]

Lmfaoooooo

[@tk20channel]

Hahaha I am dying over here! 😂Thank you for sharing this! Can't. Stop. Watching.

[@Lost_Scarf]

StaahhP 😭🍄

[@why_though]

"As long as people use it the land will hold value." EXACTLY. WHILE REAL LAND WILL HOLD VALUE REGARDLESS. YOU KNOW... BECAUSE IT'S REAL. No matter how hard you try non-real things will never really have intrinsic value.

[@goldenbananas1389]

this, is 100% correct. things like crypto and NFTs can be decent enough way of doing things as long as they remain used and popular. but that is also what makes them risky as things can go out of style over night.

[@mageyeah7763]

But plenty of land is near enough valueless. Plenty of places in the US where you can buy an area the size of Manhattan for the price of a Honda civic.

[@jackalenterprisesofohio]

@@mageyeah7763 wait where and on a totally not related question how much is a honda civic?

[@mageyeah7763]

@@jackalenterprisesofohio middle of nowhere, huge chunks of the US are just empty. The point being land is only worth anything if it's useful. Or if someone convinces someone it has value, despite being useless. Check out California City, there's a bunch of KZbin videos...

[@why_though]

@@mageyeah7763 Yes but it won't get any cheaper over time. It's stable. If anything it will go up if it's farmable.

[@NafeesImtiaz]

Maybe this is stupidly at its finest.

[@melloinda3343]

Just like a cow im going to milk it for its riches.

[@CryptoDad83]

or vice versa, your comment could be the standard of the stupidity when everything builds on metaversa and becomes the norm next 5-6 years.

[@dougg961]

What's the game engine they are using?

[@CommandoMaster]

The metaverse only works if everybody in real world has their finances in order (eg. living in their own house, has a car, food on the tables, bills paid, etc.) Otherwise, why would anybody spend tons of money in a virtual world if they have real life problems to deal with.

[@deejaythedj313]

To escape from this hell hole…only to go into another one

[@derrickricherson7408]

people literally pay for virtual fun whenever they buy a game system

[@savvyviral9681]

Cuz they are getting rental from there land !!!!

[@Umadataninternetstranger22]

Are you trolling ?

[@jbird1224]

I think that’s where it’s heading tbh. Go to school and work all in VR.

[@berrex5152]

how does this help the actual world that we live in?? lmao

[@fallenlu9039]

It’s supposed to escape use from the actual world while they control it and do whatever they want lmfaooo distraction just invest make money off it cause it will happen

[@ProblematicBitch]

more people spending time in the virtual world means less people destroying the planet

[@bujhir6184]

@@fallenlu9039 Bro, they will not be able to control things in the real world, because everyone and everything will be in the metaverse, politics, economy, everything, so if they would like to control the society, they’ll need to control us by the metaverse, real life is going to be your real scape

[@bujhir6184]

Look at it like an expansion, a life experience expansion, you’ll have real world limited by nature, and digital world, limited by imagination

[@realryder2626]

@@bujhir6184 maybe it's the start of the future.. first step to the matrix

[@hamidhk5850]

Really Interesting but how a bout parallel Decentraland like metaverses? do we need to create an account on every platform?

[@masindi5969]

I'm guessing big tech company guys will be like gods once this rolls out at scale.

[@cesarsantis5116]

Is this an ad?

[@lunayen]

Yes and no.

[@cocopun]

everything seems good until the internet is down.. or PHYSICAL blackout

[@snackattackbros5275]

Which is the main Meta Verse land where I can buy some land?

[@saumitrachakravarty]

1. Hate government intervention 2. Create unregulated cyberspace 3. Bad actors hurting people 4. Ask for government intervention 5. ??? 6. Profit

[@qix451]

In finance, the greater fool theory suggests that one can sometimes make money through the purchase of overvalued assets - items with a purchase price drastically exceeding the intrinsic value - if those assets can later be resold at an even higher price. In this context, one "fool" might pay for an overpriced asset, hoping that he can sell it to an even "greater fool" and make a profit. This only works as long as there are new "greater fools" willing to pay higher and higher prices for the asset. Eventually, investors can no longer deny that the price is out of touch with reality, at which point a sell-off can cause the price to drop significantly until it is closer to its fair value, which in some cases could be zero.

[@marcozuleta133]

Gamers have finally managed to make money out of their hobby and making us all think it is the next step in evolution when is just a game of Farmville but way more expensive..well played gamers ,well played!

[@h.c4898]

It's more than that. Someone in the multi verse might be buying your neighborhood without the real world knowing. You think you own your parents real estate in the meta verse? Think again. Someone else will. It's coming near you.

[@houliolio1471]

How could someone in a video game buy a real life neighborhood, that idea alone is just flat out dumb lol

[@marcozuleta133]

@@houliolio1471 well tell that to the people who will be willing to pay prime prices for a house in the fing metsverse!!

[@eniolafolorunso1095]

Such a scam, and people are falling for this shit. What a world.

[@Exarian]

inb4 someone with the ugliest avatar you've ever seen insists you're wrong without elaborating how in any way.

[@miketyson6776]

Not a scam u can do anything in a meta verse this will help alot the humanity

[@Exarian]

@@miketyson6776 what will this do to solve the material contradictions of our current society that wouldn't be better solved with more mundane options we've had on hand for generations?

[@splits8999]

@@miketyson6776 wtf r u on abt man

[@splits8999]

@@miketyson6776 its making things worse idk why ud think this will solve anything in the world

[@MrWorld-qj3vh]

Virtual land is worth less than shit.

[@QualicSelf]

Rockstar would probably say different considering it earns them $1 billion a year

[@tobzdaman619]

Said while posting this comment on KZbin and not Vimeo or Dailymotion

[@Trif0x]

NGMI

[@Jellyblob]

Does cryptocurrency have no value because you can't touch it? Is ad space on a website that companies pay for worth nothing because it's not tangible? Everything is worth something to someone

[@MrWorld-qj3vh]

@@Jellyblob Actual cryptocurrency like Bitcoin has value because it has utility as a method of payment for virtual transactions. Our technology as it is now is not capable of actually producing virtual land that has long-lasting utility. The example used in the video only has value because its users actually assign it a value. Once that value is gone, the virtual land itself becomes useless.

[@Mutantcy1992]

This is just a fad. I don't think this is even what Facebook has in mind honestly. It's just second life but with NFTs. Who cares? The guy talks about not needing a regulatory office to build a skyscraper...yeah you also aren't building a skyscraper. I can visit a virtual skyscraper for free already.

[@alanvictor3156]

Yes! Exactly! Mark's plan couldn't be this. It's about improving the quality of the internet. Turning internet into MetaverseWhere you could have serious meeting, like business deals in person, but virtual. You can do your transactions virtualy in person, BUT with legal saftly.

[@Mutantcy1992]

@@alanvictor3156 I wouldn't totally agree. I think they plan to have a combination of a VR WeWork and the all-in-one gaming sphere that Microsoft attempted with Xbox, PC, and Zune/Windows Phone, which all could access Xbox Live, and eventually continuity developed across them, though Zune and the phone died.

[@h.c4898]

This is blockchain version. It's past the desktop versions you've known so far. It's decentralized that's the appeal. Crypto money will flow into it.

[@Mutantcy1992]

@@h.c4898 I understand what an NFT is. But since it holds no value other than speculation, it makes no sense to be interested in this fake real estate.

[@h.c4898]

@@Mutantcy1992 Imagine a new platform (DAO) comes up with the idea of surveying the entire planet, soon you'll be able to purchase digital lands based on real life surveys. What if you decide to buy your entire neighborhood where your house is, the entire estate now belongs to you digitally. If your neighbors find out about it don't you think it'll spark some mind buggling curiosity? I think it will. Let's say Elon musk (Tesla) decides to buy Epstein's island on that platform, In real life it belongs to the Epstein Estate but digitally it belongs to Musk. One day they might ask Musk to sell it back to them for a billion$ I'm just speculating at this point.

[@MrLOLSager]

So it’s a game with extremely expensive in game purchases?

[@connormchugh535]

Anyone know the songs used?

[@JIANYM36]

Issue is how do we know decentra won't be eaten by another... land?? Unless they have Cross chain land, that might help. Anyone???

[@germangarcia6118]

They only talk about freedom and creativity, but then it's all about speculation and spending tons of money.

[@Island_Bag]

Lol not how this works guy

[@WolfiiDog13]

I recommend reading: - "Society of The Spectacle" by Guy Debord - "Simulacra and Simulation" by Jean Baudrillard Like, how is there so many people simply going with this nonsense? What is going on?

[@Exarian]

Most people aren't it seems, it's just that people who have a financial interest in everyone buying into it are doing their best to make it seem like everyone's all in on it. Don't be fooled, these people will fawn over anything NFT related because their investments in it needs them to.

[@dixbeats4594]

When people's online lives are better than their real ones, they'll abandon their real lives.

[@ericvazquez2225]

True but eventually it'll corrupt them and leave them feeling hollow, these things have been proven time and time again

[@jasontabrett7853]

What do you think of TCG World’s model?

[@ColeDedhand]

My God, the Emperor's new clothes are BEAUTIFUL!

[@briannem.6787]

I hear the quote, but where's it from?

[@PandorasFolly]

Beautiful. Excellent excellent comment

[@user-qn1sx1bo7w]

Yes , you get it.

[@lyndelf]

Meanwhile the majority of people are hoping their money will pay the bills and buy some tangibles.....people are lucky to have money to buy land on the real planet let alone in some fake ass virtual reality!

[@mikemekonen]

Decentraland is going to be the Atari of the Metaverse in a few years

[@william_8844]

How so

[@deejaythedj313]

So we gonna ignore Second Life, IMVU, RuneScape, or Habbo?

[@mikemekonen]

@@william_8844 Take a look at new projects coming up like Blocktopia and Netvrk

[@kyhxx]

*

[@Dezroyalty]

Agreed, it's a first mover and will be it's downfall

[@rickson50]

Is this video an ad for a scam?

[@hanzadriannervez6584]

nope see the end of the vid

[@Gazpolling]

Unless we solve the climate change problems, this digital land will be useless bogus, great video as usual though, glad that you always include pros and cons

[@grittychops6755]

Yes, it will actually speed things up as people will turn off more and more.

[@8eighttt.]

Here in Houston Tx, its About to be january and its hot af outside smh

[@calebluke2172]

It’d be cool to “visit” places and people, and create art. anything else just seems like future Ai apocalypse

[@shaneleaone6769]

Outro song?

[@christmascc4064]

What happens if the server shutdown?

[@wheelieblind]

Why does second life look better then a lot of these grids if they are newer?

[@CarolCreates]

Was thinking the same 😊 Graphics are bad😏

[@rishavbhattacharyya]

Then a hacker comes along and does a drop table sql command

[@nwonomad]

This was one of the best possible explanations anybody could give, We're all gonna make it brah 💪

[@TKD187]

Idk about thins 🤔you can do the exact same thing in Roblox or Minecraft ,or Sims, I'm sure there's some other game out there that's like this as well ,for free . Or maybe I just don't fully understand the concept .if you can buy digital land and it grow in value and you can sell it for real money then that sounds cool but we're do you do this what do I download what is it called where do you go?

[@appleblossomxo]

This is insane, seems like a form of gambling through aspiration marketing, how is the real cash profit made in these virtual worlds? Other then the goggles. (Is it mainly monthly online membership fees, do real companies buy advertising space, are people paying real dollars for 'virtual' goods or what?)

[@h.c4898]

Because of the blockchain technology you're able to monetize in this universe. It's decentralized. It's not lik in-app purchases you can do in your regular mobile games. It's money circulating in the blockchain between nodes, no governments or financial institutions dictating the markets or causing inflations. It's pretty exciting. It creeps govs and banks out.

[@h.c4898]

Imagine that you buy your neighborhood in the meta verse. You own your neighbors' real estates in the meta verse. If they get tech savvy enough down the road and enter the same meta verse as you they will see their virtual lands doesn't belong to them but to you. They might ask you to purchase it back to them. You can now bargain. It's like opening a website you need to purchase a domain name. Domain names are virtual address it's non tangble however you need it to open a website. It's basically the same principle that applies.

[@greenlight2323]

What happens to everything if someone throws a emp?

[@hectormartinez202]

Lol

[@ms.solinvictusmithra5700]

Interesting!! I wonder if the future solar flare will be bring down the Metaverse we are already living in from the previous time loop....thus revealing Truth!

[@AdventureVixen]

So this is nothing like 2ndLife? Or Playstation Home?

[@tahnaiyarussell]

Why would I need this? I never needed it before and why are the graphics so outdated? It's 2022. By the way, I love the outro music. Who is it by?

[@ninisilver]

Okay, now I believe my "spirit guides" are just people playing in my Metaverse.

[@Brian-wh5ro]

Lol. The metaverse is also profitable👌

[@Backup439]

To make metaverse fun, they need to give us missions so that we can turn our vr money to real ones. Make money, have fun

[@GolfGraham6]

Play to earn is here and here in a big way my friend. #BlockchainGaming

[@6iren_]

So a job… you want a virtual job. 🤣🤣🤣

[@MindChill360ChillOut]

totally as our world becomes a computer game the assets and tokens inside it will be more valuable than reality. best Jamie (MInd Chill)

[@simonjesusbeliever3467]

You can convert crypto To irl money

[@h.c4898]

Create your own art NFTs, buy a gallery in there and then expose them for sale.

[@sk8erz6721]

Sooooo, why couldn't I just copy the data that my client side is receiving and paste it into my own metaverse server and hang out with my buddies in that metaverse?

[@ARTkrambeck]

Hey cna you do a review for us on Moon metaverse?

[@MarijnRoorda]

I remember running around in second life a long time ago. And whilst it was lovely for a few nights, i didn't get why i should stick around longer. It's like staring through the glass of a high end up shop, knowing you cannot afford, so why bother staring at all? And the best part of this video is that you haven't explained why i should visit these metaverses. Nobody seems to be able to tell me why i should...

[@Exarian]

A furry instance on VRChat has more to offer the average person than anything in this "metaverse" ever will.

[@Kringeladida]

I had the same experience with second life and also don't understand what should be any better in a metaverse or why "fake online identities of a better version of the people" should be something I want to see more of. I mean we already have instagram ... :-D

[@zunaidparker]

Isn't the appeal something similar to why you would join Facebook for the first time? You do it because everyone else is on there. So they have to build a critical mass of users and create a network effect to bring other people on board until even the most casual people are joining just because.

[@BKPrice]

Because there is no reason. Nothing in the metaverse puts food on your table or gas/electricity in your car. Virtual shoes won't protect your actual feet. A virtual gym won't actually get you healthy. Some might argue it's no different than paying for stuff in a game and they might be right in some sense but the fun of a game is the game. If you don't have that, why bother? I'd rather save my money and take an actual trip to see the Eiffel Tower than pay to stare at a bunch of pixels pretending to be the Eiffel Tower.

[@jbird1224]

Don’t play the game. Just buy and sell it.

[@itsyezterday6350]

How are they gonna say it's built by the users for the user? Did they ignore the sixers in ready player one! Your telling me the elites of the world aren't gonna find a way to take over the metaverse!

[@lightdark7126]

Dead ass VR CHAT. Mark at it again

[@noahc6246]

I wonder if people are selling now or if there are foreclosures?

[@jacobbwalters8133]

I find this entire concept to be incredibly useless and wasteful. I also do not see this aging well. In terms of value retention, one might as well just set a stack of dollar bills on fire. At least the carbon emissions would be lower. We don’t need to create a fake virtual world to be perfect, we need to do the hard work of fixing the real one we’ve got

[@carlosroberson6659]

Your comment won’t age well. It sounds like the old comments when the “world wide web” was introduced.

[@nucitizens8917]

Well said.

[@gavinathling]

@@carlosroberson6659 I believe you believe this, but I for one am yet to be convinced. I don't have a dog in this fight, but I just can't wrap my head around it. That said, I didn't 'get' Twitter either until years after it launched.

[@strawdemindset]

lol Thats a good idea but that aint happening

[@germangarcia6118]

It could be fun if it was a space to create things and not one to speculate with things.

[@dracocaelestis6370]

for somebody who doesn’t even like to play video games, this all looks like a more immersive version of a video game in which i still have no interest. i don’t see how investing real money into virtual property and what not would make my life richer and happier. but hey, for all i care, i hope this just means that physical real estate will get cheaper and that i’ll be able to buy another property. or that people will be motivated to stay home so i can peacefully enjoy national parks and nature. i guess i like myself too much to be able to give my real life privileges for virtual reality property and wearables 😳

[@minedgravy380]

it wont, this is just people looking to profit other ways than the traditional systems. it is ripe for manipulation and in the end it will be used for money laundering and ponzi schemes and the developers of these world have no real reason to stop them either

[@FutureBoyWonder]

the irony of showing an overwatch screenshot when they arguably have the BEST micro transaction model..

[@jasiahcisco8710]

"The Folk Song" lol

[@Schattengewaechs99]

It's all about extrinsic value. People create random and useless stuff and make money with it. It's the business model of the art world applied to virtual reality.

[@octopusgoodness1909]

Also the same business model of wall street. At this point investors are just looking for excuses to sell nothing for millions. Stocks: intangible slices of companies that aren't actually valued based on the company., Futures: intangible slices of things in the future which may or may not exist eventually. Crypto: Literally intangible pieces of nothing.

[@cyrusthegreat7030]

NFTS are dumb and useless

[@danityvanityinsanity]

Wait till you get your consciousness downloaded into this hellscape!

[@qpalzmsk1986]

This is going to be VR version of Ultima I see.

[@event4216]

If there happens massive outage all those "digital assets" are less valuable than hamburger and cup of cola.... Or vice versa, if there is no real food left, then your ration is limited to....NFTs?

[@IKEMENOsakaman]

Wow, man. I don't even have money to pay next month's rent.

[@kevinconrad6156]

Someones is making to much money if they have change to use for this.

[@faeoori]

I love the way everyone acts like this is some amazing new thing. It's just Second Life. Real money was used in that as well.

[@toychristopher]

It's weird how no one is talking about Second Life when covering these. It's literally done this all before and is still doing it

[@Magpie_Media]

A while ago, There was a website that sold pixels on it's page for real-world money. This feels like that to me, More than Second life. "The million dollar homepage" 'o.O

[@avatarroku9154]

yeah or habbo hotel

[@toychristopher]

@@Magpie_Media Why is that more? People spent real world money in Second Life too.

[@wombatdk]

That's what baffles me too. LOL And Decentraland is a lot like Second Life was 10-15 years ago.

[@unnatsadh742]

Land in the physical world is limited hence it should hold a certain value. But anybody can create empty land on the internet which makes land in the virtual world actually abundant. How can anything hold value if it is abundant. Plus even if we own land on the internet on any of the websites, what would happen if these websites suddenly cease to exist? Concept of the virtual land seems seriously flawed but I can see the future of metaverse, it feels absurd at first but is somewhat reasonable and feasible given the situation and technology today.

[@ArtemisBlock]

Great points Unnat Sadh! There's still a lot to be developed and worked out, and the risk of an abundance of metaverses / lack of scarcity of virtual land is definitely a concern.

[@86samsky]

Im only part way in. But isn't this basically crypto 2.0? Whereby people just create something new to sell a cheap and then the people hope the hype continues and skyrockets. Basically when decentriland gets too much hype. What stops me making dogeland with its own nft's ?

[@mandisaw]

It's just another flavor of pyramid scheme, or maybe a pump and dump - the appeal for early adopters is to get the hype train going, then sell while demand is hot, before folks realize there's no *there* there.

[@skiey3892]

Do people realize they can just code their own world instead of buying into someone else's?

[@ricovee9715]

Yeah but Blockchain, crypto , decentralized, NFT, Meta meta METAAaaaaaaa!!!!!!!!

[@skiey3892]

@@ricovee9715 this makes no relation to my comment though

[@ricovee9715]

@@skiey3892 Meta?

[@skiey3892]

@@ricovee9715 My comment was about people adapting earthly concepts in a controlled digital metaverse. Buying digital land is useless because it's owned by 1 person, when soon there will be millions of creators coding their own worlds way more valuable than pots of land for sale that's modeled from earth

[@ricovee9715]

@UCxZVj8iS_bXjEoHH-2M38NA I really don't know. I'm just throwing out buzz words people use . I understand what you were saying . I was more so trolling the people who would disagree with you and argue that u don't understand block chain and blah blah blah

[@mathieubordeleau150]

I find it a bit funny that Metaverse are being considered as a great new idea a real revolution... when Second Life came out in 2003.

[@comradecid]

history repeats itself 🤷‍♀️

[@j6873]

I agree, the hype in mainstream news lately is weird. Video games have essentially been creating metaverses for the past couple decades. With their own digital economy and currency. But all of a sudden people act as if it is a brand new and exciting concept.

[@ronaldo792277]

@@j6873 it is all brand new because of the progression of AR and VR towards the metaverse..

[@wo1vereen]

But now it's decentralised and we can use crypto.

[@chiveerum]

Crypto and VR are two life-changing technologies that empower the metaverse and obviously didn't exist in 2002.

[@bombayfanatics]

Wow. Some of the questions raised in the comment section gives so much of clarity and uncertainty wether this will work or not

[@TheRandomPerson49]

What you think...

[@TKD187]

So this is going to be like that movie ready player One ? I don't know if I'm ready for this lol

[@fraserdaniel3999]

Black Mirror is the most unimaginative show. It's literally our future!

[@merlinlautner1332]

Yes this are all possible parallel universes in future in BM. :)

[@Machiavelli2pc]

Problem is, black mirror takes neutral technologies that as with anything can be a tool of good and bad, and shines it in an absolute negative light. You could do that with anything. There could be a black mirror episode on phones, the internet, newspapers, or anything.

[@nonamenolast3034]

Never seen it what episodes should i watch?

[@merlinlautner1332]

@@nonamenolast3034 all episodes ... rly

[@adoptme031]

This sounds familiar. Their was a movie called left behind and they wanted everyone to put on these glasses to be hypnotized. This also happen on Sponge BoB when plankton wanted to take over he had everyone put on a Helmet so he may hypnotized them. This also happened in an anime called Naruto shippuden, where this giant tree attached itself to everyone in the world and trapped them in their own dreams filled with happiness forever. In the real world their bodies slowly turned to basically batteries, feeding the matrix. (Roots, feeding the tree) kzbin.info/www/bejne/gHWwYnZ_rMZoeNk

[@bismarknyarko4263]

Metaverse is really a done deal, now that it has been merged with NFTs and crypto tokens the possibilities are endless. In the field of fitness and gaming StepApp Metaverse and it ecosystem has created a platform where users exercise to earn $Fitfi tokens. Its SDK protocols also gives opportunity to developers to create their own content.

[@novakblack7466]

IS this realistic with ethereum prices being so expensive and such high gas fees??

[@mr.c7080]

How much a peice of land ?

[@youssefhamidi8152]

I think we are still about 30 years away before this thing actually looks good.

[@sangbeom6245]

It won't replace a warm shower, real food or a comfy bed or pets or kids or partners.

[@ynerome28]

highly doubt it. facebook is investing $10billion into its metaverse in just one year. This is coming sooner than we expect.

[@youssefhamidi8152]

@@ynerome28 I hope so. Id like to enjoy it while Im still somewhat young.

[@HattoriHanzo823]

More like 5

[@Mr__Singularity]

Tech is progressing exponentially, we will be there in 1-3 years instead of 30

[@KingLarbear]

This is why people can't tell the difference with reality and fantasy and that's why

[@user-si3ei8vc4n]

damn~~~~such nice explained video!! thanks

[@codygibbons1513]

I can't wait to stick ads for Disney+ and Liberty Insurance all over my plot of land.