- Janine Yorio explains the reasons behind the demand for Metaverse real estate.
- She identifies Coinbase and OpenSea to be the key players in this nascent field.
- Big brands continue to set up shop in the metaverse.
An expert revealed that Coinbase and OpenSea will be key in the development of the Metaverse as she explained the reason behind the demand for real estate in the metaverse.
Coinbase and OpenSea Are Key Players In The Metaverse, According To Janine Yorio
CNBC TV interviewed Republic Realm CEO Janine Yorio in order to understand why thousands of people are pouring millions into metaverse real estate. According to available data, it was revealed that land in some metaverses had surged in price by over 400%. As of December of last year, plots in The Sandbox and Decentraland cost 3.34 ETH and 3.8 ETH, respectively.
Yorio noted that there are very few metaverses in operation, and as such, investors are very limited in their options. She said this in response to concerns that the proliferation of metaverses might adversely affect the value of some of the available real estate. The executive noted that the first-mover advantage and concentration of purchases in the current metaverses will not be easily diminished.
She explained that the reason why many retail investors were purchasing property in the metaverse was that they loved to own parts of virtual ecosystems that they loved. Yorio explained that it was like “owning a billboard” in a game you love.
For institutions, she elaborated that they saw it like asset investing, noting that the institutions were investing in teams that they trusted to create an experience that thousands, or even millions, would like to engage with and come back to over and over again, citing that these were still early days and could be a good time to invest.
On the subject of known companies engaging in the market, Janine Yorio said, “Coinbase will certainly be a key player as they launch their NFT platform.” She added that OpenSea was already one of the biggest marketplaces in the NFT space, noting that these metaverse lands were basically NFTs.
Big Brands Carving A Spot For Themselves In The Metaverse
Metaverse projects have continued to see engagement from big brands, with Nike and Adidas amongst the big names. In December, Nike announced that they had acquired the virtual shoe company. Nike called RTFKT Studios, their newly acquired shoe company, “a leading brand that leverages cutting edge innovation to deliver next-generation collectibles that merge culture and gaming.”
Adidas started their venture into the Metaverse by launching an NFT collection that serves as Metaverse wearables and also grants users access to Adidas events in Adidas’ land in The Sandbox metaverse.
As brands jostle for a spot in the metaverse, it reiterates the research report carried out by Grayscale that the industry is a $1 trillion annual revenue opportunity in the coming years. Facebook has thrown its hat in the ring with the meta rebrand and extensive plans for the metaverse.