Corporations, speculators and individuals have spent nearly $2bn (£1.75bn) on virtual plots.
One of the most popular worlds is the cartoony Decentraland. Launched in 2020, parcels of land there are selling for thousands, sometimes millions of dollars. Samsung, UPS and Sotheby's are among those who have bought land and built shops and visitor centres there.
Mr Plein has been selling goods in 24 different cryptocurrencies online for more than a year. Earlier in 2022, he opened a new shop on London's Old Bond Street selling clothing and some non-fungible tokens in exchange for cryptocoins like Bitcoin and Ethereum, as well as pounds. However, with the general collapse in the value of cryptocurrencies, Dapp Radar says metaverse real estate values are near a one-year low
These gaming corporations do not sell land and are run without the use of any blockchain technology. However, they already have some of the key ingredients that sci-fi writers say we need for a true metaverse:the opportunity to make money on-platformGucci Town has had more than 36 million visits in the year since it was launched, while Nike Land has recorded more than 25 million in 11 months. In Gucci Town, players can buy clothing for their avatars with real money.
"When we started, everybody called us crazy, because they were like, 'why would you need this?'. But we very strongly believed in the idea that in the future, people would wear the digital items," says co-founder and lead designer Amber Jae Slooten.
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