Top consumer brands and deep-pocketed investors are staking a claim to the next phase of the internet.
The growing hype is quickly drawing institutional investors to the virtual space.
In addition to The Sandbox, other platforms like Decentraland, Somnium Space, and Cryptovoxels also offer plots of digital land that can be used to build virtual experiences. JP Morgan, which recently said"the opportunities presented by interactive, digital worlds seem limitless," purchased virtual real estate in Decentraland.
That's one strategy that Prager Metis, a large accounting firm, is looking to deploy. Prager Metis recently purchased virtual real estate in Decentraland and is in the process of opening a three-story digital building that will serve as its metaverse headquarters. Founder Rosedale said Second Life has an economy of $650 million a year, but the average transaction is $2. That"gives you an indication of what we're going to see in the long-term as to the value of virtual goods," he said.
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