Virtual Spaces shall be Worth more than Physical Real Estate

Virtual Spaces shall be Worth more than Physical Real Estate

By kievery | Musings on the Moon | 11 Aug 2021


Video games are a huge industry. It’s already bigger than all of traditional sports combined. Read to the end, I share a lucky draw where you can win said virtual land.

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Axie Infinity and CryptoBlades broke out as top games operating on blockchain. Axie itself is credited to have invented the Play-to-earn model; players in countries like the Philippines are able to make three times the minimum wage.

Just a couple of days ago, news about Polygon launching a dedicated platform for games on the blockchain broke out. Just today, Tron foundation copy traded that bet. I liked using “BlockGames” to refer to the genre, but the community apparently decided on “GameFi” so there’s that. 

With rising interest in very addictive genres like Roguelikes and the mainstreaming of Gacha games (Mihoyo’s Genshin Impact), and considering the trends above, it is a no brainer that GameFi will eventually capture a market worth dozens of trillions, according to my estimates, eclipsing even today’s video games industry by orders of magnitude.

A significant portion of that valuation will indeed be paying for the games themselves, but incrementally adoption is more important than gating participation with an upfront paywall. This is why the most promising GameFi or NFT games like Illuvium and Ember Sword will be free to play. I do not expect any sort of microtransactions that will gate players either — you will be able to play these games on the blockchain to the fullest extent of their content offering. What is interesting though is that marketplaces will be invented to sell cosmetics or vanity items. With play to earn economics in the game itself, you will be able to earn the game’s native currency, which can then be hoarded and farmed pretty laboriously to eventually purchase one of those coveted items. In the case of Ember Sword, players expend currency too to use services — every adventurer returning from his quest needs to empty his inventory and vendor the trash loot. Here’s the kicker, every transaction is taxed, even the virtual transactions. And because virtual currency translates into real world credit accounted for by the blockchain, the rent collector stands to amass great wealth.

Consider property in the real world. It typically services limited numbers of occupants depending on the size of the housing. On the corporate scale, which is larger, you have shopping malls — but all of those are already dying or already died to ecommerce no matter where you are in the world. Enter sprawling metaverses with theoretically no limits to entry and no limits to how much foot traffic they can service. A merchant in a metaverse would function just like a store page on Amazon. 

Imagine influencers and creators taking to metaverses to host events in real time for their twitch followers, which is by the way, a marketing amplifier. Imagine Onlyfans simps wanting a virtual reality session with their idols. Now imagine new age virtual property moguls who own the spaces these merchants, creators and influencers operate in.  

With the dematerialization of physicality, so much more participation can be entreated. More importantly, it can be monetized and taxed. The new age property mogul will be pretty remarkable. 


In fact, why wait? Here’s a lucky draw where you can win land plots on Terraverse soil! For free! The concept reminds me of Habbo Hotel. It's meant for work but rule 34 applies. A total of 100 plots will be airdropped. You may need a Terra Station wallet. 

Get some land in Terra World: https://wn.nr/KsH8Ef

 

 

 

 

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kievery
kievery

Failed startup guy now crypto maximalist


Musings on the Moon
Musings on the Moon

@nullscientist on twitter. republishing my stuff on nullscientist.medium.com

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