“Rather than try to create a universe like Facebook, I said, ‘Why don’t we go in and buy the parcels of land in these metaverses, and then we can become the landlords?” said Andrew Kiguel, co-founder and chief executive of Tokens.com.
Homes, art, and music will be available for purchase as NFTs, or fungible tokens.
Interest in the metaverse boomed after Mark Zuckerberg announced that Facebook would rename itself as “Meta.” Digital currency investor Grayscale estimates that the the market for goods and services in the metaverse will be worth $1 trillion.
Technologists believe that the metaverse will become a fully functioning economy in just a few years and become just as second nature as email and social media.
The metaverse contains multiple digital realms that are essential 3-D cities where a person’s avatar can live, work, and play - not unlike world-building video games like Minecraft, Fortnite, and Animal Crossing.