It might be difficult to buy a home or a plot of land in Toronto, but why not try the metaverse?
Imagine buying up a few buildings, stopping by a fashion show featuring Dolce & Gabbana and then visiting Mount Rushmore … all in one day. That’s what Andrew Kiguel, co-founder and CEO of Canadian firm Tokens.com, said is possible within the fast-growing world of virtual real estate.
The idea of a “metaverse” has featured in games like Minecraft and Fortnite, but Kiguel noted that there is a key difference between those versions of the metaverse and what we’re seeing now.
“The new metaverses that are getting all the attention are built on blockchain technology, so they’re decentralized,” he explained. “The users are not only the content creators, building communities and environments, but they can also be the landowners.”
With Tokens.com, a publicly traded company that invests in cryptocurrency assets including DeFi, NFTs and Metaverse real estate, Kiguel said the goal is to “democratize” access to these areas of crypto that might be intimidating to people.
He said the metaverse is growing so quickly that an investment in virtual real estate will quickly pay off as more and more users join the community and your real estate becomes even more valuable for advertisers.
“We have something called Tokens.com Tower that we’re building in Crypto Valley, and we’ve now started accepting orders for what are essentially digital billboards in the tower.”
Aside from the investment opportunities, Kiguel said the metaverse has really taken off over the past few years due to a need for connection.
“With COVID, people have a need to socialize. With restaurants closed and travel shut down, you could still go into the metaverse and go to a museum. You could meet other friends there regardless of where they’re geographically located,” he said.
Kiguel said the risk right now for early investors is figuring out which metaverses succeed. “I think it’s going to look like social media, where each generation favours a different platform.
We’re going to see so many different metaverses come out. Even Disney is talking about one,” he said.
There are new entrants every day into the metaverse, and Kiguel said purchasing virtual real estate now is a bit of a waiting game.
“As the landowner, we’re part of the infrastructure and watching it grow.”