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An expert revealed that the COINBASE and OPENSEA will be the key in developing the metaverse as she explained the reason behind the real estate claim in the metaverse.
Coinbase and OpenSea Are Key Players In The Metaverse, According To Janine Yorio
CNBC TV interviewed Republic Realm CEO Janine Yorio in order to understand why thousands of people are pouring millions into metaverse real estate. Based on available data, it was found that land prices in some metaworms surged by over 400%. In December of last year, plots in the sandbox and decentralisation cost 3.34 and 3.8 eth, respectively.
Yorio noted that there are very few metavers operating, and as such, investors are very limited in their options. This was in response to concerns that the proliferation of metaverses could negatively affect the value of some of the available real estate. The executive noted that the first-mover advantage and concentration of purchases in the current metaverse will not be easily diminished.
She explained that the reason why many retail investors bought a property in the metaverse was that they liked having parts of virtual ecosystems they liked. Yorio explained that it was like "possess a poster" in a game you like.
For institutions, she explained that they regarded this as an asset investment, noting that institutions were investing in teams they trusted to create an experience that only thousands, or millions of dollars, i want to make a commitment and come back again and again, quoting that those days were still early and might be a good time to invest.
On the subject of known companies engaging in the market, Janine Yorio said, “Coinbase will certainly be a key player as they launch their NFT platform.” She added that OpenSea was already one of the biggest marketplaces in the NFT space, noting that these metaverse lands were basically NFTs.
The big brands are carving their own niche. In The Metaverse
Metaverse projects have continued to see the engagement of big brands, with Nike and Adidas among the big names. In December, Nike announced that it had acquired the virtual shoe business. Nike called RTFKT Studios, their newly acquired shoe company, “a leading brand that leverages cutting edge innovation to deliver next-generation collectibles that merge culture and gaming.”
Adidas started their adventure into the metaverse by launching an nft collection that serves as metaverse wearables and also enables users to access adidas events in the land of adidas in the sandbox metaverse.
That brands jostle for a spot in the metaverse, it reiterates the grey-scale research report that the industry represents an annual revenue opportunity of $1 trillion in the years ahead. Facebook has thrown its hat in the ring with the meta rebrand and extensive plans for the metaverse.
