So, about that money…
Right, Metaverse land. Digital real estate. The emperor’s new clothes, but instead of haute couture, it’s hideous JPEGs someone’s trying to convince you are the future of… something. Primarily, the future of lining their pockets, let’s be real. We’re talking about buying a claim to a piece of code in a walled garden controlled by corporations. Walled gardens that, history has repeatedly shown, are prone to being abandoned, reworked, or outright nuked when the corporate overlords decide the ROI isn’t there anymore. Remember Second Life? Anyone still running their virtual business out of there? I thought so. The user base of Second Life peaked in 2007 and has never regained that position. The land might as well be a barren moonscape.
And let’s not even get started on the “scarcity” argument. Pseudo-scarcity, is more like it. They dictate the rules.
Ownership? More like a long-term lease with eviction clauses.
Decentralization is the buzzword, right? Web3! Blockchain! Except, who really controls these Metaverse platforms? Hint: it’s not you, holding your little NFT land deed. Decentraland and The Sandbox? They’re supposed to be decentralized, governed by DAOs. But let’s not pretend these DAOs aren’t heavily influenced by the very venture capitalists who poured millions into the platforms. Think about it. You’re supposedly buying “land” in a space where the rules can be changed on a whim by a handful of whales who hold the majority of the voting power. Where’s the “ownership” in that? It’s like buying a timeshare from Sauron. Good luck contesting the HOA fees.
Consider also the fact that the *real* value of real estate lies in its location, location, location. Proximity to amenities, transport, other people. Metaverse land only has value if people actually go there. And right now? These digital landscapes are mostly ghost towns. Even if they build something, are the users going to come? Remember that flop of a Minecraft competitor, Landmark? No one plays that. It shut down. All those hours creating? Gone. Digital landfill.
But, but, the potential! The immersive experiences!
Oh, the potential is certainly there. In theory. The potential for losing your shirt, specifically. Look at the hardware requirements. We’re talking about needing increasingly powerful GPUs, VR headsets that are still clunky and expensive, and bandwidth that would make your grandma’s dial-up modem weep with envy. How many people are realistically going to shell out thousands of dollars for the privilege of wandering around a laggy, low-poly landscape with other sweaty nerds? The entry barrier alone is a huge issue that isn’t being discussed enough.
The games, themselves, are nothing to write home about.
The Art Question
Digital art NFTs are one thing. A unique piece of digital artwork, verifiably scarce, with some artistic or cultural value? Okay, I can see the appeal, even if I think most of it is ludicrously overpriced. But Metaverse land isn’t art. It’s a speculative asset tied to a platform that may or may not exist in five years. It’s like buying a plot of land in a poorly designed video game hoping someone builds a digital Louvre on it. And if they do? They own the Louvre, not you. You just own the dirt it’s virtually sitting on.
What’s even being *built* on this stuff?
Seriously. Show me a compelling use case that justifies the astronomical prices some people are paying for Metaverse land. I’m not talking about “virtual storefronts” that nobody visits. I’m not talking about “digital meeting spaces” that are inferior to Zoom. I’m talking about something genuinely innovative, engaging, and *valuable* that can only exist in this digital space. Until I see that, it’s just hype and wishful thinking.