I recently saw this headline “Investors are paying millions for virtual land in the metaverse” and experienced a comically fast series of reactions.
First – “Are you kidding? This feels like a scam.”
Second – “Okay, there are serious people involved and serious money. What am I missing?”
Third – “Okay, this is basically like buying web domains in the mid-90s.”
Fourth – “How do I get involved?”
It feels like everything these days is moving at a speed beyond which we mere mortals are capable of comprehending. People are selling JPEGs for 12 million dollars, buying islands with internet money, and now spending millions on land in a place that doesn’t exist. It doesn’t make sense, right?
Well, maybe it does.
What the last 10 years have shown us more than perhaps any other fact, is that in today’s world, attention is the most valuable resource. If you have someone’s attention, you can sell them goods and services, influence their thoughts or behaviors, or learn about what they believe. Social media companies have shown that this attention is worth many trillions of dollars.
So then, the logic follows that as people spend more and more time in virtual places, with the ability to transact and communicate in those places, the value of those virtual places themselves rise as well.
The truth is, this logic isn’t dissimilar to our approach with Vistity. We believe that, while nothing can fully replace the feeling of actually being in a place in the physical world, we can build virtual experiences that can start to bridge the gap. We believe that creating a virtual doorway into a physical place can be a magical experience.
So yes, at first glance it seems quite silly to be spending millions of dollars on land that doesn’t exist. But a few layers deeper, and you start to realize that we are on the precipice of a greater change. And here at Vistity, we are ready, able and willing to be at the forefront.