As the Metaverse grows in popularity, an increasing number of governments, corporations, and celebrities are making moves to acquire virtual land, which some see as a way to advance in the rapidly growing digital frontier, while others simply want to protect their investment interests.
Whatever the reason, it’s clear that these entities are taking virtual land seriously. Here is a look at some of the biggest players in the virtual land market.
Barbadian Government
The Caribbean island of Barbados was the first to establish a full digital embassy last year and by doing so, the Caribbean island is prepared to legally declare virtual real estate its sovereign territory.
The Barbadian Ministry of Foreign Affairs and Foreign Trade agreed in November last year to construct a virtual embassy with Decentraland, one of the largest and most popular crypto-powered virtual realtors.
The government is also completing arrangements with “Somnium Space, SuperWorld, and other metaverse platforms,” according to a press release given to CoinDesk.
All of the initiatives would centre on locating and purchasing digital land, establishing virtual embassies and consulates, and creating the ability to deliver services such as “e-visas” and a form of teleporter that would allow users to exchange avatars.
The Hongkong and Shanghai Banking Corporation Limited (HSBC)
For an undisclosed cost, HSBC is purchasing virtual real estate in The Sandbox, an online gaming environment, marking the bank’s first major venture into the Metaverse.
HSBC will be able to engage with sports, e-sports, and gaming enthusiasts through its patch of turf in The Sandbox, a virtual arena majority-owned by Hong Kong-based Animoca Brands.
“The metaverse is how people will experience Web3, the next generation of the Internet,” says Suresh Balaji, HSBC’s Asia-Pacific Chief Marketing Officer.
Following JPMorgan’s declaration of a presence in Decentraland, a blockchain-based metaverse platform, HSBC has become the second largest bank to invest in it.
PriceWaterhouseCoopers (PWC)
PwC, a global consulting firm, said that it had made a historic acquisition of virtual real estate on the metaverse platform, The Sandbox. According to sources, PwC paid more than $10,000 in non-fungible tokens (NFTs) utilizing The Sandbox’s SAND money for the digital land.
In a statement to Consultancy UK, William Gee, Partner at PwC Hong Kong, said the firm would embrace innovative metaverse technologies to utilize virtual experiences when providing advisory services to clients.
By participating in The Sandbox, PwC may be able to better reach out to such startups and gain the benefits of their investments. In December 2021, the Sandbox received 4,450 unique visits.
MTN Group
In late February, MTN became the first African firm to enter the Metaverse when it paid an undisclosed price for 144 plots of virtual land in the Africarare metaverse Ubuntuland.
According to tech giant, Ubuntuland is being developed by Africarare and Mann Made Media and will be available for public land sales later this year, making Africarare the first South African metaverse to host virtual land with African roots.
Africarare, the continent’s first VR metaverse, debuted in October 2021. Ubuntuland, a metaverse being developed with Mann Made Media, will begin selling public land late this year in 2022.
Many more businesses now include bitcoin transactions in their financial accounts globally, and large African corporations like MTN are attempting to include bitcoin assets in their asset portfolios.
JP Morgan
JPMorgan, one of the world’s largest banks, announced that it had created a lounge in Decentraland. It is one of the first lending institutions to enter the Metaverse with its Onyx lounge.
The lounge, situated on a plot of virtual land, is named after the bank’s suite of permissioned Ethereum-based services and provides access to the Metaverse to institutions and organizations.
On the first story of the Onyx Lounge in Metaiuku, a virtual recreation of Tokyo’s Harajuku shopping district, a tiger roams near visitors while on the second floor, a person’s avatar can watch professionals discuss the crypto market, which is controlled by an image of the bank’s CEO Jamie Dimon.
Snoop Dogg
According to a news release from The Sandbox, US hip hop artist Snoop Dogg boosted his assets in the Metaverse after starting the sale of his LAND digital real estate.
The rapper began sales of 122 LANDs and 67 premium LANDs plots along with an auction for three OpenSea 33 ESTATES. He has also released early access passes for the ‘Snoopverse,’ which provide additional perks and access to NFT-supported artworks.
Snoop Dogg, or Calvin Cordozar Broadus Jr, also joined Outlier Ventures as a strategic member with Canadian music producer Deadmau5 to help entrepreneurs in the London-based firm’s Base Camp Accelerator program.
Snoop Dogg has also stepped up his efforts to build and promote the Metaverse for the global entertainment industry and others, namely after joining Stage11’s XR studio along with a formidable lineup of musical giants.
Tommy Hilfiger
Tommy Hilfiger has partnered with metaverse marketplace Boson Portal, where users may purchase products as non-fungible token (NFT) assets redeemed for “tangible objects delivered directly to the customers’ door.”
The US fashion giant also hopes to leverage prefabricated properties for revenue generation.
According to a statement from Boson Protocol:
“[Users] can move their avatar to the virtual store and buy a limited-edition variety of products from the Spring 2022 Tommy Hilfiger line. You will see floating 3D representations of legendary Tommy Hilfiger fashions, including the varsity jacket for men, the madras shirt for ladies, and a unisex sweatshirt with the iconic Tommy Hilfiger emblem”
Samsung
Samsung 837X, an immersive environment inspired by the company’s famed New York City store, is the company’s first store in the Metaverse and is based out of its virtual land parcels.
The technology giant recently partnered with Decentraland, and DJ Gamma Vibes hosted Samsung’s first-ever metaverse mixed reality dance party live from the Samsung site.
One of Decentraland’s major branded land takeovers, Samsung 837X will only be open for a limited time. Conversely, the tech giant indicated it plans to broaden the metaverse’s reach by launching on more platforms.
Conclusion
As the Metaverse continues to develop, one thing is certain: there will be a lot of land grabs in the coming years as many different actors and influential people all try to stake their claim in this new frontier.
So far, it seems like the early adopters are those with the deepest pockets and the most to gain. However, as the Metaverse grows, unexpected players will emerge as the biggest virtual landowners in due course.
