Which Are The Commercial Applications Of The Metaverse?
Hello and welcome back to our next lecture from this course on Metaverse wealth creations. In this lecture we are going to talk about which or what are the commercial applications of the metaverse. So let's dive into the information. First of all, people will be able to buy different types of digital assets in the metaverse ranging from clothes, to buildings, tickets, to events, and so on.
Basically, most of these things that people are going to be able to buy in the metaverse will be under the form of NFTs, or non-fungible tokens. Basically, these tokens are like unique tokens. So, most of the times there will, there is going to be a limited edition of this type of tokens or one of a kind. And they are very used to, let's say to our authenticate the originality of a specific digital asset.
For example, if an artist creates a specific track, he can or a specific song he can transform that song into an NFT. Another example, and basically, he can sell that as an NFT. Okay, so whoever buys that, that NFT or that song has, like property rights over it, okay, over the specific item, in this case would be a song.
Another example of NFTs is not fungible tokens will be also used a lot in crypto gaming. And for example, in games, which are role playing games, where you have a character and that character has different like, different items like swords, armor and stuff like that.
And usually in these types of games, you can sell armors and swords and potions and artifacts and so on. These kinds of artifacts will be NFTs. So, each of these artifacts will be an NFT. And basically, that NFT on it basically shows that you are the real let's say the real owner of that digital item, okay. So, these NF T's will have a wide range of application in different industries.
You have basically you have heard from us an example with crypto gaming. And also an example would be we have told you in the first lecture that there are Metaverse projects, which are a replica of planet Earth. And basically, in this project, you are buying land. Let's say you can buy land in New York, you can buy land in Hong Kong, and each piece of land represents an NFT.
That NFT basically shows that you are the owner of that piece of property, okay. And it shows its originality. So, you can see it has a wide range of application and it probably will also have a wide range of application in other industries, in more classical industries in the future. But we've made we've made this remark about NFTs because they will be a big part of Metaverse in general and gaming as well.
Okay. Even brands, like Adidas and Nike, are already interested in Metaverse projects. And for example, they've already released this type of NF Ts, and are rushing to catch the trend as early as possible. For example, Nike recently bought digital Shoe Company, which obviously releases NFTs for more than 3 million US dollars, which obviously it's a big amount of money. And it was the first transaction of its kind in the space.
Obviously, in the real economy, okay, or let's say, the classic economy, we can see transactions, which are much higher than that, but this is just the beginning. What we are seeing here, people will actually have avatars in the metaverse and depending on the metaverse, they are in, they will be able to customize these avatars to a specific degree. Okay, so again, another remark would be that, you know, the movie Avatar or the movie Matrix, it's closer than when we thought it would be probably in the future. There are a few projects which have an interesting approach they have replicated the earth as a virtual earth. And we have talked about that before such an example is the OVR project which allows buyers to get a piece of virtual land somewhere on Earth. Okay, so what you can do is go ahead and search for the OVR project.
Check it out and you can actually get inside and buy yourself a piece of virtual land they are not only once or the first ones another such a project is Earth 2.0 which already sells layer two lands. So, they have been in the phase in which they basically have sold all the land and now they are selling the second layer of land, okay.
So, new opportunities emerge all the time, what you have to do is go ahead search for this project for this project, see which of them have like the highest potential because each of these projects create different meta verses chances are that in the future they will be interconnected. So basically, you are going to be able to find like general meta verses or general marketplaces at least where you can sell items from different meta verses right?
Because you are going to find NFT marketplaces and in these NFT marketplaces, which are general, you can sell items or things from all, all like meta verses. Another interesting commercial application will be advertising. There are meta verses where people have built cities, and they have millions of users which are active. For example, such a project, which probably is going to grow a lot in the future is Polka city, which is built on the polka chain or on the dot chain network.
This will definitely be interesting for major brands or for any major brand who wants to reach such a massive audience. Another example is sandbox, which is one of two, let's say, the earliest Metaverse or the oldest metaphors projects, it's over two years old, or three years old. And basically, that Metaverse or that application has already a couple of million users. Another very interesting commercial application is for example, mutual real estate.
As people can buy lands and buildings and flip them for a profit. Okay, like it happens in real life. Such a transaction, for example was made for record some of over 2 million USD in the meta was built by the company sandbox. You can search that on Google seats, it's true and probably more, more transactions like that, and even bigger ones will come in the future.
Many celebrities also jumped on the trend. And recently someone bought a piece of property near the famous artists Snoop Dogg for a whopping amount of USD$420,000. As you can see, the amounts are starting to become considerable, and opportunities arise everywhere. It's something that starts to get a lot of attention and celebrities jump who jump on the trend and big companies as well. Thank you very much for watching, and we are looking forward to seeing you in our next lecture.
