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www.us-tech.com
Tech-Op-ed October, 2022 SOUNDING OFF
By Michael Skinner Editor
vestors. In 2021, total investment in the metaverse, a loose collection of virtual worlds underpinned by blockchain technology, reached nearly $60 billion. The bulk of today’s digital real estate is handled by four major
Unreal Estate D
players: The Sandbox, Decentraland, Somnium Space, and Cryp- tovoxels. These platforms sell parcels of pixelated “land” secured by non-fungible tokens (NFTs). These guarantee ownership of a particu- lar plot in a unique way, yet allow the property owner to resell it or lease it to others. What these platforms hope to achieve is a 3D interactive version
of the internet, where users can work and play with the aid of AR or VR headsets. These new “sites” attract traffic by offering video games, virtual art galleries, meeting spaces for businesses, and ven- ues for things like digital concerts. The Sandbox, for example, uses SAND tokens as the basis for all of its transactions and offers three main services: a voxel editor, mar- ketplace, and a game maker. These tools allow users to quickly cre- ate 3D models in voxel art style — a simplified geometry based on cubes — sell or trade them on the digital marketplace, and use them to make games and experiences for those who visit their plots. The Sandbox has also attracted the attention of businesses. Sam-
sung has created a digital version of its store in New York, where vis- itors can test company products. Adidas also holds property, selling digital athletic products as NFTs. Another platform, Wave, offers live-streamed entertainment
from virtual venues. The company has hosted concerts by Justin Bieber, The Weeknd, John Legend, and others. Bieber’s concert took place in a virtual wheat field facilitated by the singer wearing a mo- tion capture suit and performing his entire album “Justice.” Fans were able to interact with each other and the singer in real time, sending virtual expressions and seeing themselves on a digital Jum- botron.
Hype around the metaverse reached a fever pitch last year after
Facebook rebranded to Meta Platforms and began promoting its own vision of a 3D persistent world in which users can connect with each other across vast physical distances in real time. Expectations for the metaverse remain exorbitant. McKinsey
has projected it could grow into a $5 trillion market by 2030, which is about the size of the entire Japanese economy. But, commercial real estate in the metaverse has plunged in val-
ue this year. This is due to a number of reasons, not least of which is that digital land can be created infinitely. The scarcity that drives physical land value is not a factor in cyberspace. Prices across the big four platforms have tumbled 50 to 80 per-
cent since last fall, as the huge amount of investment far outweighs the utility of the services at present. This is not to say that metaverse property has no value, as it still attracts users to high-profile digital locations like corporate plots and celebrity mansions. It remains to be seen if real estate in the metaverse will turn out
to be a savvy investment. Cryptocurrencies in general are still risky compared to traditional forms of investment. These early attempts at digital universes may go the way of Myspace, rolling over as soon as a broadly useful platform comes online. Metaverse real estate is just beginning. r
PUBLISHER’S NOTE
By Jacob Fattal Publisher
lights four major shows, The ASSEMBLY Show in Rosemont, Illinois, SMTA International and MD&M Minneapolis, co-located in Min- neapolis, Minnesota, and one of the largest trade shows in the world, electronica, to be held in Munich, Germany. Also, we have been hard at work preparing for 2023, our editori- al and show calendar is finalized and can be found on page 100. Also, if you are considering submitting articles or promoting your company in the new year, our 2023 media kit is also available at
www.us-
tech.com. We are looking forward to SMTA International in particular,
Full Steam Ahead T
which is always a sort of homecoming for the industry. The last cou- ple of years have been tough, but now that things are opening up again we’re excited to see how the industry is recovering. If recent trade shows are any indication, and they certainly are,
we are gearing up for a productive and profitable year ahead. The Battery Show in Novi, Michigan, held in mid-September was a record breaking event. The aisles were packed, the show floor was sold out well in advance and an overflow hall was opened to accommodate more exhibitors. We are glad to see the electronics industry picking up again and
hope to see you soon at one of the upcoming events. Feel free to reach out to us regarding your media plans for 2023 and we are looking forward to many positive reports and forecasts for the new year. r
escribed by those working in it as “the Wild West,” the meta- verse is attracting all kinds of users, from average crypto-en- thusiasts to corporate marketers, and now, real estate in-
his issue is a special one, more than 100 pages packed with product news, technical articles, and more centered around components and assembly. The product preview section high-
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