Billions spent on land rush for the Metaverse
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Fake money for fake land. That's fitting.
Seriously though, why would anyone spend a penny on a parcel of land in a video game? They can always just add more or open a new server or something. Without any real scarcity this so-called "property" has no value.
It reminds me of the dot com rush in the late 90's.
Speculation. They might want to sell it later when the price goes up. Now, videogames are one of the riskiest investments and speculating in digital goods inside a single game is really irresponsible, but people do it.
The makers of the "game" wouldn't let it be infinite and have no value, obviously.
They want a working marketplace.
I think there's a question of what, if anything, will amount to adjacency that would make some parcels more valuable than others. If you can teleport (and why wouldn't you be able to?), maybe it doesn't matter. I can see land having a small cryptocurrency value as a recording fee, just like any cryptocurrency transaction. But not scarcity as we currently envision it.