MetaOasis DAO owns 35 plots in The Sandbox but has yet to develop most. PangeaDAO, as mentioned, is still organizing. Metaverse DAOs are pitched on the promise of making metaverse ownership more accessible, but it’s still early days. The result looks like an investment group and a video-game developer thrown in a blender. The DAO has also moved to issue NFT avatars called Zzoopers, each with its own backstory.
Though pitched as a “new paradigm in real estate development,” activity on the DAO’s Discord channel, and a recent council meeting, seems focused on development of City Oasis, a specific plot the DAO owns in The Sandbox metaverse. Both projects are related to the metaverse, but that’s where the similarities end.Īnother spin on the concept can be found at MetaOasis DAO (not to be confused with MetaOasis, a separate metaverse project). The other is MetaPortal, a desktop app meant to serve as a portal into multiple metaverse games. Its land rental marketplace, Landworks, is just one of two major initiatives. The DAO is still in a very preliminary (what’s called a “pre-whitelist”) phase, though, and so it does not yet own actual properties in the metaverse.ĮnterDAO is already renting metaverse property in Decentraland, which puts it ahead of the curve. PangeaDAO wants to buy virtual real estate, develop it, lease it, or sell it as an asset, much as real estate investment trusts do with real-world properties. A recent post on the DAO’s Mirror page claims “virtual land will one day be a yield-bearing, high-appreciation asset” that consistently generates revenue. PangeaDAO is among the more traditional groups. The purpose of a metaverse DAO might seem straightforward: Buying gives you a stake in the metaverse even if you can’t afford a plot-right? Well, that depends. “It’s largely a combination of a long-term, rather speculative investment, and the current utility that digital land provides, with the former currently dwarfing the latter.” -Mihai Vicol, Newzoo Buying the DAO’s token grants rights to influence decisions, often in proportion with ownership, though the specifics vary between groups. In the process, the DAO creates a new model for virtual property ownership.ĭAOs purchase, sell, and hold blockchain assets without control from a central authority. DAOs, sometimes jokingly referred to as “group chats with a bank account”) are forming to solve this. So metaverse decentralized autonomous organizations (a.k.a. Many who’d like to own a plot in the metaverse are now priced out. This creates a problem all too common in the real world. A prime plot in Decentraland, a metaverse platform, sold for the equivalent of US $2.4 million dollars in November of 2021, and less desirable land often sells for six figures. You're buying something that isn't tied to reality.The real estate boom isn’t limited to reality. "If it continues the way it's going, it is most likely going to be a bubble. "I would not put money into this that I didn't care about losing. Mark Stapp, professor and director for real estate theory and practice at Arizona State University, agrees.
And as we all know, crypto is highly volatile. You should only invest capital that you're prepared to lose," Yorio tells CNBC. "It's code."īut Yorio cautions that investing in digital real estate is risky business. "You can decorate it, you can change it, you can renovate," Yorio says. Investors build on their land and make it interactive. "That's kind of true of almost anything, right? It's like a club and you want to be around people that share similar interests."īuying virtual land is pretty simple - either directly from the platform or through a developer. "I think it absolutely matters who your neighbor is," said Yorio.
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