The dreams and expectations built on the “Metaverse” universe, which expresses itself as the future of the Internet, are quite vast. It is claimed that the Metaverse universe, which is currently only based on gamification, will affect many areas, from doing business to social life in the future. Land purchased from Metaverse is one of the hot topics of the past few days. So much so that Turkey’s most valuable lands have already found buyers in Ovr, which is a metaverse universe.
In the OVR universe, it seems that over 20,000 packages in Turkey and over 11,000 packages in Istanbul have been purchased. It draws attention to the fact that the purchased places are the most valuable areas of our country in real life, such as İstiklal Caddesi, July 15 Martyrs’ Bridge, FSM Bridge, Ortaköy, Rumeli Hisarı, Kadıköy, Nişantaşı, Bebek.
PLACES OF VALUABLE ARE ARRESTED
The world is divided into 1.6 trillion plots in the Ovr game, where various tasks are performed through the mobile app. These plots can be determined on the map and purchased at auction. The average price of a Metaverse package in Istanbul is 200 Turkish liras. Currently, while a Metaverse plot is 135 lira in the Bağcılar district of Istanbul, this figure rises to 500 lira on the Ortaköy coast. Since the plots are small, the cost of a large plot with 50 plots reaches 20,000 lira. Interest in this universe is so intense that the most valuable areas have already been purchased and put up for sale. For example, it is almost impossible to find parcels on Çırağan Street. Symbolic areas such as stadiums, palaces, mosques and bridges have completely disappeared. In other words, only parcels that will be “valued in the future” are left for new users.
THERE IS A VIRTUAL PITCH FOR $10 MILLION
The Ovr universe, of which we give examples in Turkey, is one of the most affordable universes in the Metaverse world. In the most popular Metaverse universes, prices reach incredible proportions. One of these universes is Sandbox. The plots are quite limited in the sandbox universe. The cheapest land cost in Sandbox, the oldest known and most popular Metaverse area, is 3 Ethereum, or $12,000. In the Metaverse universe, just like in real life, land with sea views and close to famous names or brands is very valuable. So much so that even $10 million worth of land is sold in Sandbox. In this universe, there are many famous brands such as the famous sportswear brand Adidas, the American rapper Snoop Dog and the game company Atari.
However, experts are warning consumers to be careful here, as with any transaction made over the internet. Emphasizing that there are no inspections or guarantees regarding purchases made in the Metaverse universes, which have just begun to emerge as a new development for the end consumer, the experts said: “Transactions are made in these universes with cryptocurrencies. It can be said that it is useful to act with reserve, because legal regulations have not yet been fully regulated on the control or security of cryptocurrencies.
WHY BUY VIRTUAL LAND?
OK, why are Metaverse storylines in such high demand? At this point, the biggest motivation is the idea that a limited number of fields can be evaluated in the future, just like in real life. Making a statement to hurriyet.com.tr the other day, founding partner of TİM Danışmanlık, Dr. Vedat Güven explains the situation as follows: “We buy virtual land for the same reasons we buy other products in the virtual world. We know that real estate in the virtual world can go up in price and value just like real estate in the physical world, and that’s why we buy. It’s okay if it’s nothing physical. We even buy non-physical works of art now. Right now, you can rent the shops or your house in the mall you build on the metaverse, and you can earn. You can display your NFTs in a room in your house, and you can also do it with money and earn money. It’s not much different from buying an olive grove in the Aegean and producing it. We also buy the virtual land and can use it as the olive grove.
$50 BILLION OF OPPORTUNITIES
Alphan Göğüş, Global Regional General Manager of HUOBI, conveys the potential of Metaverse as follows; “The growing interest of institutions today reveals the potential of the metaverse, which is not yet accepted by all. The purpose of world-famous brands such as Nike, Adidas, Gucci, Ralph Lauren, Balenciaga, which compete to show off in the Metaverse, is to have avatars wear their own products in this new world that has been created. In fact, Morgan Stanley estimates that within 10 years, the Metaverse could provide more than $50 billion in opportunities for luxury brands. Not just in retail; Real estate companies invest millions of dollars in Metaverse just like in real life.
THERE ARE CRYPTOCURRENCIES
Popular METAVERSE universes are currently Sandbox and Decentraland. It is estimated that Ovr, of which we gave examples in Turkey, will be one of the important universes of the future. You must have a cryptocurrency wallet to buy plots from these universes. In other words, it is necessary to create a digital wallet with currencies such as Bitcoin and Ethereum. Then the existing cryptocurrency is converted into cryptocurrency of this platform and the purchase is made. For example, for land to buy in the Sandbox universe, a token named ‘SAND’ is exchanged. In this context, the existing cryptocurrency (Bitcoin, Ethereum, etc.) must be converted into SAND.
WHAT IS THE REASON FOR INTEREST IN BRIDGES OR KNOWN PLACES?
The Bosphorus Bridges, for example, are among the places sold in TURKEY. The experts, when we asked what benefit this purchase would bring to a person, answered: “We cannot yet say that the person who buys this place earns an income. However, due to it being a prestigious location, purchased decks may be sold to others at a higher price with the growing interest in the Metaverse universe in the future. For example, Adidas buys a place in the Metaverse universe and places an ad there. Those playing games in the Metaverse universe may suddenly see Adidas products or advertisements in front of them. Returning to the bridge example, there may be an opportunity to place products or advertise on the bridge. But like I said, it’s still too early for anything. In Metaverse, which is called the future of the Internet, it seems that we will encounter many different worlds.
THEY STARTED OPENING A STORE AND MAKE SALES
The name METAVERSE is the common name of this virtual world. It currently includes different “game-based” platforms. In other words, everyone can create a universe and offer various functionalities. This situation has especially attracted the attention of brands. Many world famous brands have already started opening stores by buying areas in Metaverse. One of them is the clothing giant H&M. The brand, which is opening a store in the virtual world, sells its products there. Another example is the Walmart chain of stores. It is possible to shop in the shop created by said market in the Metaverse universe. The company’s digital customer representatives also help with purchases. The products purchased can be physically delivered to your home. Payments can be made through a digital wallet.