Happy Friday everyone!
Recently, a virtual Gucci bag sold for $4,100… in a video game.
The “real world” equivalent of the purse sells for $3,400.
Part of the value of a Gucci bag is scarcity - the idea that a limited number of items are available.
Naturally, you’d think that on the Internet - every virtual item is abundant. You can make as many virtual copies as you want.
But that’s no longer true.
Thanks to the rise of digital assets and NFTs, every object on the Internet is quickly becoming scarce again.
A virtual Gucci bag is now worth more than a real one.
It won’t be long before everything on the Internet is worth more than its physical counterpart - including real estate.
Metaverses - online worlds where people congregate, play, work, and chat - are the new city centers.
And real estate in the right metaverse will be worth tens of thousands of times more than it is today. In some places, it’s up 35-fold in the last 3 years alone.
It’s like buying Manhattan back in 1750.
Mark Zuckerberg is already on it. In the last Facebook earnings call, he mentioned the word “metaverse” 20 times.
This is the future world of digital real estate and NFTS, that’s minting more millionaires overnight than any other technology in history.
Here’s how you get in on the action.
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If you watch nothing else this week - watch the video below.
Yesterday, Tesla held its AI Day.
Now, you don’t have to watch the whole thing. A lot of it is technical jargon.
BUT, click the video and watch 10 minutes of it. It will start right where it needs to.
Tesla is building a robot that will replace humans in doing repetitive tasks (like grocery shopping) and dangerous jobs.
They’re releasing a prototype next year (screenshot below).
It will run on autopilot, walk 5 miles/hour and take instructions from humans.
In the words of Elon himself - “in the future, physical work will be a choice.”
Damn Elon, you never stop amazing us.
I’ll talk more about what this means in future newsletters.
Until then - be well,