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 …