In recent months, a disturbing situation has been emerging in the metaverse. It is the scarcity of virtual land. Just as the industry was beginning to attract more and more people, including famous investors, land is becoming increasingly scarce. This situation is distressing, according to the co-founder of Nyft Studio. He explains why.
The metaverse could be less attractive
For the Nifty Island co-founder, the strategy of missing virtual lands in the metaverse is a “losing strategy” that benefits no one. He said, “Building a game is hard. Building an immersive game world for millions of players that has any chance of standing the test of time is beyond difficult. It’s a huge challenge, a never-ending iteration process that has to start with the right principles.
Thus, for him, the fact that the sector is subject to this constraint could dampen the hopes of some and prevent some from taking their first steps in the field. In his argument, he did not hesitate to take concrete examples in order to illustrate his remarks.
“Look at Minecraft, Roblox, and even YouTube. Would these platforms be better if the right to create on them was limited to a tiny number of owners? Would better content be created there? Do you want to spend time in this country club metaverse? Then he said that “without quality content and a large user base, a virtual world cannot have long-term value. The value of scarce land depends on the demand for access to that land. This undermines the creative potential of a platform, making it less attractive to visit.
Web3 is not achieving its goals
Very unhappy that land is missing and scarce in the metaverse, the Nifty Island co-founder added that “Web3 is supposed to disrupt old forms of hierarchy and reward creativity and participation” from both sides in the economy. “The scarcity of virtual land does the opposite,” he notes.
For the professional, rather than the scarce land strategy attracting investors to the metaverse, it will have the opposite effect. It will scare them away and push them to other areas that seem even more promising. “The risks are real,” says the expert.
For some months now, investors who want to can no longer buy land in the metaverse. Why not? Because they are missing. This “rare land” technique is supposed to attract people to the metaverse by encouraging them to invest as soon as possible. However, for the co-founder of Nifty Island, it is having the opposite effect.
