What’s needed to accelerate the growth of the virtual land market
Once you begin to think of virtual real estate in the same fashion that you think about the internet and websites themselves, it all begins to make sense. There are a lot of websites built for income generation and e-commerce and there are also some that just have pictures of cats and memes; I think we will see the same thing play out in the metaverse over time. What the metaverse needs right now though is an acceleration of build capabilities. During the initial internet revolution, there were massive bottlenecks that were only alleviated by protocols and creators stepping in.
In the early stages of the internet, the coders who understood how to utilize HTML were building their own websites and hosting them on servers they had access to. Once they had these websites built, getting them discovered was incredibly difficult. The process simply took ages. But then WordPress had a profound idea. "What if we set up the software needed to create a website and made it easy enough for anyone to build?" So, in 2003, they released their open-source software. Tens of thousands of talented people have made contributions to make it into the great software that it is today. Developers can contribute patches and fix bugs, and users can suggest new features.
When you involve creators, and foster and create self-serve ecosystems and protocols to allow users to build how they see fit and be rewarded for it, the participation velocity is undeniable and creates generation transformation in wealth and economies of scale. Even in real-world real estate, there were bottlenecks in everything from materials production to labor to specialized areas that people needed to work in that were only overcome by people coming together and creating acceleration processes. Coordinated labor is what built many of the tallest skyscrapers in the world. Over time that coordinated labor was augmented and fueled further by technology. Powerful tools, machines, and computer-generated design all sped up the build processes. We see this as being no different than what is going to happen with virtual worlds.
First, comes collaboration and building coordination protocols and standards. Then as other technologies, such as protocols and AI capabilities are layered onto the process, the cost is driven down immensely and it creates an ecosystem of equality where everyone can build, interact, transact, and play. It also creates higher income opportunities for long-established land and building investors. Imagine being in the position to own the land and create some of the first buildings that would eventually become Manhattan. That is how early we are in these virtual worlds.