Developers are about to begin development by the metaverse mogul who made a record in virtual land investments.

Tokens.com purchased space in Decentraland for more than 2 million dollars in November 2013. This was one of the many emerging platforms in metaverse.

Andrew Kiguel (Tokens.com CEO and co-founder) stated in an interview that several big names were about to take part in the online fashion show. Kiguel said fashion labels Tommy Hilfiger, Cavalli, Elie Saab, Dolce & Gabbane, Etro and fragrance company Paco Rabanne have all signed up to participate starting March 24. This show will be held over three days. Mercedes Benz sponsors an after party and will be there with several top DJs.

Kiguel refers to Decentraland as an alternative type of NFT or non-fungible token.  The platform allows anyone to buy virtual land. Decentraland is a digital currency that can be bought only with Bitcoin or Ethereum. 

The site will then be available for users to view the items that are up for sale.  Many parcels can still be purchased secondhand. Prices fluctuate just as real estate does in the real world.

Kiguel purchased land in Decentraland on November 17th. His team closely monitors transactions. They had a good idea of who and what they owned, as well as where they were going to be buying.  A blockchain was used to register the transaction, which is a metaverse digital deed. 

Metaverse platforms don’t have infinite space. All worlds are made up of beginnings, middles, and ends. Kiguel describes it as a Monopoly board. 

He stated that Decentraland contains 45,000 properties and can be purchased, as well as 45,000 tiny pixels.  There are 90,000.00 pixels on the board. However, some aren’t for sale, such as lakes, rivers and trees. These are areas maintained by the foundation to beautify the area. 

Decentraland’s creators created code that does not allow for expansion. Land is therefore in limited supply just as in real life.

Land is more desirable because of its proximity to other land.  The most valuable thing about land is its proximity to other areas with heavy traffic. To get to the metaverse you just need to click. It doesn’t matter if you walk, drive or fly. You can also take the subway. Kiguel says it like this: “The Museum District has a bunch of NFT’s and other things so walking through it is a bit like walking in a big city. If you see one thing here, there’s another.” 

There are also attractions and amusement parks that can be used to attract avatars and digital representations. It is believed that these avatars can use crypto-currencies or money to buy goods online.  Some goods might have real value in the physical world.  Some of these goods may be used by avatars to purchase the latest in metaverse fashion, such as shirts and shoes.

Decentraland’s platform may be fictionalized but another innovative idea from the metaverse blends the real and the virtual. Hrish Lotlikar is the co-founder of SuperWorld and the CEO. This system allows you to purchase the virtual equivalent in city blocks and takes up space in the real world.

Lotlikar refers to his metaverse “being built upon top of the real-world.” Blocks are sold at a $390 price, with the original value increasing or decreasing in the second marketplace. SuperWorld wants to provide real-world utility, so users can leave NFTs or holograms as well as messages. Users could even find their real-world equivalents by visiting the blocks in the same city. These messages are displayed on the user’s smartphone when they go to a location, such as a restaurant that houses them, and can be viewed by others. 

Lotlikar stated that land is non-fungible and was being purchased when Lotlikar spoke to Lotlikar earlier in the month. You’re purchasing a digital asset which allows you to share in all the economics that occurred on this plot of land.

SuperWorld earns money by taking 10% of any business that is done on property, and another 10% when the land comes up for sale.

Although the metaverse concept has been gaining popularity and is experiencing rapid growth, it’s not brand new. Second Life is an example of an online marketplace that has offered entertainment and commerce services for over 20 years.

Brad Oberwager, the executive chairman of Linden Labs which owns Second Life told CNBC in a recent interview “the metaverse isn’t a game, you don’t play in Second Life, you reside in it.”  Oberwager lashed out at the new metaverse site’s price volatility, saying, “If the rent of my house went up 50% in one day I wouldn’t be able to live like that.” 

Second Life allows customers to rent land, and then build upon it.  Oberwager claims that Second Life now has a $650million real economy.

A payment system, which they believe will be the bank of the metaverse, is being developed by the company. It allows customers to make money transfers into virtual economies in an easier way.