It’s no secret that you’ve probably heard a lot more about the metaverse than you wanted. While you may still be in denial that one day there will be a cartoon version of yourself running around this virtual world, our discussion today focuses on why taking the metaverse seriously can be a sound business choice. Still, you have to move with caution and be wary about the risks involved.
This week, Grace and Liel talk about virtual real estate in the metaverse, from where it is accessible to who is purchasing it and what can be done once you are the owner to how it may be utilized for your legal practice.
The conversation explores what is stopping the metaverse from becoming more appealing to a larger demographic and what might be the tipping point that will convert wary naysayers into enthusiastic adopters.
Resources mentioned in our episode:
- Investors are paying millions for virtual land in the metaverse
- Metaverse Property
- The Metaverse Land Rush Is an Illusion
Send us your questions at ask@incamerapodcast.com
Enjoy the show? Please don’t forget to subscribe, tell your coworkers, and leave us a review!
Transcript
Liel: [00:00:00] Since Facebook’s rebrand to Meta a new trend of investors buying up parcels of cyber real estate for millions of dollars emerged, seemingly believing there must be gold in the metaverse skills. I’m Liel Levy, co-founder of Nanato Media and author of Beyond Se Habla Español How Lawyers Win the Hispanic Market. And This Is In-camera podcast where we take caution as we explore the metaverse landscape of opportunities. Welcome to In-Camera Podcast, Private Legal Marketing Conversations, Grace, welcome back, how are you today?
Grace: [00:01:02] Good. How are you, Liel?
Liel: [00:01:03] I couldn’t be better. Grace very, very happy. It’s warm, sunny today and that’s that’s what I like. That’s all I need to be happy. Just the sun and warm temperatures.
Grace: [00:01:17] I’m with you. You know, I’m in Florida. So every day that I wake up and I can rub some sun on my face, I’m a happy camper. Yeah.
Liel: [00:01:23] Can’t, wait. Just a few more weeks before I’m seeing the sea. Once again, I just love. I love the seaside. Just, you know, it’s so energizing. It just opens up your mind, gives you clarity. It’s calming, peaceful, even though it’s a place like Miami, right, that it’s so hectic and happening and vibrant. You know you still get some peace of mind just by sitting there and watching that beautiful sea, right?
Grace: [00:01:47] Oh, the ocean is amazing. Yes, I agree. Totally. Yeah.
Liel: [00:01:51] All right, Grace. Now, talking about relaxation and such. Let’s talk about things that are not relaxing at all. In today’s episode, we’re going to be talking about something that is really getting hot. This is hot. As in like stocks are getting hot, real estate market is getting hot. And so this is the metaverse real estate that is getting hot this time. Grace, we’ve mentioned last year one of our final episodes on predictions. We’ve said that the Metaverse is there, right? Like, there’s no going around this. This is going to have an impact. This is a place where things are going to be happening. And so before we get started, let’s start by trying to define, in our own words, nothing too technical. What is the metaverse Grace? Can you help us with that?
Grace: [00:02:37] Yes. So I’ve been thinking about it because I know it’s difficult for some people to understand the concept of, you know, fake real estate in the cloud. And that’s that’s essentially what this is. However, I think with the advent of the virtual conferences that we had, I think a lot of people will understand that better if I explain it that way.
Liel: [00:02:59] So I think it’s a good way of it’s a good way of getting people, you know, giving you a anene into it so you can grasp right the context, right?
Grace: [00:03:08] The visual part, right? Because that’s what it is. It’s it’s the idea of having real estate in the cloud, guys and ladies and gentlemen. So the whole point of the metaverse is basically you would buy an address right inside of a community or a business district and you would buy a building. Well, this is all stuff that exists in the cloud. And so people will virtually go visit the business or conduct business with these different companies. And if any of you attended the I think it was A.J, but I forget which one had that full blown experience where you walk through the booths. Do you remember that one?
Liel: [00:03:46] I think it was. I think it was MTP.
Grace: [00:03:49] Yeah, it might have been MTP. And I think you’re right. Yes, where you walk down a hallway and you know, you actually entered booth areas and then you entered sessions and rooms and it looked like a booth and it had the feeling of being in a building and that kind of thing. That is what the metaverse is the easiest way to explain that.
Liel: [00:04:08] It’s totally correct, Grace. So before we get into the real estate part of it, the metaverse, it’s basically a network of 3D virtual wards. And why do people get there? Is social connection. That’s that’s that’s the the drive that gets you into the Metaverse, right? And so I took here what Wikipedia says or describes. The Metaverse as a metaverse is a network of 3D virtual worlds focused on social connection. So that’s really in the most plain terms, what it is. Now the other thing that is super important in you and you mentioned these Grace because there is businesses that can be present in the Metaverse, right? Is that it also translates to digital economy, so you can actually create things inside these metaverse world and sell them. And obviously, buyers can go in there and spend money as well. So it is a virtual world, but there is a tangible element to it that you can actually spend real money and we’re going to get into the real money at some point as well, because digital wallets, right? I mean, people see them as cash, people don’t see them as cash. That’s also part of the bigger conversation. But the bottom line is that there are virtual, but they’re not virtual in the sense that you and I would think of a video game is virtual with no impact in the real world. Now, having mentioned up video gaming for for those who are not much into video gaming in today’s world, which has a lot of streaming and online gaming and that sort of.
Liel: [00:05:57] I do want to point out that something similar to what we’re calling the metaverse already exists in the gaming world, right? A few examples that I was able to find Grace is World of Warcraft, right? That is, you know, a virtual world where players can, yeah, can buy and sell goods. So there is already this happening. It’s not like it’s going to happen sometime in the future. It’s happening already, right? And so these gaming platforms are already giving us an insight into how this is going to feel. Another one called Fortnite, who also took it a step further, and they also do virtual experiences like concerts. And there are, I think there’s like a Martin Luther King junior hole where you can go and learn as well about human rights like this is happening already now. Why? We cannot say, though, that the gaming platforms are the metaverse. Well, because that would be like saying that one specific social network is the entire internet. Like, for instance, saying Facebook is the internet, or that Google is the internet, every single platform can create its own metaverse. And they’re all part of the bigger ecosystem. But it doesn’t. It’s not just one, right? And so Grace. That is also why a lot of people are now starting to call these the bigger internet. And you see the analogy that comes to mind, and I think it’s actually a good one, is that this new concept of getting a presence in the metaverse, which a way of doing it is through buying real estate in the metaverse is what it was back in the day.
Liel: [00:07:49] Building your website, buying a domain and building a website. And so it is a little bit different, I guess, from the standpoint that the Metaverse is kind of like created for profit and the internet was something that was supposed to be free and accessed for free. And the Metaverse real estate’s whole idea is for it to gain value like it has a business model behind it. Right? It’s not. It’s not so much about like, yeah, we we give you the content, we get the visibility and kind of like indirectly we get business out of it. It’s not so much that it’s here. It’s more transactional. The metaverse aim sounds like you’re buying real estate. You, you expect for it to gain value. And so that then then you can rent it or sell it or use it for other commercial purposes, like putting us. So. Having said that, now, I think we can try to talk a little bit more in depth about what’s happening right now in the real estate space in the Metaverse. So. I have here a question for you, Grace. What does it mean or how would you explain having property in the metaverse? Like how does that look? You buy OK. You when you bought property, what? What did you just bought?
Grace: [00:09:18] So I’m actually going to relate a little to how you were talking about Facebook, right? So just like there are different social media platforms, right in the internet, there are different worlds in the internet for real estate. And to that right to that, I found that we can point to actually our one called sandbox.
Liel: [00:09:41] Yeah, big one
Grace: [00:09:43] That owns massive, right? And it’s actually a subsidiary of a software firm called Animoca Brands Corp. But that’s irrelevant. But so the other one that is well known is, I believe it’s called the Cartland. I have to see exactly how you would pronounce
Liel: [00:10:00] This
Grace: [00:10:00] Decentralized Decentraland. Thank you. Because, you know, I saw how it was written and didn’t quite like drive in my brain. But yeah, Decentraland, thank you. Those are two very well known worlds, right? Or real estate locations in totally the metaverse. And the way to think about this is, is somebody is developing a world out. There were other organizations. It’s like a mall, right where you’re you’re putting a mall up and you’re saying, OK, if you buy real estate in my mall, you’re going to gain X number value because other companies are going to buy in the same location. And so then of course, it’s real estate, even if it’s digital real estate is just like digital currency. This is digital real estate in a digital mall where others are going to be either similar or like a fashion district. Right. So the whole fashion district where you’re going to be with other potentially fashion people and other fashion businesses and people are going to come visit you in this digital world?
Liel: [00:11:02] Totally Grace. So here’s the stretch to how some are talking about. Buying real estate in the metaverse right now. First of all, I believe that was. It was in Decentraland that recently a lot when for two point five million dollars, yes, a virtual lot, a virtual a virtual piece of nothing went on for $2.5 million. And so again, I’m not. It’s it’s not. It’s not. I don’t I don’t want to minimize the fact that there is real value in there. But I also don’t want people to forget the fact that this is, I mean, the moment that Decentraland falls or crashes your real estate value, your real estate investment goes with it. So it’s very important to keep that in mind because this, you know, the property will never to tangible as a property, right? It’ll always be something virtual.
Grace: [00:12:03] So like MySpace, guys?
Liel: [00:12:05] Yeah. So what the buyer was saying here, like, imagine if you could travel back in time when New York was farmland and you could just buy, you know, a whole block in Soho, but a dollar or whatever, right? And so that’s the analogy. I do think it’s a far stretch, but the bottom line here, Grace, is that. It it. Here is how I see it. Ok, here is how I see it. I don’t know if Decentraland, Sandbox Upland or any of these ones is going to prevail and there are going to be like the metaverse where people want to be like Facebook became the social network that it is today, and I guess that some of them are going to fail along the way. There are just not going to take off. And I do think, though, that some of them will be very successful, very successful. And if you just happen to have invested in one of those, then then there is going to be real value. I mean, it’s just like that there will be winners, but they’re also going to be losers. So you can compare this to whatever you wanted to compare, you know, to compare it to NFT stock market, whatever that is.
Liel: [00:13:21] But there is certainly. A trend that’s not stopping, and that is that we’re heading towards the metaverse age. And so that’s happening. Being present in there will have value now. Here is the thing. How do you then choose where to buy? Right? How do you choose? Where am I going to buy a piece of real estate in the metaverse, right land or whatever block sectors? However, they want to call it? Well, you buy it the same way that you buy real estate in the real world. You look at the location, you look at the location and you look at the location you buy. And so here is how do you read it right? When you get to the to the metaverse, like you land somewhere, you like your virtual avatar, it just gets dropped in the middle of somewhere. And so that middle of somewhere that that entry point that everybody lands in, that’s a great place to be right because obviously it gets a lot of traffic like any like like the real world, there is areas that get a lot of traffic. I have a lot of visitors every day. There is a lot of buzz happening in there and there’s areas that nobody goes to.
Liel: [00:14:43] And so pretty much the same. If you want to be on the areas where all the hustle and bustle is happening, then you’re going to likely going to pay a lot if you’re going to be on an area that nobody’s there. While you may find something of cheaper and we’re not going to say better value because what’s the point of being in a place where nobody is? But the point is here. Well, maybe that area at some point will also become very happening because the community is going to grow. And so right now, what is driving the metaverse and these things and so will grace. A lot of celebrities are already starting to to do things in their right like, you know, Snoop Dogg has already a house and so everybody wants to be neighbor or Snoop Dogg, and they’re spending, yeah, and they’re spending five hundred thousand dollars on on on properties around his house. And so. So there’s already magnets coming into these communities, be that celebrities, be that influencers, be that brands that are attracting the users to come to these metaverse places. And so that’s just going to continue to grow.
Grace: [00:15:50] Yeah. So, you know, basically it’s just creating another microcosm, right to stick everybody in one place so that you can capture their attention because that’s the thing nowadays. What is it? Six second bumper ads, right? We have the attention span of goldfish, so it’s just getting shorter and shorter and shorter. So they’re trying to carve out space in different places of the world. And now it’s just digital because this is natural, right? This is a natural progression of what’s been happening in the real world. People have moved towards cryptocurrency. Not everybody, but people have moved towards cryptocurrency. They feel comfortable with that role playing game with virtual reality. And so and they’ve been doing that for a good long while with the youth. Right. So if you think about people like Snoop, right, and the people that he that people let love him and people around him, and then now with these guys, they hire coders, developers, game makers to create these worlds. This is not the standard construction company. No.
Liel: [00:16:51] Yeah, that’s really going back to the question that I said, OK, well, OK, you buy a piece of land in the metaverse. What? What do you do there? You build your code in it, whatever you want, exactly, and you better be creative and you better be engaging, and you better want to make people stick around because the more traffic you get in there, the more authority. I mean, again, this is this is we’re really leaving here the birth of search engines, the birth of social media networks all over again, right? It’s just a different concept. It’s just different platforms, but we’re just really going all over the same thing. And so that’s totally true is you are just want to be a place where people want to spend time. And here is some, you know, I have some some numbers here that I in my research, I came up with. So there is this real estate development company. It’s called Republic Realm. They spent 4.3 million on a parcel of virtual land. Ok, that and this. I believe the the you know, the head of these organizations called Jeanine Goryeo. They sold 100 virtual private islands last year, appeared apparently from this initial investment they make. They created one hundred virtual private islands and sold each one at fifteen thousand each. Now they’re reselling value of those islands right now is $300000. Three hundred thousand dollars for what last year was worth fifteen thousand dollars.
Liel: [00:18:32] So we’re not just guessing that there is going to be value, it’s already happening. There is already there are already people making money out of it. The thing is, is this a bubble, right? Right? Is this a bubble? Is this is this another GameStop? Is that what we’re what we’re seeing here? But this is particularly interesting, Grace, because what’s making these prices inflate so much and such as what’s being attached to them, right? Who else is buying them, who is present there? And so that is actually playing a critical role. The influence that brands and celebrities are having into this space is pretty massive now. Last thing I want to talk here before we’re moving into, should law firms care about this is how do you actually buy metaverse properties? You are not going to believe it, but it’s very simple. You basically go to a sandbox or to Decentraland or to Upland, and they have a section buy property and you connect your digital wallet and you see what’s available and you buy it. And that’s it. Now here’s the thing. It is a virtual world, but they still implemented scarcity, which means it cannot just forever grow. There is limits to how much property can be sold and so forth and so on. Because if you don’t have that, then the property, the value of the property will never be.
Liel: [00:20:04] There right, it will it will be kind of like just like an area sort of thing, kind of like the first page of Google Search Results area, and that’s what’s going to give you the worth. But in this case, there is a limit as to how much these places can grow. So that’s one thing. But believe it or not, there is also a real estate company that’s just specialized right now in selling metaverse property, and that’s metaverse properties. That’s their website. And so you can also go there and see if they have some property. And I went yesterday and they have really, really small catalog of properties available. But that’s not to say that there is not enough in the market right now, it’s just that this particular site doesn’t. But you can just see all of these new businesses emerging, dedicating and focused 100 percent on the metaverse like we did not see it before with, you know, the early stages of the internet. And I mean, maybe they were just different things. Maybe we were seeing them as a different things. But now it’s kind of like, we’re kind of like literally taking everything that exists in the new world and moving it into the virtual world and and adapting it as it is there, right? Grace, so. Only if you are ready. Should law firms consider investing real estate in the metaverse?
Grace: [00:21:39] Hmm. So I’m not going to directly answer the question, and I’ll tell you why that is a difficult concept. Why is that difficult? Because most law firms are small. Right, the average law firm is not a large company or a large firm that can necessarily take a chunk of money and purchase what would be potentially make sense, right, in terms of ROI in the real estate market. On online, so they need to look at it just like they would any other thing. Is this return on investment worth it? There needs to be a business plan. There needs to be a strategy. And this needs to be incorporated as part of that. So you need projections and even that because of the volatility of cryptocurrency, non-fungible tokens and the digital world. You don’t know if it’s going to be there tomorrow. So is this something that you truly want to spend your money on? Yeah, that is my take on it. In terms of Jude Law, firms get involved. Yes, if they can stomach the risk.
Liel: [00:22:50] So what you’re saying is is very aligned with what experts because I know I’m no expert in any of this, but people who are more educated in this topic, they say, I mean, you should get into it if you’re totally fine with the idea of losing it at all. Exactly right. Exactly. You’re not deliberately getting into it to lose it, but it should also. Not make. Such an injury in your business or investment profile that you’re not going to be able to recover for it, so that is that is kind of like the the baseline that people are talking about it, the people are setting for any investment in there. Yep. Now I see I see what you’re saying, Grace, their business plan and so forth and so on. And I get it. I see this the more I read and the more I hear about it, I see this as a marketing move. I think law firms do need to pay a lot of attention, that’s what’s going to be happening in the metaverse because the moment their buyer persona start spending time in their metaverse, they already need to be there.
Grace: [00:24:11] Right? It should have been there around, yes.
Liel: [00:24:14] And here is the other thing that we do not need to forget is that. The metaverse is not going to be a place of convergence. I don’t think people I don’t know and I may be completely wrong about it, but I don’t think people are going to go into Decentraland to search for an avatar about it. Maybe, yes, I
Grace: [00:24:33] Don’t actually have. But when you’re done?
Liel: [00:24:37] No, no, no. Go for it. Go for it.
Grace: [00:24:38] So prior, Metis International, New York based accounting and service firm purchased on Friday. It opened a virtual three storey property in a bought for thirty five thousand dollars in late December, and they have 23 physical offices. What they’re going to use their virtual building for is to advise companies and other new and existing clients on tax and accounting issues. So I, unfortunately for once in our lives, disagree with you when it comes to that because people are feeling. They like the idea, especially when you said divorce. Actually, now that I’m thinking about it, you can make your avatar look like whatever you want, right? So if I
Liel: [00:25:21] Go people, yeah, people are getting carried away by it, Grace. I see I see a lot of avatars that are very, very good looking and people behind them are not as good looking. So, you know, that’s very deceiving, but there needs to be some regulation.
Grace: [00:25:37] Well, so the the anonymity behind, yeah, an avatar virtual versus an actual individual having to talk to somebody. It’s such a big difference, right? So if you’re talking about legal, accounting, tax and certain things that somebody might feel for lack of a better word, dumb when they’re talking to people about it, right? Because they don’t understand it. So if they don’t understand it and I can put my fake self in a virtual world and I can talk to another fake person, but it’s a real person behind, and I know that I will be more comfortable in this world talking to them about my problems.
Liel: [00:26:14] You know what? Grace you do have a very valid point there, and it is maybe the convenience of it will make it to the point that, heck yeah. I mean, you know, just like I used to go to a website to research and then chat online with a person. I go and do it in the metaverse, so could very potentially be the case. But I think the way that I see this more so taking off and really having an impact in law firms is it’s just it’s just as a marketing placement, as ad placement, as a place to actually go and be present and build your brand. And, you know, just going through some ideas, things that are very simple and basic. But imagine how cool because one of these metaverse is, believe it or not, because, you know, people are not very creative. They decided to instead of just create a whole new virtual world to say, Hey, why don’t we just replicate the the real world into the metaverse and create every single country, every single city, every single street in the metaverse? And then you can go and buy the same property and the same real estate that you already own in real life in the Metaverse, if that’s your thing. But, you know, if that were to be the case, imagine how cool it would be for someone like, for instance, Alexander Shannara to be all over the Alabama Metaverse with his billboards virtually there. I just think there is so much fun and creative things that lawyers can do to make their lives, make their law firms part of their communities, of their virtual communities so that they can be top of mind, right? And again, like this goes to the place as to what? What do I do with my real estate in the metaverse? Do you really want to create there a space that looks like an office and there’s a person in a desk or such? Or do you want to create a place where people can come, play games, do stuff, you know, entertainment, educational, maybe as well? Right.
Liel: [00:28:20] But I think that’s where brands should be seeing really the opportunity brands as law firm service providers should be seeing their opportunity of being in this thing. Now, do I see this? I mean, I still struggle a lot with the idea of that. One day we’re all going to be super happy wearing this Oculus devices around our heads and feel very proud about it. And it may happen sooner than we think. It may not happen to the degree that we think that you’re going to have to wear this. You know, Grace, you probably have also heard that there is these kind of like hybrid thing that is more augmented reality, like just wearing glasses that are giving you also additional overlaying or other virtual elements. And so there is all that to be defined, right? There is. Big component that hasn’t yet settled because the sale of all of Oculus devices did not really
Grace: [00:29:29] It didn’t take off.
Liel: [00:29:30] Yeah, yeah, did not really perform as it was anticipated it will. And I think it has a lot to do with the fact that people are still, you know, like they don’t see themselves as gamers, they don’t see themselves of the age group where it’ll make sense for them to wear something like that. And so there is that very big barrier to make. If you were to ask me, what do I think is going to be kind of like a pivoting moment into whether this really takes off to the degree that we think it will or not? I think it will be when Apple launches their own product for an Oculus device or an augmented reality wearable or something around those lines, because Apple is just cool and people follow what Apple does. And I agree so completely. That’s going to be a big turning point, in my opinion.
Grace: [00:30:28] But we’re not there yet. Did you see the movie free guy?
Liel: [00:30:32] No Grace. Do you recommend
Grace: [00:30:33] It? I recommend it, particularly because of this conversation. So it was it was really. I mean, it was a funny movie. That’s why I watched it, because I like kind of gamer movies and all of
Liel: [00:30:45] That old running around in and out of worlds. Yes. Yes, I haven’t seen that.
Grace: [00:30:50] This is exactly what we’re talking about, because what they do is they put on lenses and it puts them into a virtual world overlay, right? And they’re in the metaverse with their avatar that they pick and choose how they want to look right. And then they have a bank of avatars that they can pick from. So this is exactly what we’re talking about. They created a virtual world where you can buy things, you know, do things hang out with people, hang out with other avatars. Exactly the same concept. So if anybody wants to learn a little bit more and hasn’t seen that movie, that is probably the best movie to explain to you what a metaverse could do and how that could apply to your law firm. Yeah, just like directly, there’s there’s shops in there where you could go buy a loaf of bread, you know what I mean? Or you could go to a pawn shop. So it really is something one of those concepts that if you haven’t been exposed to it before, it can be a little alien and foreign. But just like you said, Leo, if you think about it as another marketing tool in your basket of tools, use it like that and be creative and embrace it.
Liel: [00:31:58] I think to try to get people to convert, they’re in a place where they’re primarily. I see them going for entertainment, probably for retail, shopping, maybe a little bit a step too far. But you are absolutely right, Grace, when you say that a lot of things that have to do with difficulties in life, I think maybe there is going to be a very big interest from people to be able to have an even more seamless experience dealing with it than they currently have on on the internet as we know it right now, which is through websites, through apps and through emails, portals, whatever that is. So certainly very interesting. But if you are brave enough to go and buy real estate in the Metaverse, just, you know, do your research a little bit and see who else has bought. I would say, let’s start with takeaways, right, Grace, because that’s where we are right now. So Grace. Number one. It’s all yours.
Grace: [00:33:08] So, yeah, I think we can use your the thing you just said as the first takeaway. Let’s do that, right? Where do your research your research, guys? I mean, if you were if you were extremely risk averse like me, I am personally as funny as it sounds. I know a lot about all these things, and that’s part of the reason why I probably don’t really delve into it myself personally. I am extremely risk averse. I know that about myself, so I won’t get into cryptocurrency. I won’t get into non-fungible tokens. I may at some point and it might be too late, right? Where it’s too expensive or something. But for me, it is not something that I feel comfortable with. So do your research and make sure it’s something that you are comfortable with that you can delve into. Do your research. I cannot tell you enough and make sure that you are comfortable with what you’re doing.
Liel: [00:33:55] I agree with you, Grace. I would say, you know, just about because the do your research, you know, line has become a little bit sort of a meme at this point. There is things that you just do not need to research because there is already brighter minds behind the know now. Good point that have already done the due diligence, right? So this is not this is not one of those scenarios, but because there is still a lot of factors up in the air. This is not this is not a science. You know that that can be predicted up to a certain extent. So, you know, just make sure that the sources where you were getting your information from and such are legitimate, right? And the track record of the people who you’re listening or you’re following have some level of credibility. Yeah. Right. Grace. And I think it’s a little bit hard to point out here to directions because I personally don’t know a lot of resources of who are groups that can be trusted when it comes down to this space. So that’s why I think it’s important that that you do spend your time in it. The other thing Grace is like, no yourself, just like you said, I would say that, you know, take away number two, if you are one of those lawyers that think that one of their biggest mistakes over the past 10 years was not getting into crypto earlier on, then you probably need to start seeing how are you getting into some of this right, whether it’s NFT or whether it’s the Metaverse, real estate or such, because it looks like you’re gravitating towards these kind of investments. Right. And I know it’s, you know, we all wish that we had bought
Grace: [00:35:29] Bitcoin
Liel: [00:35:30] When when it was just dollars and now it’s thousands of dollars, right? So I think you knowing yourself and your risk levels, as you’ve said very well there, grace is going to be very important and you need to remember again, this is not us saying these are experts saying, get into this knowing that if you’re going to lose it, you’re not going to you’re not going to end up with, you know, with a major fall, you’re not going to be able to recover from.
Grace: [00:35:56] So that’s why it’s still gambling.
Liel: [00:35:59] Yeah, let’s do. And let’s take away Grace. Number three.
Grace: [00:36:03] Number three to me is if you don’t, you need to really look at these new virtual worlds and the concept of virtual worlds. So even if you don’t personally get into it. I think you need to understand it as another play in the digital world. And because people are going to go there and you want to be where people are going, that’s your community. Yeah. Right. So and it’s things for grass and things, you know, the world is coming together as a whole. Right? I mean, we are more online than ever before. People are working pretty much remote. A lot of them, you know, still doing those things that unfortunately happened, you know, two years ago or a year and a half ago going on to now knowing all of that, you need to get involved, whether it is that you, you look at it and it’s something you decide you don’t want to do, but you need to get involved in the digital world of metaverse and meta real estate and the concept of of avatars and online communities, right? Because it’s it’s beyond now. It is beyond social media. It is beyond that type of engagement. People want more and more from you.
Liel: [00:37:15] As a provider. Very, very good point that you brought up there because we’ve been focusing here a lot on the metaverse from from from the user standpoint, right from the consumer standpoint. But there is a very, very big business element here around here, and Microsoft is envisioning the entire future of their platform being a metaverse thing. Right? So like the whole themes and stuff, for it to be a virtual space and for offices to be, you know, virtual metaverse, your office to be its own little metaverse thing where people will go walk around as virtual figures interacting with each other physically well, metaverse speaking, physically taking themselves into conference rooms into, you know, meeting spaces, you know, their desks where they’re sitting and working. I mean, like this is this is how this is being envisioned. This is how the way it’s being pitched, right? I think with a lot of holograms right now because it doesn’t seem like they figure it out already. How to make you look like a real person in the metaverse world doesn’t matter, but they’re working towards they are so Grace. It’s a very fun conversation to have, but one that you, whether you’re of the mindset of now, I’m the real world kind of person. You know, going against it is just not going to serve you for any purpose.
Liel: [00:38:41] And you may not necessarily be the one to jump in and buy real estate into the metaverse, but you certainly should be aware of it. You should certainly spend some time looking at it, maybe experiencing it. As a user, exactly, you’re probably going to either like it or hate it. Don’t forget these are very early stages and there is billions of dollars to Facebook. Just alone is putting 10 billion dollars into metaverse projects this year. And so right? Well, they’ve changed her name to raise the level of awareness about the metaverse to a point that it just became very obvious to everyone. Now most of people know and have heard this term before. Whereas six months ago, it was still kind of like just a vague prediction that just people who were very much into crypto and NFT and such gaming, but that was it. We’re talking about, yeah, right? It was kind of like a super sci fi sort of concept, but I do go, I am going to say that going back to the recommendations on movies, I mean, Ready Player One. Very much, very much. Yeah, very much metaverse alike. And even The Matrix is pretty much on early take on what the metaverse is. That’s where the
Grace: [00:39:55] Term came from. There you go. Grace, you know me and etymology. I like where these terms kind of come from, and I saw that actually metaverse came from that movie, from The Matrix specifically.
Liel: [00:40:06] That’s it. And you, you got to respect The Matrix. That’s right. Grace. Great conversation. Thank you so much for your time. A lot to think of, but a lot of opportunities to explore in the future. And we’ll be back next week with another conversation. All right. Thank you, Liel. Bye. If you like our show, make sure you subscribe. Tell your coworkers. Leave us a review and send us your questions at: ask@incamerapodcast.com We’ll see you next week.
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