Some people make thousands of times crazy, and the capital game is worth hundreds of millions a day. How long can the Metaverse bubble blow?

After the false prosperity, can the Metaverse really be realized?

You don’t know the Metaverse yet? It’s ok. Take a look at the ambitions of Microsoft, Meta, and Nvidia, and you can appreciate the vastness of the Metaverse.

On January 18, Microsoft announced that it would acquire Activision Blizzard for $68.7 billion, the largest acquisition ever in the Internet sector. Tech giants have money and game companies have experience, and Microsoft hopes to ride the Metaverse train.

Two months ago, FaceBook was renamed Meta, and even though the video of Zuckerberg surfing was ridiculed, Zuckerberg’s will was not affected in any way. The well-known graphics card manufacturer Nvidia hopes to use Omniverse to open the door to a market value of $760 billion to trillions.

The grand visions of Internet companies seem somewhat puzzled-because with today’s technological level, the beautiful vision of the Metaverse can be realized no faster than immigration to Mars.

This does not affect more and more companies and people joining this “feast”. Benyamin, a 12-year-old boy from the United Kingdom, made 3 million yuan in one summer vacation by relying on the NFT of the Werid Whales series, and these whale digital collections are just ordinary emoticons. The virtual land that a blockchain company bought in 2018 is now worth 100 million. On the trading platform Opensea, the reserve price of a piece of virtual land on The Sandbox has reached 3.42 Ethereum, or about 70,000 RMB.

Nothing is impossible.

But ordinary people do not have the dream of changing the world, they think very simply, can they make money. However, in a game field full of bubbles, it is somewhat wishful thinking to realize this dream except for the gamers.

01. The principal of 100,000 rose to 100 million

To make more money in the Metaverse world, you need to be exposed to it earlier than others, and to invest without hesitation, even if it is impossible to predict its future.

At the end of 2018, a gaming platform called Somnium Space came out. In this world, users can buy a piece of land for as little as $55, where players can build VR houses and various buildings.

According to the official Somnium Space, this is an open source social VR world based on blockchain and completely user-led. It hopes to help players create a functioning economy in the virtual reality world, to promote the player’s immersive experience in the virtual world.

At the beginning of a new concept, it is not always noticed by more people, but this does not affect the pursuit of blockchain enthusiasts, especially in the second half of 2018 when the price of Bitcoin was cut in half, the new concept proposed by Somnium Space made some people Bright eyes.

Zhang Kun also started to notice Somnium Space at that time. With the mentality of trying it out, since 2018, he has successively bought hundreds of pieces of land on platforms such as Somnium Space and The Sandbox, spending 100,000 yuan.

Zhang Kun is a loyal “believer” of the blockchain and runs a blockchain technology company with more than 10 people.After entering the industry for 8 years, he has long been accustomed to the story of wealth freedom in the circle. He told Tech Planet that his early purchase of virtual land was purely out of belief.

It’s like investing in a startup project. Even if the probability of failure is as high as 99%, as long as the track is right and luck is still there, there is still a chance to explode.

Some people make thousands of times crazy, and the capital game is worth hundreds of millions a day. How long can the Metaverse bubble blow?

In November 2021, virtual land transactions on the Metaverse exploded. According to DappRadar data, in November last year, there was unprecedented traffic and transaction activity on The Sandbox (virtual land exchange platform), the virtual land transaction volume reached 228 million US dollars, which was the best month to date, compared to the previous month. an increase of nearly 700 times.

Now, on the trading platform Opensea, the floor price of a piece of virtual land on The Sandbox has reached 3.42 Ethereum, or about 70,000 RMB.

“The land in our hands has now increased by 1,000 times (worth 100 million yuan), but we do not plan to sell it, and our team is not short of money,” Zhang Kun said.

Not only Zhang Kun, but some people also made money.

In 2021, a Metaverse company created a net profit of more than 100 million yuan with less than 100 people. They have just obtained a new round of financing, and the process went very smoothly. After chatting with investors for an hour, they produced a glossy financial statement. In just one month, the institution completed the whole process of due diligence and payment. , which used to take 3 months.

However, this company is not an ordinary person, but more like a game maker. Where did the 100 million profit come from, the other party refused to answer. But they have been established for more than 10 years. In the founder’s own words, the Metaverse technology is not much new, and it is no different from the previous blockchain, and he knows well-known people in the blockchain circle.

Zhang Kun did not throw away his land at the high point, he wanted to become a land developer in the virtual world. “Just like in the real world, you can build a house, earn rent, and sell outdoor advertisements outside the house, etc.” He talked about how to realize the virtual land, “The other party pays me digital currency or other virtual assets.”

In his view, this is the prototype of the application of virtual land tomorrow. “You can’t see the day after tomorrow, but at least you can see what tomorrow will look like,” he explained why he didn’t throw away the land.

02. Restless people

There is no investment target that can skyrocket 1,000 times in a short period of time, even if the housing prices in first-tier cities have risen by only 5 times in the past 10 years, except for bubbles.

More and more young people are attracted by the light reflected by the bubble. When the story of missing the dividends of the mobile Internet and realizing the freedom of wealth through the realization of the company’s listed options is coming to an end, they choose to open the door of the Metaverse with one hand.

What if you can make money? they thought.

A college student who is 5 months away from graduating majoring in marketing plans to give up his major to join the Metaverse. The starting salary of a recent graduate of the computer science department is 50,000 to 61,000, and he may be picky. A person who has been in logistics for ten years, after learning blockchain for more than a year, was invited to a game company to develop Metaverse games. He didn’t say anything about the treatment, but replaced it with the phrase “unlimited prospects and unlimited income”.

Metaverse, a fashionable concept like Velcro, seems to make the stock price skyrocket as long as it is attached. In 2020, the celebrity economic company “Tianxiaxiu”, which was backdoored into the A-share market, announced on October 28 that it would launch the “Honnverse” virtual social Metaverse product, and then its stock price experienced a dramatic 17-day, 7-day limit increase of 80%. .

In the first round of online limited-edition virtual real estate reservations and snap-ups it launched, the number of reservations on the first day exceeded 10,000 within two hours. Due to the large number of people snapping up, the server crashed.

Even if Tianxiaxiu has not actually participated in the research and development of AR, VR, MR and related hardware technologies, and has no relevant hardware technology reserves or patents, speculators believe that this is the Metaverse, and it will be too late if you don’t get on the bus.

A player who has invested in virtual assets for many years told Tech Planet that a lot of the land in Rainbow Universe was directly given to early investors, but due to the lack of investment value, and the experience was boring, he resold it to other players.

The warning letter issued by the Shanghai Stock Exchange on November 19 made some speculators’ dreams of making money come to nothing. But the rising stock price of Tianxiaxiu is still at a high of 10.59. You must know that before dabbling in the Metaverse, its stock price was only 8.49 yuan.

In order to get on the train of the Metaverse, an A-share listed company has invested in research and development for half a year since its technical team, but it was still unsure, and finally decided to outsource. An internationally renowned oil company decided to develop its own NFT, and even BYD claimed that it was related to the Metaverse.

In fact, the largest number of startups in the Metaverse industry are less than 100 people. An employee in the R&D line of Byte Education once received a call from a Metaverse startup company. The other party invited him to be a CTO. The salary was 40,000 yuan per month. He felt it was outrageous, so he gave up the opportunity.

But that’s not the most eye-popping thing. In BOSS direct recruitment, Metaverse may only need to pay him a monthly salary of 20,000 to recruit a CTO. Extremely low pay means either the team is mixed, or they need to get more of their income from other sources.

“You will find that the industry is very short of people. He needs to understand technology, games, and design. In fact, people from Tianmei Studio are the most suitable. They have little willingness to come out,” a founder of Metaverse told Tech Planet . There are a lot of young people in the industry, but there are basically not many people who understand technology.

Large companies, medium-sized companies, small and micro enterprises; those engaged in technology, entertainment, oil… all plunged into the Metaverse, a hot and mixed market.

03. The ever-changing tuyere, the same game of cutting leeks

The real estate speculation boom in the Metaverse did not last long. The number of transactions on The Sandbox platform fell from 833 at its peak to 236, a drop of more than 70%.

But real estate speculation is just the beginning.

“Whenever you do anything in this industry, you will always get together. You will find that a group of people used to make hot wallets, then they all started to make cold wallets, then they went to speculate in real estate, and now they speculate in NFTs. The trend basically changes every 3 months. If you catch it, you will catch it, if you can’t catch it, you will miss it.” Yang Bin sighed, “NFTs are very complicated now, and I think there will be 10,000 companies engaging in NFTs this year.”

Countless new concepts have been created, all with the same ultimate goal: to make money out of users before they wake up.

Xu Lei, an employee of a Metaverse game development company, has personally witnessed the impetuousness of the circle. “In some popular chain games, at the beginning, it took three months for players to pay back their money, then it gradually became 20 days, and finally it became a few days. Some games have hundreds of millions or even billions of funds entering the market every day.”

The shorter and shorter return cycle makes people irrational, and finally some game companies will completely end the harvest with various reasons such as collapse and hacking. In fact, these games are not very advanced, many of them are just web games, but they attract attention because of the concept of Metaverse and blockchain. Their experience wasn’t great, but the players didn’t seem to care, they didn’t care.

“Many people in this circle don’t have clean money. They only have two endings: either go in or go out.” Xu Lei said with emotion. He has witnessed the rapid accumulation of wealth in a short period of time for many people. Most of these people are extremely anxious, because the money is not clean, and some people even lose sleep at night.

The bubble will continue, new concepts will come out again, and new leeks will come on the bus. “The beginning of any new thing is a bubble, and that’s what it’s worth,” concluded one Metaverse founder.

If it is just a game of drumming and passing flowers, it will lose its value. What can really drive the Metaverse industry forward is always technological breakthroughs, although it seems that technological breakthroughs are difficult now. But it’s better to beat all odds in the real world than to revel in the virtual world.

And when more and more people work hard for technological progress, those vague concepts and bubble-style scams will gradually disappear.

(Note: Zhang Kun, Xu Lei and Yang Bin are pseudonyms in the article.)

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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