Will Speed Bumps Deter Any Future Costa Mesa Metaverse?
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Every once in a while, it’s interesting to check in on the progress of Costa Mesa’s real estate doppelganger, the real estate metaverse, to see if it is becoming more popular (hence, real). It has definitely been progressing, but not in a uniformly positive direction—certainly as opined by controversial billionaire investor Mark Cuban.
At the beginning of this month, real estate news purveyor therealdeal.com published a less-than-encouraging update on the technological phenomenon’s progress. Its “reality check” revisited how the year began, as the “both simple and surreal” digital environs of the metaverse greatly benefitted from Facebook’s rebranding as “Meta Platforms, Inc..”
Since everyone knows that Facebook is a real thing, by “leaning into the virtual world” with such abandon, Facebook’s technologically adept governors were sending a billion-dollar signal that they believed the future was headed in the virtual world’s direction. Additional evidence was the volume of investor dollars already spent “trading for land on six platforms, including Decentralland and The Sandbox.” True, most of the purchases were denominated in cryptocurrency—but crypto itself was being validated by multiple Wall Street entities.
For a while, buying up parcels of the limited amount of real estate in virtual environs became more and more popular. Such purchases would enable far-seeing investors to rent, lease or sell to others who might want to build virtual malls, entertainment venues, or—well, any revenue-generating use their imaginations could come up with. Soon enough, they reasoned, the currently empty virtual boulevards would be crowded by the avatars of a virtual goggles-wearing public, eager to shop for virtual (and real) goods and entertainment.
But this exciting frontier may have run into some real-world speed bumps, among which were the death-defying plunges in the value of cryptocurrency and NFTs. More particularly, as therealdeal.com put it, the falloff in virtual land values was so precipitous that it evoked “premonitions of the blue screen of doom.” Land prices which had averaged $16,300 in March, were now going for $3,300—an 80% drop. Total sales volume swooned as well: 16,000 total transactions in November finished June with barely 2,000.
Also unhelpful was the publication of last week’s businessinsider.com interview with celebrity investor Mark Cuban. The article summarized data suggesting that “the metaverse is nowhere close to materializing”—and “interest appears to be waning.” Cuban put it more succinctly. “Buying metaverse land,” he said, “is the dumbest s--- ever.”
Should a mock metaverse version of Costa Mesa ever materialize, it’s pretty clear that it won’t be anytime soon. In the meantime, we hope you’ll call on us when more real real estate matters are in the works!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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