Institutions have warned investors to remain cautious about the possibility of a metaverse pricing bubble in the future, saying markets for cryptocurrencies are highly sensitive to a number of factors.
The subject was raised at a recent meeting co-hosted by Chulalongkorn University and the Puey Ungphakorn Institute for Economic Research of the Bank of Thailand. Participants discussed the book “Is Metaverse LAND a Good Investment?” It Depends on Your Unit of Account!” by Kanis Saengchote of Chulalongkorn Business School’s Department of Banking and Finance and Voraprapa Nakavachara, Chulalongkorn University’s assistant to the president for global engagement.
The papers, which discuss virtual land prices in the Sandbox, a blockchain-based metaverse, claim that between December 2019 and January 2022, sellers’ prices increased up to 300 times, while the repeat sales index increased 12 times.
According to Kanit, individual virtual land sales in the Sandbox hit a high of around 140 million baht this year, while Decentraland, another prominent Metaverse project, hit a high of around 115 million baht. With evidence pointing to a virtual land price bubble, investors should proceed with caution.
The metaverse is becoming increasingly popular among business owners, investors, and consumers worldwide. It has provided several advantages for business operations, such as public relations and marketing, new customer experiences, and opportunities to acquire new clients.
Experts believe that the metaverse will help boost the country’s GDP through the digital economy by creating more jobs in the technology sector. (NNT)
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