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Paris Hilton expands her holdings in the metaverse — some say it is the dumbest s*** ever

Andrew Zhoao

News editor

Aug 10, 2022 at 04:11

Crypto queen Paris Hilton extends her presence in the digital world. The actress’s representatives reported the beginning of construction of a virtual mansion in The Sandbox — a decentralized gaming metaverse.

According to MetaMetric Solution, real estate sales on the four major metaverse platforms reached $501 million in 2021. The experts say that at this speed, sales could reach nearly $1 billion in 2022. Obviously, buying virtual land is not a cheap pleasure. Let’s figure out who’s buying up virtual real estate, why, and whether the Metaverse is a good investment.

Paris World expands

Earlier, reality-show TV star Paris Hilton launched the Paris World business metaverse in Roblox. It is a virtual island based on the design of her real estate in Beverly Hills and a dog-friendly mansion in the same carnival style as her wedding.

According to the plan, visitors to Paris World can:

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  • explore digital replicas of Paris Hilton’s Beverly Hills estate and dog mansion;
  • stroll the promenade inspired by the neon carnival wedding celebration Paris and her husband Carter Reum hosted in 2021 at the Santa Monica Pier in California;
  • explore the luxury island in a sports car or Sunray yacht.

Like other virtual hangouts, Paris World collects small payments for buying virtual clothes or booking a jet ski ride. Hilton brought attention to this new digital island with the help of real DJs who played a party on New Year’s Eve — for which she paid $1 million a night.

This new “business in the meta-universe” is the latest round of digital monetization for Hilton 11:11 Media, which previously entered the NFT market by selling three unique digital artworks, one of which sold for more than $1.1 million. The media company is otherwise responsible for reality shows such as Cooking with Paris and Paris in Love, as well as the podcast This is Paris.

For a fee, fans of the star will also be able to buy virtual clothes in Roblox Store.

Virtual clothes
Virtual clothes

According to the celebrity, the metaverse for her is a place where you can do everything the same as in the real world.

In addition to her virtual island, Hilton once launched about 19 different brands of goods, including cosmetics, clothing, perfumes, jewelry, shoes, and more. Now she decided to expand her presence in the digital world and started to build a virtual mansion.

The mansion is built in the Sandbox, a subsidiary of Animoca Brands, a decentralized gaming virtual world. The platform has more than 40 million global installs on mobile phones across the globe.

“I am beyond excited to expand Paris World further into the metaverse. In collaboration with my amazing partner, The Sandbox, my team is dedicated to building an incredible real-life experience for my fans,” Paris Hilton said.

Who else is in the metaverse crowd?

Metaverse is the next generation of social networking. People can visit a carnival, music concert, or museum inside it. Right now, virtual worlds look a lot like video games, but many companies plan to create a whole 360-degree immersive virtual reality experience through VR glasses. Grayscale estimates virtual worlds could become a $1 trillion business shortly.

Several celebrities are already immersing themselves in worlds to interact with fans and organize their concerts during the pandemic. These include Justin Bieber, Ariana Grande, DJ Marshmallow, and the abovementioned Paris Hilton.

Some of the land in Decentraland, another metaverse, is already worth more than $2.5 million. In the Sandbox, where the virtual developer Republic Realm builds homes, sold the land for $4.3 million. Last year, Republic Realm was selling virtual islands for $15,000 apiece. They’re already going for $300,000 each, equal to the average home price in the U.S.

For several people, the virtual world is just as important as the real world. That’s the Future. Sandbox is already starting to diversify its prices by the number of events in the area. One man bought a house for $450,000 to be Snoop Dogg’s neighbor. It is noted that investing in such real estate is high risk and only worth investing in what you are willing to lose.

The dumbest s*** ever

Some experts say that despite being built on blockchain technology, it has no connection to reality and will become a bubble with high probability. One of them is the billionaire Mark Cuban, who earlier called it a big mistake to buy real estate in the metaverse at the current stage of development of the concept of virtual space.

“There is no reason for this [buying real estate in the meta-universe] yet. The main lesson from looking at business in general and the crypto industry is that community is at the heart of entrepreneurship.   You first form a group of people and only figure out what they need. The worst part is that people are buying real estate in these places. That’s the dumbest sh** ever,” Cuban noted.

However, despite his skepticism about assets in the metaverse, the businessman still bought the NFT, which gives him the right to own a plot of land in the virtual space Otherside, at an auction. Many investors followed Cuban’s move, and token creator Yuga Labs earned about $300 million from their sale. Despite this, the billionaire acknowledged the pointlessness of buying NFT, claiming that the coins only gave access to the metaverse and were not real estate. Very tricky!

But other experts predict that one day the metaverse will be a place where society can gather to live, work, and have fun. For some, it will be such an integral part of daily life, like the Internet, that without access to it, people will feel like outcasts. Well, we wait!

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