Although there is a lot of investment activity in the USA, Dubai is ahead when it comes to making it a government priority and developing a statewide Metaverse offering, he says
LandVault, the largest Metaverse real estate company facilitating the entry of major brands into the Metaverse, has completed 100 million square feet of virtual real estate across platforms such as Sandbox and Decentraland.
This includes work for big brands like Mastercard, L’Oreal, Heineken and Standard Chartered Bank, as well as original Web3.0 projects like World of Women, MAYC or AlienBoy.
LandVault has developed an estimated 10 percent of completed open Metaverse experiences, which are live constructions with a playable experience, has built the equivalent of 1,300 virtual football stadiums and is leading the way in creating a rapidly expanding virtual world.
The company’s origin was in games, and was formerly known as Admix – the building technology for brands to enter games via product placements. Founded in 2018 by Sam Huber, Admix has raised $37 million (AED 135.90) from major venture capitalists (VCs) and works with over 300 brands like McDonalds or Calvin Klein and helps them activate their in-game brands via product placements.
Earlier this year, Huber decided to shift the company from gaming to the Metaverse, acquiring the Metaverse studio and rebranding it to LandVault, to provide a comprehensive solution for branding and Internet Protocol (IP) entering the Metaverse, from land lease to building and monetization.
The recent merger with LandVault included the acquisition of more than 180 employees, including more than 120 developers and artists specializing in the metaverse, making the company the preeminent force in building the metaverse – which this latest development represents. LandVault is a leader in developing an ecosystem that has the potential to generate up to $5 trillion (18.37 trillion dirhams) in value by 2030, according to a report by McKinsey & Company.
The same report notes that over $120 billion (AED 440.76) was invested in the metaverse in the first five months of 2022, more than double the $57 billion (AED 209.36 billion) invested last year — with venture capital, Private equity (PE), start-ups and established brands are all looking to take advantage of the opportunity.
The report shows that 59 percent of consumers are excited about moving their day-to-day activities into the metaverse, highlighting how critical brands are to achieving and staying in place their Metaverse strategy.
Gulf Times I spoke with Huber about LandVault’s growth story.
Edited excerpts from the exclusive interview:
How is LandVault a leader in developing the world’s largest Metaverse real estate company?
Landvault.io is unique in our technology for monetizing experiences such as product placements or e-commerce. Overall, brands work with us because we help them build their Metaverse business – not just a marketing campaign.
How are Dubai, the UAE and five other countries in the Gulf Cooperation Council seizing this opportunity?
We have seen a lot of interest from Dubai and the GCC in creating digital twins for their properties, to enable the actual benefit to residents, but also a new wave of digital tourism. We are working with a local real estate company and attraction park to bring it to the Metaverse.
Which global brands and those in the region are you partnering with?
Not all names can be revealed, but for example the construction company Aldar, and the Yas Marina Circuit in Abu Dhabi.
Why will e-commerce rely on Metaverse?
We believe Metaverse is the next generation of the Internet – an immersive 3D internet that enables richer, more interactive integrations. Over the next decade, it will attract billions of people and redefine the way we interact, shop, play and do business online. As such, a fraction of the e-commerce marketplace will be created in the metaverse rather than the traditional internet. So businesses, stores and retailers need to prepare for that and be ahead of the curve, by jumping in early to learn the ropes of this new channel.
What is the trend in rising land prices on the Metaverse?
Land prices depend mainly on supply, demand and speculation, but its intrinsic value is the business that you can generate on top of it. If you own land, you own the business model on top of it. More and more investors are understanding the value of owning a piece of the Metaverse to be able to trade there in the future.
What is the global and regional trend regarding investments in Metaverse?
There is a lot of investment activity in the USA, but Dubai is ahead when it comes to making it a government priority and developing a statewide Metaverse offering. Dubai is seen as the main hub for the blockchain and the Metaverse – a great way to attract talent from around the world and ensure that they remain a market leader for the next stage of the internet.
How will companies view the Metaverse over the next decade?
By 2030, companies will look at the Metaverse just as they look at the Internet today – a new and indispensable platform for reaching their customers and growing.
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