Metaverse Rides NFT Boom, Says $ 69 Million Digital Artwork Owner

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Metakovan and Twobadour Panar, aka Vignesh Sundaresan and Anand Venkateswaran, the buyers of the $ 69 million NFT-funded artwork “Everydays – The First 5000 Days” by Beeple – have created a memorial called “The. Venkateswaran” in an online virtual world, Venkateswaran “Erected souk” said ET. The duo’s NFT portfolio, which includes digital land, art, wearables and names, is worth $ 189 million, according to a review by Nonfungible.com.

Twobadour Panar (TP) spoke to Apoorva Mittal about the Metaverse and what works and what doesn’t so far. Edited excerpts:

ETtech

Vignesh Sundaresan (left) and Anand Venkateswaran

What happens to the metaverse? Why is it exploding?

The idea of ​​the metaverse rode the wave that NFTs sparked, at least since March and the great Beeple incident. But I think Mark Zuckerberg’s announcement had some important ramifications in this area as well.

Metaverse has been exploding for a while, to be honest, especially in the digital land. Showing ownership of digital land is the primary use of NFTs, although art and games are currently in the spotlight. Land, in my opinion, is very important because it probably represents ownership in the NFT space better than any other asset class. Property rights are not the same all over the world. In the metaverse, the only asset class that represents absolute inalienable property is virtual land. When we started collecting NFTs, the first category he looked at was land. Metapurse is the largest single landowner in Decentraland. We also own huge lands in sandbox and cryptovoxels.

What is happening on your huge estate in the digital world?

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Read Now It enables you to experience NFT art instead of just buying it and keeping it somewhere. Decentraland had a number of soccer games recently, they are organizing a music festival, they have gallery openings. All of these things happen in these worlds. So there is a lot of exchange of experiences. There are experiments to turn it into some kind of working virtual world like Second Life, with the exception that everyone’s country is their own. But we are still a long way from that. There is great interest in using these virtual worlds for product launches. I think it’s very interesting.

Are you currently monetizing something in the metaverse?

No, not at this moment. The more the space develops, the more options it offers.

Where are we currently in the evolution of the metaverse?

I feel like it’s a bit saturated because people realized that there is currently a limit to what we can technologically achieve on virtual land. And there is already far too much land that is not built on, that is not populated. I think the focus has now shifted to what to do in these countries, to be able to gain experience for these spaces and create assets that work in interesting ways. For example, we are in the process of building a massive structure called The Souk that will become the permanent address for the Beeple 5000 piece. The design is almost done. We worked with some great artists and architects to build it. It will be launched on November 4th.

Also read:
What is the metaverse and why is everyone talking about it?

How do you respond to the criticism that NFTs are a bubble that is about to burst?

We are happy if you believe what you want. The longer it takes for others to get into this room, the more time we have for ourselves. I’m in no hurry to convince hordes of people to enter this market and feed it. Until then, we will have a lot of fun and continue our experiments.

Are you looking to invest in India through the Metapurse Fund?

It’s still tricky in India, isn’t it? It’s not something we actively focus on when it comes to investing, but we’re creating some kind of incubator for artists and creatives. We entered the crypto space to bring some of its benefits and ideas back to India. But that is easier said than done.

What’s next for digital worlds?

Every brand present in a two-dimensional environment today wants to create more immersive experiences for their customers and their customers. And this is where these virtual spaces come into play. It will also be important for every artist or creator to have an original identity or virtual address and to present their goods, so to speak. The sooner you are in this type of game, the sooner you can see its potential.

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