I spent my life savings on virtual 'metaverse' land' – I now tax people to use it and it'll make me rich | The Sun
A METAVERSE enthusiast has established a revenue model on their $20,000 slice of metaverse land.
The plot of digital real estate is set in the metaverse's oldest digital world.
Entropia Universe launched in 2003 and helped pioneer some of the aspects of the digital economy that are widespread today.
The platform is powered by Project Entropia Dollars (PED) which can be bought and exchanged for real cash.
The gameplay uses the sandbox model where players can freely explore worlds, interact, and do commerce with one another in the metaverse.
One user whose been logging into Entropia Universe for 20 years makes their living by taking a percentage of all players' findings on his digital land.
Read More on Metaverse
Inside plan to make ONE US city ‘physical center of the metaverse’
“I get a revenue based on everything that a player finds out there. If they go out on doing their mining, I get a 3 per cent tax revenue on that. And that’s how I get my income,” Justin Reed told LADBible.
Reed reportedly pays $60 to keep his land teeming with digital animals.
"I know it sounds like a lot, and it's a crazy thing to tell someone that, you know, I'm a virtual landowner, and I put my life savings into it. But I believe in Entropia."
CNBC reported that metaverse real estate sales have surpassed $500million and the trend is expected to stick.
Most read in Tech
I-FAIL 
Millions of iPhones are about to become 'dangerous' – you need to act immediately
WhatsApp warning for ALL 2billion users – two settings you must turn on today
Warning for ALL Android owners – delete these 4 apps from your phone immediately
WhatsApp alert for MILLIONS – secret new features totally change the app
Of all the digital assets in the online market, digital land appears to be the most functional.
One of the top criticisms against cryptocurrencies and NFTs is a lack of widespread use cases to justify their value.
Buy low, put the token or NFT in a crypto wallet where it stays untouched, and hope to sell high.
But Reed's Entropia Universe land can be put to use by other players, and through tax kick-ups to Reed, he can collect income without parting with the asset.
Read More On The Sun
Paige VanZant to star alongside TikToker Bryce Hall in new horror movie
Ex-US Air Force captain says memo holds key to Roswell UFO crash
There are people who have dumped loads of money into digital assets which proceeded to tank in value.
Just ask the man who bought Jack Dorsey's first tweet as an NFT for $2.9million and watched it drop 99% in value in a year.
Source: Read Full Article