A Texas man named Justin Reed told Austin's KXAN News that he dropped $18,000 on a piece of virtual "land" in a game called Entropia Universe.
It's crazy to tell someone that I'm a virtual landlord and put my life savings into it. Reed said that he believes in Entropia.
Reed has made some money playing the game before. He's betting on the fruits of digital land now that the Metaverse is about to expand.
Entropia uses a micropayment model in which players can make real-world money from in-game transactions.
The dollar bills have a fixed exchange rate to the US dollar, which is similar to a game of Monopoly. If you make that boardwalk money, you can swap it for an actual check.
When a player finds something on his land, Reed gets a tax revenue on it. He claims to have made $1,200 since buying the Khorum Coast, and likens the investment to starting a real-world brick and mortar business.
He said he could have started a bakery with his money but no one would buy his rolls. I feel like I have more control with this.
Reed's research and conviction is inspiring. A studied bet is still a bet.
"If you like the risk, and you're willing to gamble, which is basically what's happening in this digital world," said Paul Toprac, game development and design program associate director at the University of Texas at Austin. It's a great place to gamble.
Maybe this is the closest we can get in an economy where most people can't afford to buy land.
A Central Texas man is saving money to buy virtual property.
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