The virtual plots of land that Warner or Gucci invested in are now worth 97% less.

It was 2021, the world was struggling to emerge from the pandemic and technology. blockchain It was sold as the future of the internet. At the height of cryptocurrency and the creation of digital art in the form of NFTs, some thought the idea could be given a new twist: Why not use the same technology to register and sell plots of virtual land? When Mark Zuckerberg salvaged a compelling concept from sci-fi novels to name this virtual world and completely rebrand Facebook, the circle was complete. The metaverse had arrived.

For many brands, this was a game-changer. Cryptocurrency is chasing the scent of tulips, and NFT art seems to have no use beyond screensavers, but creating virtual spaces where anyone could collect whatever they wanted was something else. No laws, no building permits, no noise regulations. Music to the ears of some multinationals, it couldn’t be said better: “Here, we will develop sustainable and immersive social music experiences that challenge the constraints of the real world and allow our artists and their fans to interact like never before,” Warner said in January 2022.