Mark Zuckerberg’s Fortune Dropped $11 Billion Thursday–And Is Down $100 Billion Since Meta’s Stock Peaked

Facebook CEO Mark Zuckerberg pauses while speaking as he testifies before a joint hearing of the ... [+] Copyright 2018 The Associated Press. All rights reserved.

Facebook founder Mark Zuckerberg’s net worth fell $11 billion on Thursday to $36 billion as the company’s shares plummeted a day after it reported dismal quarterly earnings. Meta shares fell 25% to $97.94 on Thursday, pushing the stock to its lowest point since December 2016. In its third quarter earnings released late Wednesday, the social media giant reported a 50% decline in profits and revenue sliding by 4%, far below analyst expectations.

To make matters worse, Meta’s virtual and augmented reality division has lost a whopping $9.4 billion this year through September 30 trying to create the metaverse. On that front, Meta appears to be failing miserably.

“Look, I get that a lot of people might disagree with this investment. But from what I can tell, I think that this is going to be a very important thing, and I think it would be a mistake for us to not focus on any of these areas, which I think are going to be fundamentally important to the future,” Zuckerberg said in the company’s earnings call on Wednesday after the U.S. stock market closed.

The stock decline knocked Zuckerberg down from the 25th richest person in the world as of market close Wednesday to the 29th richest as of market close Thursday, according to Forbes’ Real-Time Billionaire tracker.

It hasn’t been a great year for Zuckerberg. Meta stock was flying high during the pandemic and reached its peak on September 7, 2021, bumping Zuckerberg’s fortune to $136.4 billion. Since then, Meta’s stock price has cratered by 74% and Zuckerberg has lost $100 billion, nearly three-fourths of his fortune at its peak.

Beyond the losses in its metaverse unit, Meta is facing fierce competition from TikTok for ad dollars—the source of the majority of its revenue—as well as a broader advertiser pullback amid concerns about an impending recession. Adding to its advertising woes, the social network is still reeling from privacy changes made by Apple last year that make it harder for tech companies to track users across apps, which has cut into its ad revenue.

I’m a San Francisco-based reporter covering wealth at Forbes. Follow me on Twitter @rachsandl or shoot me an email rsandler@forbes.com.

Source: Mark Zuckerberg’s Fortune Dropped $11 Billion Thursday–And Is Down $100 Billion Since Meta’s Stock Peaked

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Critics by Natalie Sherman

It comes as investor doubts about Mark Zuckerberg’s vision for the future grow, and revenues and profits decline. Meta’s sales shrank by 4% in the three months ending in September to $27.7bn (£24bn), while profits halved.

The fall in shares is set to wipe $78bn off the firm’s market value if the losses hold until the end of Thursday.

What’s gone wrong?

A year ago, Mark Zuckerberg declared virtual reality the next frontier to drive Facebook’s growth. But so far, there has been very little of it.The company, which also owns WhatsApp, is struggling as companies cut advertising budgets in the face of economic uncertainty, changes to Apple’s privacy settings hurt its targeted ads, and competition from rivals such as TikTok heats up.

Mr Zuckerberg, who founded Facebook at university almost two decades ago, acknowledged the firm faced “near-term challenges”.He said the company was focused on becoming more efficient and hinted at job cuts, saying the firm may be a “smaller organisation” next year.

But on a conference call stacked with sceptical analysts, he also maintained that the company was on the right path, as it invests in ways to keep people on its apps and stakes a claim in the emerging world of virtual reality, also known as the metaverse.

“There are a lot of things going on right now in the business and in the world,” he said. “We’re going to resolve each of these things… I think those who are patient and invest with us will end up being rewarded.”

Investor confidence plunged in February, when the company revealed it had lost daily users for the first time ever. Then in July, the company reported its first quarterly decline in revenue, as companies spooked by the economic outlook cut their advertising budgets.

Prior to the firm’s update, the value of Meta’s shares had fallen 60% since the start of the year, wiping hundreds of billions off the company’s value. They slid further on Thursday, after executives warned that recovery would take an improvement in the wider economy.

Analyst Debra Aho Williamson of Insider Intelligence said the company was on “shaky legs when it comes to the current state of its business”.”Mark Zuckerberg’s decision to focus his company on the future promise of the metaverse took his attention away from the unfortunate realities of today: Meta is under incredible pressure,” she said.

Meta continues to generate large profits – nearly $4.4bn in the three months ended in September – and it has also fended off a decline in users.The company said 2.93 billion people were active on one of its platforms daily in the three months ended in September, up from 2.88 billion in the quarter before.

Although the core Facebook platform is not adding users in the US or Europe, it continues to grow in other parts of the world.Despite its strengths, many investors fear the company has lost its way……

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Taxing Income In The Metaverse

Metaverse virtual reality and internet futuristic streaming media symbol with VR technology and ... [+]getty

The Metaverse as envisioned by its creators — a fully formed digital world with virtual identities, homes, belongings and more — would transform our global economy. Development is growing quickly, as several platforms already are offering interactive games, business opportunities and social experiences.

For example, Barbados has been working to declare digital real estate as sovereign land, the first country to do so. The island nation intends to build virtual embassies and consulates, develop services to provide e-visas, and construct a “teleporter” that will allow users to transport their avatars between the various worlds.

These kinds of activities are only expected to grow, and now is the time for all governments — state, federal, and foreign — to think about if and how such ventures should be taxed, be they transaction taxes, income taxes, or any other categories.

The Nature of Work in the Metaverse

When it comes to income taxes, the first question that must be asked is what it means to work in the Metaverse. For example, consider the digital equivalent of an analog real estate broker. She is hired to select digital land parcels her client may be interested in purchasing. Her client purchases a parcel and pays the broker her commission in cryptocurrency.

Like her analog counterpart, the broker’s commission is income. In this case, the broker would report her commission as ordinary income on her federal and state tax returns, determined by the market value of the cryptocurrency on the day she is paid.

Yet payments to others can be made not just in cryptocurrency. Similar questions arise in the case of “play-to-earn” video games — that is, whether a gamer’s earnings count as wages.

For example, Axie Infinity is a gaming universe where players purchase, breed, train, and battle non-fungible token (NFT) critters called Axies. Axie Infinity contains several types of in-game currencies, one of which is “smooth love potion” (SLP), a token players earn for battle victories. Used to assist in breeding new Axies, the number of SLP tokens player earns varies with the strength of her gaming skills. SLP tokens can also be purchased and sold on the open market with either cryptocurrency or fiat money.

Since the Axie in-game currency has real-world value, it stands to reason that tokens earned during gameplay should be reported and taxed as ordinary income, determined by the market value of the token on the day the player earned or claimed it. And, as has been well-settled, if the gamer converts her SLP token into cryptocurrency or sells it in exchange for fiat money, it qualifies as capital gains income, subject to short- or long-term capital gains tax. The latter is also true for the Axie NFTs, which, like SLP tokens, can be converted to cryptocurrency or sold on the open market.

Thus, the issue of whether cryptocurrency payments in exchange for services or the rental of a digital commodity constitute taxable income is settled. The question concerning whether payments consisting solely of NFTs, however, remains open. For example, what if the broker’s client paid her with a Bored Ape NFT? Some Bored Ape NFTs have been sold for millions in the marketplace, while others have been sold for substantially less. How would one go about valuing such an NFT for purposes of determining income?

Another example of income, although not “work” in the traditional sense, is the case of a person who rents digital land. Like the broker, how would the digital landlord determine her rental income for the lease period if paid with an NFT?

Could NFT Payments Be Considered Barter Transactions?

The IRS has issued guidance that cryptocurrency is property, yet it has not issued similar guidance for NFTs, although it is likely that NFTs also qualify as property. Regarding our broker, could her receipt of an NFT in exchange for her services count as barter? Yes, but only if the broker and her client agreed beforehand that the fair market value of the broker’s services and the FMV of the NFT are equal.

This would also be true of the landlord and her renter — if the parties agree that the NFT’s FMV is equal to the FMV lease period, the exchange qualifies as barter, and in both cases, the broker and the landlord would report the value of the exchange as income. The problem, of course, lies in determining the FMV of the NFT.

In the broker’s case, if the FMV of the NFT is determined by comparing the prices of similar NFTs, it is possible that no barter could have occurred. People, businesses, and governments have paid hundreds of thousands of dollars or more for digital land, and it is almost a given that our broker’s commission is but a fraction of what the buyer paid for the digital asset.

Of course, the opposite could also be true — the FMV of the NFT offered is less than the FMV of the broker’s services. Overall, in the case of a digital broker, it seems she would be better off to demand compensation either in cryptocurrency or in fiat money.

Sourcing Income From Transactions Involving Digital Land

Expanding on the landlord and renter example to include buyers and sellers of digital land, a knotty question arises regarding the source of the landlord’s and seller’s income arising from the transactions. In the analog world, such income is sourced to the jurisdictions where the real property is located. Of course, in the digital world, that doesn’t make sense. So where should the landlord’s and the seller’s income from their digital land holdings be sourced?

One option is to source the income to the jurisdiction where the digital environment’s servers are located. A second option is to treat income from the digital land and the real property in the same manner — that is, to source the income to the jurisdiction where the landlord and seller physically reside. The second option carries greater logic than the first and remains so even if the digital environment is hosted in the cloud.

Similar questions arise when the digital land is purchased from or rented by the platforms themselves. Should the income be sourced to the jurisdiction where the platforms’ servers are located or where the platforms’ owners are physically located? Again, the second option carries greater logic.

What if the platform owners are outside the United States? If the platform owner acts as a landlord, and is qualified to do business here, it will have a registered U.S. address, and the rental payments will be sourced to the state where the address is located.

The same is true when the platform is acting as the seller of digital land — that is, the purchase price will be sourced accordingly. If neither the landlord nor the seller is doing business in the United States, the rental payments and the payment for the purchase should be sourced to the platform’s home jurisdiction.

Sales and Royalty Income From NFTs and NFT Donations

If a person is actively involved in creating and selling NFTs as a livelihood, there is no question that the proceeds from those sales constitute income. In this case, the NFTs would be considered inventory, and the creator would be subject to self-employment tax on his profits in addition to individual income tax. However, the IRS has not issued guidance on the tax treatment of royalty income from NFTs. In this case, if the person is actively involved in creating NFTs, his royalty income would more than likely be subject to self-employment taxes.

Donating or auctioning off NFTs for charitable purposes is not considered to be a taxable event if three criteria are met. First, the NFT donation is held for over a year; second, the NFT is donated to a section 501(c)(3) organization; and third, the NFT is donated directly to the organization. However, regarding auctions, if the creator auctions the NFT first and then donates the proceeds to the organization, he will incur capital gains income and be taxed accordingly, depending on the length of time the asset was held.

Conclusion

The digital world promises a plethora of new experiences and opportunities to generate income for individuals as well as business entities. However, determining how to tax that income will not necessarily be easy.

In the United States, the IRS has issued little taxpayer guidance, meaning that tax professionals, other than what guidance the IRS has provided, have little to rely on other than their own knowledge and experience to fill the holes. Despite these shortcomings, the Metaverse, even if it does not come to full realization, promises to be an interesting digital world, nonetheless.

I’ve been involved with state and local tax for over 30 years and have enjoyed watching the profession grow and come into its own.

Source: Taxing Income In The Metaverse

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Related contents:

Maryland’s Digital Advertising Tax Defeated Lex Blog (Weblog)

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$1.2 Billion Metaverse Firm Boasts Of Its 8,000 Daily Users

Screenshot: Decentraland

Last week, an NFT founder tweeted that the metaverse company Decentraland only had 30 daily active users, despite its $1.2 billion market valuation. After a cryptocurrency news outlet reported the numbers, this week Decentraland hastily corrected on its blog that its metaverse actually has 8,000 daily active users. For reference, $1.2 billion is roughly one-eighth of a Bethesda.

The data for the first claims of 30 daily users came from DappRadar, an app store that tracks NFT transactions. Decentraland refuted the numbers in a blog post, stating that they actually had 8,000 whole daily active users. Wow. Incredible. I think Kotaku has gotten twice as many retweets on a single tweet than Decentraland has active users?

If you read further in the blog (or I will so that you don’t have to), you’ll see that there’s some funky math going on here. “You might at first divide 56,697, the number of September’s MAU by 30 and come back with the number 1,866,” wrote Decentraland, acknowledging that is far from the 8,000 that they claim. “A large number of Decentraland’s users are repeat visitors, they are the Decentraland community and spend time on the platform on a regular basis.”

So they’re not actually counting unique visitors. Decentraland has 1,866 unique visitors a day. This is so sad that I don’t even know that I have the heart to snark about it.  Haha, just kidding. That’s a bad number and they should feel bad. But feeling bad requires some self awareness, which the blog post seems to lack. “When discussing the number of DAU or MAU in Decentraland, it’s worth keeping in mind that Decentraland is not a company and that it doesn’t view users as a product by which to measure success,” wrote Decentraland.

“Decentraland is a DAO and the only open source, Web3 metaverse platform that is owned and governed by its community.” (Kotaku reached out to Decentraland to ask what kind of metrics it uses to measure the platform’s success, but did not receive a response by the time of publication.)

Um… okay? I guess that would be plausible if Decentraland didn’t have a market cap of over a billion dollars. It feels like a good opportunity to remind folks once again that the crypto world is filled with scams, and not even Meta can really get the metaverse to take off even with its massive war chests filled with money.

Nevertheless, the not-company seems optimistic. Maybe overly so. “Decentraland’s goal is to be a fun and entertaining platform with a thriving community that educates and onboards people to the philosophies and tech of Web3 while empowering Creators in the hope that, when the masses realize why decentralization is important, a viable option will be available and the next iteration of the internet won’t be monopolized by a handful of corporations.”

I don’t think Decentraland will be an alternative to anything while only two thousand unique visitors are engaging with the platform per day. But hey, maybe I’ll be proven wrong by these forward-thinking revolutionaries.

Source: $1.2 Billion Metaverse Firm Boasts Of Its 8,000 Daily Users

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Critics by

Imagine being able to jump from one concert to another in a matter of seconds, or go from your native land to any country in the world without having to catch an exhausting flight, or attend all your meetings from your home but in your office. These are only a few use-cases to name that the metaverse promises.

What Is The Metaverse?

The metaverse is a shared online space, combining physical, augmented, and virtual reality, and it is set to reshape the world by becoming an integral part of our day-to-day lives in the next 10 to 15 years. The metaverse sits at the crossroads of Web3.0, blockchain, and virtual and augmented reality. Once people around the world get familiarized with these concepts, the metaverse industry will grow at an exponential rate.

As of now, the world is functioning on Web2.0, where the only thing an individual can own wholly is a domain name. As we move into the realm of Web3.0, individuals can own a multitude of things in the form of digital assets. Anything an individual can create, buy, or sell on Web3.0 can be solely owned by that individual with digital rights of ownership. Blockchain technology and NFTs make this possible.

Blockchain technology, cryptocurrency, and NFTs serve as the foundation of the metaverse, a decentralized virtual world where there is no one group of people will have majority ownership of the internet.

Metaverse Market Analysis

Use cases for the building blocks of the metaverse — NFTs, cryptocurrencies, VR and AR — were once only limited to the gaming and entertainment industries. As these technologies mature, the metaverse will transform more than just the gaming and entertainment industries.

According to a report by Brandessence Market Research, the global metaverse market was valued at $209.77 billion in 2021 and is expected to grow to $716.5 billion by 2027 at a compound annual growth rate of 22.7%. A report published by Global Industry Analysts, Inc. pointed out that current efforts in building the metaverse are structured in a way to promote the peaceful coexistence of stakeholders, irrespective of their size.

This will serve as the key to the metaverse being decentralized and would speed up the development of Web3.0. The metaverse is aimed at bringing a wide range of industrial sectors including entertainment, finance, travel, and gaming industries into an immersive digital ecosystem where cryptocurrencies and NFTs are invaluable assets.

Key Trends and Major Players In The Industry

There is a fair amount of abstraction as to how businesses across the world will be operating on the metaverse, however, some corporate sectors have already started working on innovative solutions to become a part of the virtual revolution. Meta Platforms, Inc. (NASDAQ:FB) developed and published Horizon Worlds, a virtual world where users can explore, play, and create new worlds. Alphabet Inc.

(NASDAQ:GOOG) is actively funding the development of Web3.0 and the metaverse. Microsoft Corporation (NASDAQ:MSFT) announced Azure Digital Twins which will allow users to create a digital representation of real-world entities and run simulations on them, allowing businesses to gauge feasibility in cost-effective ways.

Notable Projects

Giant tech companies such as Meta Platforms, Inc. (NASDAQ:FB), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG) are pouring in billion-dollar investments to catapult the metaverse industry into a trillion-dollar industry. However, there have been some notable efforts and contributions to the building of the metaverse in the past, before it became a buzzword.

Linden Lab is widely known for creating Second Life, an online multiplayer game. Second Life was launched in 2003 and offered users the ability to create an avatar for themselves and lead a “second life” in an online virtual world. The platform allowed users to interact with places, objects, and other avatars. Users of the platform are called “residents”.

Residents can explore the world, meet other “residents”, socialize, participate in both individual and group activities, build, create, shop, and trade virtual property and services with one another. Second Life has its own digital currency, the Linden Dollar, which users can buy with real money. The game rose to popularity over the decade and gained over one million users in 2013. As of 2021, the platform has more than 900,000 active users.

Another prominent and ambitious company in the virtual space is video-game maker Pixowl, which designed and developed the popular non-linear mobile game, The Sandbox. The players of the game explore resources such as water, soil, and sand, among others, and work on building their own virtual worlds. Players make progress through the game by performing tasks such as using water and dirt to make mud or making a battery from scratch.

The Sandbox was acquired by Chinese video game company Animoca Brands, in August 2018, which worked on adding blockchain functionality to the game. The blockchain version of The Sandbox enabled users to monetize their intellectual property in the game. In the third quarter of 2019, Animoca raised over $2.5 million to fund the development of the blockchain version of The Sandbox. The platform has its own digital currency, SAND, which is used to transact over the network.

Other prominent companies that are leading the innovation in building the metaverse are Roblox Corporation (NYSE:RBLX), Nvidia Corporation (NASDAQ:NVDA), and Unity Software Inc. (NYSE:U).

Our Methodology

To find the 13 most ambitious metaverse companies in the world, we looked at various metaverse market reports that highlighted the major players in the industry. We look at the vision statements of each company to determine what it aspires to bring to the metaverse. We examined each company’s product portfolios, earnings reports, analyst comments, and hedge fund sentiment. We also looked at each company’s metaverse projects and gave weight to the competitive advantage that the company has over others….To be continued

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What Is Digital Real Estate? Five Things You Need To Know

When you search in “What is digital real estate” into google, you’re likely going to find guides to obtaining older versions of digital real estate such as domain names, websites, and URLs’.

And this wouldn’t be wrong, as these are still types of digital property that can be bought and sold for a profit. But, in this article, we’re going to chat more about Web3 digital real estate like the Metaverse and protocols like Parcl.

‍This article is mainly for beginners in this space, but feel free to check out our “What is Parcl” article if you want to learn more about our protocol. So, let’s dive into five things you need to know about digital real estate.

‍What is Digital Real Estate?

‍Let’s start with the basics; what actually is digital real estate? Digital real estate can include the ownership of a URL, website, domain name, social media account, and now virtual property in the Metaverse. ‍‍

The buying and selling of which can be highly profitable if you know what you’re doing. Since we’re a Web3 protocol, we’ll focus mainly on the Metaverse and how you can gain exposure to real-world real estate through the use of digital real estate investing.‍

So, what can you actually do with the land in the Metaverse? The main thing you can currently do is buy and sell the virtual property, but on some larger metaverse projects like Decentraland and Sandbox, you can design your own events and play with other users.‍

By designing your own events and games, you can easily monetize this too. You’ll also have the ability to rent out your land to other people if buying outright is too expensive. Currently, the Metaverse is becoming more popular, with large organizations and businesses buying land to advertise their products in both the physical and digital worlds.‍

But, Web3 digital real estate isn’t just the Metaverse.

Is The Metaverse Digital Real Estate?‍

Yes. The Metaverse is digital real estate, but it’s not the only way to invest in this space. You can also invest in digital real estate via Parcl. Our protocol built on Solana allows the average person the ability to invest in the real estate market using synthetic assets.‍

So, we’ve created something called the Parcl price index, which values real estate across the US under certain parameters, which are then tied with a synthetic asset that follows this price movement. Like a derivative in traditional finance, a synthetic asset follows the underlying asset’s price, allowing you to actively trade the asset without ever owning it. Meaning that if you wanted to hedge against the effects that Covid-19 had on the Manhattan property market, you could go short on that area and profit.‍

Parcl allows you to trade your favorite neighborhoods on a detailed or broad level; it’s totally up to you; the same goes for the investment amount. Many people are priced out of investing in physical real estate, but thanks to Web3 technology, Parcl can offer the average person a way to invest in digital real estate to gain exposure to the physical real estate market.

‍If you want to learn more about how Parcl works and why we’re so passionate about leveling the real estate investing playing field, check out our Intro to Parcl article.

‍Digital Real Estate Investing: Is It Profitable?

‍Of course, digital assets are a growing asset class, and that goes for NFTs and not just virtual real estate. We go into detail about the impact NFTs can have on the real estate industry here. But, in summary, the digital asset class is booming and has made plenty of people multi-millionaires over the past few years.‍

The NFT “Everyday’s – The First 5000 Days” sold at a Christie’s auction for $69 million. Not only that but a 500 square metered plot of Decentraland land sold for $2.43 million, making it one of the largest sales on record. So, it’s safe to say that yes, you can make a huge profit from digital asset trading. ‍Where Can You Buy Digital Real Estate?

‍We’ve just determined that investing in digital assets like real estate is profitable, but where do you buy it from? Firstly, you’ve got to have your own wallet to store your land NFT and buy the assets. Check out our phantom wallet setup guide to see how it’s done.‍

When you’ve got your crypto wallet set up, you now need to just put in a bid for the land, this can be done straight from the metaverse project itself, such as Sandbox or Decentraland, or you could use a third-party platform such as OpenSea or MagicEden.

‍If you’re looking to gain exposure to physical real estate through investing in digital real estate, join our Discord or sign up to our newsletter for any updates on when our testnet launches.‍

Is Digital Land Going To Continue To Grow In Popularity?

‍Yes, and we don’t see this slowing any time soon. With people becoming more interested in gaming and the gamers of the early 2000s growing up and obtaining higher paid jobs, this disposable cash is being spent on digital assets like real estate in the Metaverse, gaming items, and avatars for their digital identities.

But, another thing to remember is that it’s not just for people who game; it’s for those that want to profit from this digital gold rush. As the world moves further into the digital era, we’ll see more people buying digital land, creating digital identities to escape the real world, and spending more on in-world items.‍

Not only will it be filled with gamers, but tech giants and other organizations will also begin buying up more land to advertise to millions of users. The virtual floodgates have opened, and there’s no way to close them.

Source: What Is Digital Real Estate? Five Things You Need To Know

Critics by: Sean Peek

How to profit from digital real estate: After buying or making your website, you need to create content on a consistent schedule to attract visitors to your website and generate traffic. Use Google’s Keyword Planner to brainstorm ideas for your blog using words that people are already searching for.

If you’re too busy to write blog posts and promote your website, hire freelancers to write content on your behalf. You can find freelancers from sites like Upwork at affordable prices. Once you’re generating enough traffic to your website, monetize that traffic to generate revenue from your website. Here are a few ways to make money from your web traffic.

  • Advertising: Sell ad space on your website or use an ad network like AdSense to monetize website traffic. When people click on an ad, you earn money.
  • Affiliate marketing: This involves promoting and selling products created by other businesses. Whenever someone buys a product through your affiliate link, you earn a commission off the sale.
  • Selling products: You can also create and sell your own products, like e-books, online courses and software on your website.
  • Sponsored content: Advertisers will often reach out to you to sponsor blog posts that promote their own brands and products. They will pay you to write about their products on your blog.

Eventually, you may start making a profitable income from your website. Then you can decide whether to sell it for a profit or to continue developing the site to use as an income stream. The choice is yours.

The good news is that you don’t have to open your checkbook or empty your bank account to invest in a website or a blog. The bad news is, unlike when you invest in stock or real estate, you can’t expect the value of your digital real estate to go up over time if you don’t do anything. You have to put in the work to make your website more successful and increase its value. Make sure you’re willing to put in the work before you invest if you want to see a financial return.

 

Top Marketplaces to Buy Digital Real Estate

Decentraland: This is one of the largest place marketplaces for digital real estate. It allows you to buy and sell land, estates, avatar wearables and other digital goods. The Ethereum network is the foundation for this digital world.

SuperWorld: This company has created a virtual map of Earth. It allows you to buy real-life plots of land, that now exist in the metaverse. For example, you could buy the Taj Mahal, NYC’s 5th avenue or your own home. Someone already purchased The White House for about $354 USD. In total, it has 64.8 billion plots of land for sale.

Somnium Space: Somnium Space describes itself as “a new virtual reality world.” This includes allowing users to buy and sell virtual land.

The Sandbox: A virtual metaverse where players can play, build, own, and monetize their virtual experiences. It boasts NFT collections by Snoop Dogg, Care Bears and Atari.

Upland.me: This platform is still in beta. However, it will be a digital metaverse where users can buy, sell and trade digital real estate.

OpenSea: Currently the largest NFT marketplace. It has a section for virtual land. Here you can buy and sell land parcels, wearables and names from projects like Decentraland, Cryptovoxels, Somnium Space and The Sandbox.

Keep in mind that things happen quickly in the metaverse. New companies are popping up every day with lofty ambitions of creating a new metaverse. As we saw with Meta Platforms, larger corporations are also willing to pivot. If you want to invest in digital real estate, be sure to do a deep dive into all existing marketplaces.

Related contents:

Engel & Völkers Digital Invest launches strategic cooperation with DFI Real Estate and raises… DGAP

Real estate‘s top digital signature solution, Authentisign, coming to Lone Wolf Transactions… PR Newswire (Press Release)

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Facebook Rethinks News Deals and Publishers Could Lose Millions

Meta Platforms Inc.’s Facebook is re-examining its commitment to paying for news, people familiar with the matter said, prompting some news organizations to prepare for a potential revenue shortfall of tens of millions of dollars.

The company has paid average annual fees of more than $15 million to the Washington Post, just over $20 million to the New York Times, and more than $10 million to The Wall Street Journal, according to people familiar with the matter. The Journal fee is part of a broader Facebook News deal largely negotiated by parent company Dow Jones & Co., including annual compensation worth more than $20 million, people familiar with the partnership said.

At the heart of these deals is Facebook’s dedicated News section, which curates a selection of free articles for readers. Facebook, which pays news publishers to feature their content without a paywall, in 2019 agreed to three-year deals with various publishers that are set to expire this year.

Facebook hasn’t provided publishers with any indication that it plans to re-up the partnerships in their current form, or at all, according to people familiar with the matter. The company is looking to shift its investments away from news and toward products that attract creators such as short-form video producers to compete with ByteDance Ltd.’s TikTok, according to some of the people. The company is also investing heavily in the metaverse, as highlighted by its recent name change to Meta.

Also, Meta CEO Mark Zuckerberg has been disappointed by regulatory efforts around the world looking to force platforms like Facebook and Alphabet Inc.’s Google to pay publishers for any news content available on their platforms, people familiar with the matter said. Such moves have damped Mr. Zuckerberg’s enthusiasm for making news a bigger part of Facebook’s offerings, they said.

Last month, Campbell Brown, the former NBC and CNN journalist who was the architect of Facebook News, announced she took on a new, broader role overseeing global media partnerships, which encompasses tie-ups with everything from sports leagues to film studios.The Information earlier reported that Facebook was reconsidering its payments to publishers and shifting its emphasis.

If Facebook pulls back on its payments to U.S. news publishers, it would represent the end of a certain detente in the fraught relationship between online content makers and the social-media giant.

Publishers that have struggled to compete for digital ad revenue with Google and Facebook have criticized the tech giants for not paying for the news content that is featured and shared on their platforms. Dow Jones parent News Corp. was among the most vocal critics.

The Journal gets the bulk of the Dow Jones payments, which are made up mostly of cash but also include other forms of compensation, such as credits for marketing on Facebook, according to people familiar with the matter. The deal encompasses other Dow Jones publications as well as the New York Post, which is owned by News Corp.

Many other U.S. news publishers are getting payments from Facebook to have their content featured in its news tab, but they only get a fraction of the sums paid to the Washington Post, the New York Times and Dow Jones, according to people familiar with the matter. Facebook is paying more for access to paywalled content, while publishers whose stories are accessible for free are getting less money, a person familiar with the deals said. The smaller deals usually are for less than $3 million a year, the people said.

Dow Jones, the New York Times and the Washington Post declined to comment. The Times last year had revenue of $2.1 billion, while Dow Jones reported $1.7 billion in revenue for its last fiscal year, which ended June 30, 2021.

Facebook announced the launch of Facebook News—which users can find as a tab on the mobile app or website, similar to the Facebook Watch tab for video—in the fall of 2019, on the heels of widespread criticism about the impact that Facebook and Google’s growing share of the digital ad market was having on news organizations—particularly local ones. By 2018, Facebook and Google were getting 77% of the digital advertising revenue in local markets, and 1,800 U.S. newspapers had closed down since 2004.

Ticker Security Last Change Change %
META n.a. 175.57 -8.43 -4.58%

All the while, Facebook was facing a continuing regulatory onslaught around the world. Regulators in the European Union, France, the U.K., Australia and the U.S. took steps aimed at forcing the platforms such as Google and Facebook to pay publishers for news content available on their services. Facebook opposed a law that passed in Australia so vehemently that it moved to block the publication of any news story on its platform in the country.

In the process, it also ended up shutting down the Facebook pages of many of Australia’s health, charity and emergency services for five days—a move that whistleblowers allege was deliberate and that Facebook described as an accident.

This spring, a revamped version of the U.S. legislation aimed at forcing the platforms to negotiate payment with publishers began circling in Congress, this time with a provision that would require the platforms to engage in baseball-style, “final offer” arbitration—the same measure that prompted Facebook to pull news in Australia. Canada, meanwhile, recently proposed a law modeled on Australia’s.

Source: Facebook rethinks news deals and publishers could lose millions | Fox Business

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