The Metaverse has seen astronomical growth in recent weeks, with people spending millions of dollars on virtual land. Investors like Robert Doyle, 37, are already making money from these assets.
Doyle has a virtual auto repair shop and bank in a metaverse that isn’t even fully operational yet, and he’s made nearly $ 100,000 in six months, according to crypto wallets presented to Insider.
Polka City, where Doyle’s virtual property is located, is a metaverse gaming platform that launched in 2021. Players can purchase non-fungible tokens that represent virtual taxis, gas stations, billboards, and even motorcycles. They then earn weekly interest paid on the platform’s native token.
According to the platform’s roadmap, users already own and trade digital assets. The game itself is expected to launch soon. The roadmap describes it as the “GTA of cryptocurrency”, in a nod to the cult action game series “Grand Theft Auto” set in a virtual world.
“I think it could be a billion dollar game. So if this game hits a billion dollar market cap, the token price could be $ 30, $ 40, $ 50 – depending on this. that’s happening and these will pay off for a while to come because the game hasn’t even launched yet, ”Doyle told Insider.
Doyle racked up 111,646 polca, worth about $ 0.8719 each on Friday, after gaining nearly 500% this year. Most of it comes from the auto repair shop. Once the game launched, he said he would also get money from people using his auto repair shop and get 25% of the polc loan fee from his virtual bank.
The game’s roadmap shows a plan for several versions. Owners of virtual nightclubs and art galleries in Polka City will be the next to be able to enjoy their holdings by the end of this year, according to the plan, while others will benefit from future releases.
The NFTs that represent the assets of the Metaverse weren’t cheap. The auto repair shop cost Doyle $ 23,000 and the bank $ 3,500, he said.
“These (assets) are really for the end of the game. So it will pay off for years to come. So it’s pretty amazing. How I can pay my mortgage, my medical care, my car payments, my food for my family. with just this one NFT – isn’t that crazy? ” he said.
Metaverse has existed in various forms over the years. But Facebook’s October decision to rename Meta helped accelerate the interest boom.
Two and a half years ago Doyle was a real estate agent. Now he lives off cryptocurrency and related projects, nodes, staking and mining, he said. He also runs a crypto research company that helps people generate passive income called Cryptonairz.
Doyle cautioned that this investment involves risks.
“It takes a while to figure out what you’re getting into. You have to look at the market cap, you have to look at the team, you have to look at the development. You have to look at the community,” he said. noted.