Texas man wastes entire life savings on Metaverse virtual property

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Investing in land is generally seen as a good business opportunity; Iand is finite, after all. On the other hand, virtual land is seen as stupid and a bad investment which makes us wonder why one Texas man has decided to plunge via entire life savings into it.

Why did one Texas man invest everything into virtual property?

Reported by KXAN, Austinite Justin Reed poured all of his life savings into faux property. With the hype of The Metaverse spreading across the internet, Reed decided to get into the future industry early.

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Investing in a lesser-known Metaverse, Entropia, the Texan spent $18,000 on the entirety of the game’s Khorum Coast. But why does Reed have faith in this virtual world?

Entropia has existed online since 2003, born in the early days of 3D social interaction. A blatant Second Life rip-off, the rough 3D game has been around for almost 20 years, and Reed has been playing it for that long as well.

With Metaverse property and Metaverse landlords popping up, the Texas Man believes that his virtual world of choice will be profitable in the end. However, that profitability is only due to how much always spends on the game’s taxes to keep animals.

“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% tax revenue on that. And that’s how I get my income,” he said. “It’s not like if I bought a business or a property down the road, and all of a sudden the taxes and the property value goes up, and I can’t afford it. I will always own Khorum Coast, and all it’ll ever cost me is $60 a month for my creatures.”

Read More: Replika AI flooded with emails by users believing their virtual girlfriends are alive

Why virtual land investment is silly

The current trend of NFTs and virtual land come from a faux sense of ownership. For example, there will only be a certain number of Bored Ape NFTs or only one Khorum Coast.

However, unlike real land, you can create more. More servers can be spun up holding new lands just like a video game. In fact, we have the perfect comparison: trading cards.

In the first run of a new series of trading cards, a particular card can be incredibly rare. Magic the Gathering cards like Black Lotus can worth thousands. However, they can be reprinted in a new set whenever the creators wish. Low on cash? Re-release the most expensive card!