What Celebrity Patronage Means For Web3 and the Metaverse

Today, Web3 is nothing more than an emerging idea. It's an idea that a lot of people don't know how to explain yet. Despite that, a lot of people are already spending a lot of money on getting a piece of that cake.

The idea of a Web3 will only continue to get popular. And celebrity patronage is a big reason for that. The biggest example of celebrity patronage of Web3 is something called the Snoopverse. Ten years ago, or even five years ago, something called the Snoopverse would have probably been in reference to part of a song by Snoop Dogg.

However, the Snoopverse today refers to a virtual platform that exists on The Sandbox. The Snoopverse, says Snoop Dogg, will be a virtual space for concerts, art exhibits, and pool parties. It would essentially be a virtual replica of the rapper's mansion in California.

And here's where things get trippy. If you want early access to the Snoopverse, you'd have to be willing to part with up to $2,000. Given that there will be up to 5,000 tickets, it means that Snoopverse could potentially be making ten million dollars from early access tickets to the Snoopverse alone.

That's a lot of money. And, shockingly, Snoop Dogg isn't the only celebrity that's getting in on the Web3 hype.

Paris Hilton, one of the biggest celebrities in the world, recently announced that she too would be building something like the Snoopverse. The only difference is that it would be called Paris World.

Honestly, we feel "Paris'' would have been just as adequate, but we've got no say in the matter. Like the Snoopverse, Paris World would also be a virtual location with digital copies of Paris Hilton's homes and most importantly — her wardrobe.

The wave of celebrities buying into the Web3 economy doesn't stop at Paris Hilton and Snoop Dogg alone. There are many others, like Justin Bieber, Leo Messi, and even Steph Curry.

Given the high price of NFTs and almost everything important that has to do with Web3, it's easy to assume that the system was built specifically for the rich and powerful. For example, the Bored Ape Yacht club NFTs are worth a fortune and are completely out of the reach of most people.

To the layperson, all of this may mean that Web3 is just a playground for the rich and powerful.

Not Just for the Rich

However, this aspect of Web3 should not surprise anyone at all. Mainly because that's how almost every important innovation in the world works. To understand this, let's look at the history of two of the most important inventions in human history; the airplane and the telephone.

When the airplane was first invented, many people saw it as nothing but a death trap. It was the early 20th century, and people were certainly not looking forward to strapping themselves to a flying box and going thousands of feet in the air.

Thankfully, a few people thought it would be worthwhile to do so. That's why they bought into the idea. But buying the idea alone wasn't enough. They didn't just have to believe that a plane could fly them thousands of miles overland.

They also had to pay through their noses for it to happen. The first commercial airliner was established in 1914, and one ticket for a flight at the time cost around $400. Yes. $400. And it was a mere 23 minutes flight. Today, over a hundred years later, some flights go for as low as $36.

The same goes for the telephone. The first phones were impossibly expensive, and could only be owned by the richest people. But as time went on, and the economics of scale kicked in, it became accessible to more people.

There are hundreds of other examples like the automobile, personal computers, and even things as basic as a radio. And it's the same with Web3. The metaverse, a huge part of the infrastructure of Web3, will cost a lot of money. Not in access to the web itself, but in access to the tools to access it. Since it will be a virtual world, it will cost a lot more in data to be in the metaverse. And that's not adding the cost of VR equipment you'd need to actually experience the world.

When one adds that to the cost of buying land, NFTs, and crypto to live in that world, the costs start to add up very quickly.

Benefits of Getting Into Web3 Early

But this doesn't mean that people should wait for the costs of Web3 to go down before accessing it. Web3 is different from most other innovations in the sense that it isn't just an innovation. It isn't just a shiny new technology. It's also a shiny new opportunity.

Right now, the world of the metaverse is very sparsely populated. But the world is already growing. Already, a "metamall” exists. The metamall is exactly what it sounds like; a mall in the metaverse where you can buy, sell, play, meet, and even stake all sorts of things from all corners of the metaverse. “Metamallers” will be able to earn real rewards by selling, leasing, or staking assets, competing in various games, putting on performances, or hosting other events.

There's also the Animal Concerts initiative that's focused on dragging the music industry, kicking and screaming no doubt, into Web3. And the initiative is doing this by focusing on providing the best virtual experience for the fans. Even though the project is still technically early–it hasn’t even launched its token yet–Busta Rhythms, Future, and Alicia Keys have already conducted live concerts on this platform, with an artist from the UK, Examine, as the next confirmed set.

Like every important innovation before it, Web3 will be somewhat difficult to get into at first. It might even be somewhat expensive too. But as time goes on, and more people get on board, the barrier to entry will get lowered. It happened with airplanes, motor cars, electric vehicles, and it's even happening with space exploration right now.

It will most certainly happen with web3.

The celebrities that are paying over the odds to get a good piece of Web3 real estate right now are part of that process. Their increased involvement only means that a Web3 that everyone can enjoy easily is closer now than ever.

These celebrities aren't doing it because they love giving out their money. They are doing it because they understand the value of being the first in the door. Thankfully, even regular people like us, with a little bit of imagination, can be first too.

After all, a Bored Ape NFT was only selling for $190 in April of 2021. With even more imagination, there's no limit to what we could do with an early interest in the internet of the future.

Lead Picture Courtesy of freepik.com