"People use digital spaces when they create opportunities not available in the “outside option” of the physical world."

"And while many people will soon be having meetings in virtual conference room spaces, nobody is going to want to take long, boring “commutes” in the metaverse when they could just “teleport,” moving between digital locations instantly."

"Meanwhile, the metaverse will always be the go-to when it affords experiences that are not available in the physical world – like swashbuckling or exploring distant galaxies."

"Digital real estate has always had value. What’s different about web3 is that digital asset paradigms like non-fungible tokens (NFTs) make it possible for individuals to uniquely own – not just rent – specific pieces of digital real estate and metaverse land and locations for private or shared use."

"Given that digital space is, in theory, infinitely expansible, skeptics might still question whether the concept of “owning” digital land or buildings even makes sense."

"There’s only so much space on the wall of a digital building, for example; and thanks to geography, there are only so many buildings close to an amenity like a virtual concert hall or a resource deposit like a Vespene geyser."

"But at the same time, distance can be less of a factor thanks to the possibility of fast travel or teleportation."

"Thus, what matters for thinking about the value of a given piece of metaverse land and real estate is how people’s activities inform its use."

"This means local proximity can still matter even in virtual space."

"the audience for a virtual concert, for example, is global, which can in principle bring a lot of attention to whatever’s in the digital-building next door."

"Yet virtual proximity matters far less at middle-to-long distances."

"All of this means that the value of metaverse land and real estate to users will likely depend on what’s locally proximate, rather than on the full geography of that metaverse."

"We can expect to see thriving shopping malls, micro-cities, or even entire virtual worlds that are kind of like islands in digital space – packed with activity that leads people to travel locally within them – yet separated by “distances” large enough that people will just teleport across them."

"The metaverse platform market is unlikely to be winner-take-all."

"entrepreneurs can try to launch their own by developing novel amenities or resources that serve as hubs for others to build around."

"But as with local proximity, planning can almost paradoxically matter more at times in the virtual world."

"Given the importance of local proximity discussed above, guidelines that group complementary types of activities near each other – such as various forms of commercial activity – may also help maximize the user experience."

"One natural middle-ground is to focus just on guiding a space’s high-level layout and visual plan."

"But overall, there will be significant value in creating digital spaces that feel intuitive and consistent to users – which means some degree of planning will often be vital."

"In addition to the question of where digital and metaverse land is most valuable geographically, there’s also the question of which platforms are most valuable to build in."

"One of the greatest benefits of web3 is the chance for users to bring the digital assets they own with them wherever they may go, accruing personal identity, and status, and other attributes"