Metaverse Scarcity Isn’t Real

There’s an old saying, “Buy land, they’re not making any more of it.” When it comes to the metaverse, that isn’t true.

What problem, however, does artificial scarcity, such as limiting the supply of virtual land, solve? Are we limiting virtual congestion? Do imaginary schools have too many students? Nothing of the sort, and because the scarcity involved here is arbitrary and artificial, I would argue that the value created is not the same. Buyers and investors cannot assume that virtual land prices will behave in the same way as real land prices do.

There are big differences between these two types of scarcity. A world-renowned soccer player can only wear one jersey while scoring a match-winning goal in a World Cup game. Those match-worn jerseys have genuine scarcity. For purely virtual items, the team can create an unlimited number of “limited edition” NFTs to celebrate different aspects of the match and sell them to fans. While a truly disciplined club could limit output, the temptation to fully monetize the fan base will never go away.

Let’s take a simple case example: imagine a world with about one million passionate gardeners. A virtual land system or NFT membership tokens that only support 100,000 members is likely to leave a lot of people on the outside.

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