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Speaker 1: Now here's a highlight from Coast to Coast AM on

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Speaker 1: iHeartRadio and welcome back to Coast to Coast George nor

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Speaker 1: back with John Truman Wolf John. The metaverse, What does

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Speaker 1: that mean and where did that phrase come from? Well,

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Speaker 1: what it means, George, or at least what it is

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Speaker 1: to kind of get to the bottom line is the

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Speaker 1: metaverse is a highly immersive virtual world where people gather

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Speaker 1: to be socialize, they play, they work. It's a whole

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Speaker 1: virtual universe. There are a number of them. There isn't

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Speaker 1: just one metaverse. Different companies put up different metaverses. Probably

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Speaker 1: the most active transactions on the metaverse are real estate.

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Speaker 1: We're talking about virtual real estate now, where people buy

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Speaker 1: virtual real estate, build things. Um. But it's all it's

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Speaker 1: all digital, right, it's not real, it's not real. It's

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Speaker 1: all digital. It's all digital. But what's going on up there, George,

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Speaker 1: I mean there's it's just growing and growing and growing

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Speaker 1: in terms of the amount of things that are going

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Speaker 1: on up there. I think last time we talked, uh,

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Speaker 1: Nike had just purchased a company for a lot of

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Speaker 1: money that makes virtual sneakers avatars, meaning the virtual representation

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Speaker 1: of you or others. Uh, you know, virtual bodies where

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Speaker 1: um fashion, virtual fashion. It's it's crazy though, isn't it. Oh,

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Speaker 1: I want something I can kick bricks and border you know. Uh,

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Speaker 1: you know, I can't tell you the number of people

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Speaker 1: I've talked to him. They go, well, you know, where's

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Speaker 1: the beat? Um, it's it's virtual. But um, George is

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Speaker 1: growing in leaps and bounds, millions and millions and millions

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Speaker 1: of dollars being spent on the metaverse on in a

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Speaker 1: very regular basis real estates. You know, imagine a real

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Speaker 1: estate subdivision in LA and nobody's there yet. There's a

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Speaker 1: big beautiful piece of land, you know, sitting near LA

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Speaker 1: and you you can go buy the property. Um and uh,

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Speaker 1: the average property sells in the metaverse. When it started

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Speaker 1: to back up for a second, one of the big

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Speaker 1: real estate the companies in the metaverse is called the

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Speaker 1: Central Land. You know, you could buy a lot in

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Speaker 1: the Central Land for twenty bucks. Today that lot is

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Speaker 1: averages fifteen grand. No way, yeah, George. There are purchases

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Speaker 1: on the metaverse, real estate purchases on the metaverse, in

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Speaker 1: the millions of dollars. Oh my god, there was one

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Speaker 1: for the highest is four point three million in digital

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Speaker 1: real estate. There's another that was another purchase two point

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Speaker 1: four million. I think we told the story of Snoop

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Speaker 1: Dogg who has built a metaverse mansion similar to the

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Speaker 1: place that he lives in, and somebody bought a lot

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Speaker 1: next to him and pay four hundred and sixty thousand

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Speaker 1: dollars in real money in in real money, that's right.

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Speaker 1: I mean you buy that stuff in with ethereum, so

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Speaker 1: you have to go convert some If you don't have

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Speaker 1: an account with a crypto exchange, you have to go

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Speaker 1: to a crypto exchange. Of the big one in the

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Speaker 1: US is called coin Base, but there are others. Uh,

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Speaker 1: you buy some ethereum and then uh, you know, put

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Speaker 1: it in the wallet and you and you have to

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Speaker 1: trade with ethereum or in some cases there are other

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Speaker 1: um currency quote the digital currencies that you use cryptocurrencies,

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Speaker 1: but you convert those back to cash back to fiat currency.

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Speaker 1: Are there are there mortgage companies John that finance digital

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Speaker 1: metaverse real estate. UM. I haven't found a mortgage company

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Speaker 1: financing digital real estate, but there are insurance companies George

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Speaker 1: that are looking to get into it. Like if you

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Speaker 1: buy an nft A non fungible token, a UM digital

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Speaker 1: piece of art. UH. And these things are selling for

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Speaker 1: can sell for a lot of money. UM. You know

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Speaker 1: some of these uh that are in a category called

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Speaker 1: the board uh ape yacht club self or two three,

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Speaker 1: four hundred thousand dollars one one image. They're insurance companies

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Speaker 1: now that are looking at getting into the metaverse real

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Speaker 1: estate business, ensuring these things so that you know, if

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Speaker 1: they get ripped off somehow or you lose them, you

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Speaker 1: have insurance coverage. So and there is there is a

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Speaker 1: banking online where you can you know, you can put

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Speaker 1: money converted to digital currency and lend it out. So

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Speaker 1: I just don't know. I haven't run across a more

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Speaker 1: a metaverse mortgage company. There probably are some. Can you

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Speaker 1: hire a graphics designer and tell them, I want you

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Speaker 1: to design me an incredible four thousand square foot demansion

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Speaker 1: or ten thousand or something and put it on the

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Speaker 1: metaverse and try to sell it when your investment is

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Speaker 1: in your investments the digital designer. Maybe he'll cost you

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Speaker 1: a couple hundred bucks. No question, this happens all the time.

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Speaker 1: I don't I mean in terms of hiring a designer,

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Speaker 1: UM when I say all the time, what happens all

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Speaker 1: the time is people buy property in the metaverse, in

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Speaker 1: the central land or sandbox. Those are the two big ones. Um.

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Speaker 1: And in some cases they build or they can hire

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Speaker 1: someone to build a store or a home. Um you can.

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Speaker 1: You can build a store in the metaverse and sell stuff.

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Speaker 1: You can sell metaverse fashions for avatars. There's a George,

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Speaker 1: there's a whole fashion street in the Bomb Street in London.

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Speaker 1: What is feeling this, John, Well, it's another world, you know,

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Speaker 1: the world, George. You back up and look at it.

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Speaker 1: I mean, the world's going digital. You know, We've got

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Speaker 1: digital money coming. There's no question about that. Cash is

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Speaker 1: going to be a relic. It's going to be gone,

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Speaker 1: and there will be zeros and ones in your bank account.

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Speaker 1: We could talk about the pros and cons of that,

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Speaker 1: but the point is that the world is going digital.

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Speaker 1: H we are. We are witnessing, as you and I

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Speaker 1: sit here and talk, a complete change. It's actually revolutionary

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Speaker 1: of currency on this planet. Eighty six percent of the

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Speaker 1: central banks on the planet are in the process of

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Speaker 1: converting to digital currency for their depositors. China leads the

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Speaker 1: way in that we are way behind, but digital currencies coming.

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Speaker 1: So digital currency is just one aspect of a conversion

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Speaker 1: to the digital world. And you've got particularly young people.

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Speaker 1: If you look at the demographics of the metaverse, it

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Speaker 1: tends to be a younger crowd. Uh, more more men

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Speaker 1: than women. Um and uh, you know, they grow up

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Speaker 1: on the Internet. And then now you've got something on

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Speaker 1: the Internet that's an entirely another world. You can go

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Speaker 1: to concerts. There's some country Western star that held a

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Speaker 1: concert a while back. Uh, twelve more than twelve million

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Speaker 1: people showed up George in the metaverse, in the meta

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Speaker 1: in the metaverse, and they paid. They paid, Oh how

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Speaker 1: much did they pay? I don't know what the tickets

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Speaker 1: were for that god, even if they were ten dollars

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Speaker 1: a piece, he makes a fortune. Yeah, they probably they

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Speaker 1: were probably a few bucks. You know, five bucks, that's

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Speaker 1: six that's sixty million dollars um. This is crazy. Huh.

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Speaker 1: Do you have to own property in the metaverse before

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Speaker 1: you build on it or can you just put it

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Speaker 1: out there? No, you've got to own the property, even

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Speaker 1: if it's like bare land, you have to. Yeah, you

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Speaker 1: have to buy a lot in the central land or

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Speaker 1: sandbox there are other real estate metaverse real estate places,

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Speaker 1: but those are the two big ones. And you would

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Speaker 1: buy a lot and then you construct it, you and

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Speaker 1: then you you have to pay. Is whether how the

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Speaker 1: metaverse makes money? Not only is there capital gains in

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Speaker 1: the real estate because there's a lot of that kind

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Speaker 1: of trading going on, people buying a real estate turning

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Speaker 1: around and selling it just like they do in the

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Speaker 1: real world. Um. But then you then you can build

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Speaker 1: something there. You can build a store, you can build

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Speaker 1: a home. Um, it's a whole it's a whole universe, George,

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Speaker 1: it is really something. And again, who's making the money

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Speaker 1: on this? Who the originators? Well, um among others. And

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Speaker 1: I've mentioned these names a couple of times. Uh, the

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Speaker 1: Central Land and Sandbox are the biggest real estate metaverses.

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Speaker 1: But there are lots of metaverses. I mean you've probably

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Speaker 1: heard that. You know, Zuckerberg renamed Facebook to meta He's

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Speaker 1: he's he's committed ten billion dollars to building a metaverse.

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Speaker 1: Uh like what we're talking about. That's right, But others

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Speaker 1: do it as well. Banks are doing it. Um. Uh,

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Speaker 1: you know, fashion houses are building metaverses. Um. So there's

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Speaker 1: all there's all kinds of them. But in terms of

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Speaker 1: of real estate, where the money. You know, if you're

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Speaker 1: if you're looking at doing some investing, uh and and

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Speaker 1: making some capital games, real estate is primarily where it's going. Well,

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Speaker 1: there are people that will set up a store on

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Speaker 1: the metaverse and they'll sell some NFT, some some art,

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Speaker 1: some non fungible tokens. Um, would you invest in the metaverse? John,

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Speaker 1: knowing what you know, I would. I would invest in

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Speaker 1: some real estate, Yes, I would? You would do it?

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Speaker 1: That's scares the living daylights out of me. Yeah, I'm not.

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Speaker 1: I'm not saying I pour all my investment funds in there.

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Speaker 1: But uh, to buy a lot in the metaverse, uh

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Speaker 1: yeah yeah, and you legally own it. They can't take

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Speaker 1: it away from you. You absolutely own it because it's

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Speaker 1: the land. The lots are are NFTs, they're non fungible tokens,

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Speaker 1: they're immutable. I mean, you have a three stage it's

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Speaker 1: like bitcoin. It sounds like it's like bitcoin. Well you've

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Speaker 1: got a three stage progress here. When bitcoin was developed.

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Speaker 1: The guy that developed bitcoin, the so called Satashi Nakamoto,

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Speaker 1: developed bitcoin, but he also developed the system that would

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Speaker 1: transfer digital currencies called the blockchain. Well, when you put

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Speaker 1: something on the blockchain, it's immutable, you can't change it.

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Speaker 1: So it's been used for cryptocurrencies, but for a lot

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Speaker 1: of other things. So people put art up, non fungible tokens, pictures,

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Speaker 1: and they and they sell them. They put them up

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Speaker 1: on the blockchain because they can't be changed. I mean,

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Speaker 1: the collectible market is hundreds of millions of dollars a year,

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Speaker 1: you know, sports car cards, celebrities, but about a third

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Speaker 1: of that is lost to fraud. Well, with a blockchain,

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Speaker 1: you can't lose it to fraud because you can't change it.

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Speaker 1: So you've got one. You've got the cryptos. Out of

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Speaker 1: the cryptos came the blockchain. Out of the blockchain came NFTs,

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Speaker 1: non fungible tokens, and now comes to metaverse, where all

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Speaker 1: the land and everything that gets built and sold up

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Speaker 1: there is an NFT. It's an it's an non fungible token,

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Speaker 1: it's a immutable digital representation. So it's kind of a

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Speaker 1: string of cryptos, NFTs metaverse. What would make a crash, John, Well,

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Speaker 1: that's a good question, George. Um. You know, investments are

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Speaker 1: driven by emotion. I mean, if you had a big

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Speaker 1: I mean Look at the crypto, you know, look at cryptos,

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Speaker 1: they've gone down roughly in half. The bitcoin is selling

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Speaker 1: today at thirty thousand dollars a pop, but a few

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Speaker 1: months ago it was at sixty some months yeah, so

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Speaker 1: I mean you could get that kind of fall fall off,

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Speaker 1: but it's not going away. The metaverse is here to stay,

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Speaker 1: will continue to grow. Doesn't mean that it won't have

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Speaker 1: its ups and downs as it grows, like any like

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Speaker 1: any market, like the real estate market you know we're

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Speaker 1: familiar with, but it's not going away. It's a digital world.

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Speaker 1: It's not necessarily that I like it or don't like it.

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Speaker 1: It's looking at it and going and reading what's happening

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Speaker 1: planet wide and knowing this is going to continue to grow.

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Speaker 1: Listen to more Coast to Coast AM every weeknight at

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