The metaverse has grown astronomically over the past few weeks, with people spending millions of dollars on virtual land. Investors like 37-year-old Robert Doyle are already making money out of those assets.
Doyle owns a virtual car-repair shop and a bank in a metaverse that isn’t even fully live yet, and he’s made almost $100,000 in six months, according to crypto wallets shown to Insider.
Polka City, where Doyle’s virtual property sits, is a metaverse gaming platform that launched in 2021. Players can buy non-fungible tokens that represent virtual taxis, gas stations, billboards and even motorcycles. They then earn weekly interest paid in the platform’s native token, polkacity or POLC.
While the game itself is scheduled to launch soon, users can already own and trade digital assets. The platform’s roadmap describes the game as the “GTA of Cryptocurrency”, in a nod to the cult “Grand Theft Auto” series of action video games set in a virtual world.
“I do think this could be a billion-dollar game. So if this game gets to a billion-dollar market cap, the price of the token could be $30, $40, $50, depending on what happens. And these will pay out for quite some time, going forward, because the game hasn’t even launched yet,” Doyle told Insider.
Doyle has accumulated 111,646 polkacity coins, which have gained almost 500% in price in the past 12 months. At Friday’s price of $0.8719, they are worth $97,344.15.
The bulk of them have come from Doyle’s ownership of the car repair shop. Once the game launches, he said he will also get money from people using his car repair shop and will get 25% of POLC loan fees from his virtual bank.
The game’s roadmap opens up potential profit from ownership in stages. The owners of virtual discos and art galleries in Polka City should be able to profit from these by the end of 2021, according to the plan.