In the real world, land is a limited resource because the planet is finite and therefore so are its natural resources. That’s in part why Elon Musk and Jeff Bezos are exploring space. So here’s a question: In the virtual world, space is theoretically limitless, so why is land so expensive and hard to buy in the metaverse?
This article is part of Road to Consensus.
For Justin Melillo, co-founder and CEO of Mona, this contrivance doesn't make sense. “Artificial scarcity is just silly,” he said, criticizing platforms fueled by “land” speculation. In the Monaverse platform, there are no limits on land and no required fees to enter. Creators can access the platform through their web browser.
Mona is one of eight finalists in the inaugural Web 3 Pitch Fest, which is being hosted by Extreme Tech Challenge and CoinDesk and is part of the Consensus Festival in Austin, Texas. It was launched in 2021 by creators, for creators, Melillo said. He is a 3D visual artist who makes animated films, including work on “Abominable”and “The Croods 2” for DreamWorks, and immersive augmented reality and virtual reality experiences.
Before starting Mona, he worked at Magic Leap where he contributed to the creation of Mica, an artificial-intelligence virtual assistant. His cofounder and COO is also visual artist, Matt Hoerl, who holds 11 patents in the realm of virtual and augmented reality and serves as chief operating officer.
The co-founders determined that what would serve creators best is to allow creators to build and own their work but share it as part of an open, social metaverse. Mona spaces are unique 3D environments that creators build and mint on the Ethereum or Polygon blockchains. And they are interoperable across the metaverse, with portals to connect to other spaces within the Monaverse or other platforms like Decentraland and CryptoVoxels.
Since the launch, more than 3,000 creators have jumped aboard. “The metaverse doesn’t have to belong to big tech companies,” Melillo said in a statement. “It can, and will, be a place for everyone.”
See also: CoinDesk’s Metaverse Week
Visual art is not Mona’s only medium. Melillo is also excited about Mona’s inclusion as a flagship platform for Elvis On-Chain, a multi-metaverse NFT launch including exclusive spaces, events and wearables for Elvis fans. Even though the King has been dead for more than 40 years, there are hundreds of fan clubs worldwide – reported to be as high as 400 just five years ago – not to mention Baz Luhrmann’s “Elvis” biopic starring Tom Hanks currently in theaters. Looks like the potential for the open metaverse is all shook up.
UPDATE 22:59 UTC: This post was corrected.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.