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August 11th, 2022
Hot Consumer Price Index numbers were enough to lift the markets yesterday. The year-over-year numbers dropped from 9.1% to 8.5%, indicating to some that inflation is peaking and the Fed may limit its rate-hiking later this year.
Tech stocks rallied on the news that rate hikes might be slowing, but I still see the sector as overbought at the moment. We will see how the rest of the week plays out and if this rally can continue.
With so much of the fundamental picture the same, it’s hard to think we can keep this rally going without a little bit of a pullback.
Now, many of you have heard me talk about the metaverse before, but did you hear about the latest celebrity to get involved? She just bought land in The Sandbox and is planning on interacting with fans and selling digital goods. Are you ready to go to a party with this celebrity?
Find out who’s moving into the metaverse!
Paris Hilton is the newest celebrity to bring her brand into the metaverse. She already built Paris Hilton World inside Roblox (RBLX) last year. She hosted a virtual New Year’s Eve party in which she was the digital DJ. Roblox said her world has been visited by nearly 544,000 fans.
When I talk about the metaverse, I often bring up the power of scale and monetization. When Paris Hilton DJs in the Maldives, she gets about 5,000 people at the event. In the metaverse, she had 500,000 (aka ½ million guests) at one event! That is the power of the metaverse – more customers at less cost.
Her new land inside of the Sandbox will have rooftop parties and social experiences where fans can interact with her and visit her digital avatars in her virtual mansion. The plan for the new land is also set to include immersive virtual gaming, but we don’t have a lot of details yet.
Oh, and as far as selling NFTs (digital goods), she sold ONE piece for over $1 million dollars. Yes, one single piece of digital artwork she sold went for over $1 million dollars.
She’s generated over $3.5 million in revenue from NFTs this year.
My point with all of this is the metaverse is coming. We may not know exactly how it will shake out over the next few years, but we do know that celebrities are bringing their brands and with that, comes money… and lots of it.
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