Miami-based psychedelics startup Ei.Ventures announced this week that it has purchased a virtual land estate in The Sandbox, where clinicians will be able to host psychedelic therapy sessions in the metaverse, reported Forbes.
The Sandbox is a monetized virtual world built around in-game assets like decorations, plots of land and games in the metaverse, a shared decentralized virtual universe running on a blockchain.
Details Of The Purchase
Ei.Ventures’ purchase of the 12-by-12 estate in the Sandbox, undertaken in conjunction with parent company Orthogonal Thinker, is valued at $2.22 million. The virtual land will be called PSLY.COM, the name of the soon to be merged company of Ei.Ventures with Mycotopia Therapies.
“PSLY.COM going to be a utopian space in the metaverse, it will be empowering to people in the most-high regard way. This will be a new way to interact with your friends in general, and provide psychedelic therapy in particular,” David Nikzad, CEO of Ei.Ventures said in a press release.
“The combination of our tech, cannabis, psychedelics, outer space, and crypto-related holdings will all be utilizing this exciting space. We are very excited to invite all of our portfolio companies and investors to be part of something extraordinary.”
The company expects to create “wondrous VR experiences” and “positive psychedelic trips.” Likewise, the company plans to offer these services in jurisdictions with legal psychedelic drugs, starting with patients in Jamaica and Oregon. Nikzad noted that the land deal will eventually give billions of people virtual access to psychedelic therapy, adding “It’s the only way to scale.” He pointed out to Forbes that, “Health and Wellness is a trillion-dollar market.”
The Sandbox And Metaverse
The metaverse is a persistent living experience where people can interact simultaneously in real-time and where almost anything will be possible. The metaverse will even have a fully functional digital economy. Think of it as a concurrent digital version of our reality.
Holding the right metaverse investments over the next few years could be extremely profitable, as the industry is growing at break-neck speed.
Developers of The Sandbox wanted to make a game similar to Minecraft and Roblox, giving users full ownership of their creations by using non-fungible tokens (NFTs) on the Ethereum blockchain via the Sandbox marketplace.
Even though it’s still in the public beta stage, its community and partners have already built an expansive world in the game. Plots of land and assets in the game can accrue significant value if demand for them increases. Many investorshave already bought up some of the best locations, hoping to sell them for a premium once the game attracts a wider user base.
Photo by James Yarema on Unsplash.