Buying land is one of the most common activities in the decentralized Metaverse now. It’s like the birth of a new country, with early settlers fighting over land on which to develop future enterprises or other digital activities such as gaming or entertainment centers. Others simply purchased digital land in Decentral land, Sandbox, or other metaverses to diversify their financial portfolios and then sell the property for a higher price.
There is now a race for digital land. And a race for land in the Metaverse is a race for non-fungible tokens (NFTs), which are the Metaverse’s true manner of commercializing land. NFTs are digital items supplied on specialized platforms like Open Sea, Rarible or SuperRare. They are one-of-a-kind due to the deterministic data they run on. Owning an NFT entails owning a digital item on the blockchain that no one else can take away or change. The same is true for digital land sold as NFTs on the above-mentioned markets or directly through the Metaverse platforms.
Comparison between Physical & Digital Land:
There are several similarities between digital and real land. Location is important on digital platforms, just as it is in the real world. For that reason, the present rush on digital land is occurring as investors are attempting to buy land in the finest places. A good placement on the map of the different platforms implies being near key sites, squares, or main avenues, much as it does in the actual world.
Major investors are already investing land in this area in order to establish future digital firms. Imagine a future when users may take a virtual walk down a shopping street without ever leaving their house. This is the concept of Metaverse platforms, and this is why land is purchased and sold presently in such a dynamic manner. Unlike actual land purchases, digital land purchases are subject to far less regulation. Because the blockchain declares ownership, land may be purchased instantly without the need for traditional documents.
The Metaverse’s potential for digital land:
The Metaverse, like blockchain and NFTs, is here to stay. The Internet is becoming more decentralized, and Meta Platforms Inc. (previously known as Facebook) has announced that they would devote all of their resources to developing their own Metaverse platform. Because land on decentralized Metaverse platforms is limited, there’s now a race to see who can acquire it first.
The expectation is that demand for digital land on the most popular platforms will rise in the coming years. There is no way to shut down decentralized networks because they are not owned by individual corporations. According to market logic, prices for digital land will rise to construct enterprises or generate other possibilities in the digital world.