Dive into the Virtual World with NFTs
Non-Fungible Tokens (NFTs) are defined as the digital ledger that is stored on the blockchain. It is a cryptographic asset that represents ownership of unique items. If you don’t like stocks, with NFT, you can directly store value in retail digital art. Furthermore, the artist has the ease to sell their work digitally using NFT.
You will be amazed to know that in December 2021, the Merge NFT artwork by Pak was sold for $91.8 million on Nifty Gateway. Note that it was the most expensive NFT ever sold in the global marketplace.
The market of NFT is an immense, decentralized, accessible, and trustworthy platform which really makes it a better option for digital assets in the global marketplace. This technology changed the infrastructure of digital art and rose to prominence in 2021. If we talk about a few years ago, the scenario was completely different concerning investing in virtual real estate. It sounded somewhat absurd. But, nowadays, we have various options available to invest in virtual worlds like Decentraland (MANA), Sandbox, etc.
Virtual World – Significant tendency in the Extended Reality industry
The Virtual Worlds are computer-simulated worlds that enable ownership of virtual lands. We can represent it as Avatars and it interacts with trading digital assets, building houses, playing games, and collecting art. In the virtual world, a user has the ability to connect with each other using text-based, 2D, 3D models. Some of the most popular virtual worlds are Second Life, Active Worlds, The Sims, Kaneva, etc.
The commencement of the Virtual world really changed the view of digital assets. As technology upgrades with time, every aspect of our life switches to the virtual space. Whether you are in school, office, or even in the conference room, we slightly shift to the digital space. Today, a user has the ease to perform their task through smartphones, tablets, or PCs in an efficient manner. For the trade of your digital assets, a virtual world is considered as a booming market that covers 20% of the total NFT market according to the analysis of NonFungible.com.
Many of the users are confused about the Virtual Lands. Therefore, one thing, I want to clear that Virtual Land is an intangible land that exists only in the virtual space. Decentraland, Sandbox, and Axie Infinity are some of the best NFT land projects ever made. You can sell your virtual land in the form of plots like in the physical land. We have cryptocurrencies that are used for purchasing virtual land. So, a question may arise in our mind why do we invest our money in virtual lands? Why do we need it? The answer to these types of questions is quite simple. By purchasing the virtual plot, you can use it to host online experiences, gain advantages in-game, etc. But note that your plot value will depend on its project, utility, and market speculation.
You should carefully invest your money in Virtual lands. Purchase only if you have the proper information about the risk involved, use cases of land, and its related project. Sometimes, instead of buying virtual land, rent can be a better option.
Are we in the MetaVerse yet?
The Metaverse is a digital world where your virtual identity resides in the form of an Avatar. Your avatar has the ability to keep you moving and interact with other people that have their own avatars. It is a virtual world where our digital and real lives entities are combined that includes augmented reality (AR), virtual reality (VR), online gaming, and cryptocurrencies.
The Metaverse sounds like a comic term, but you have to agree that it actually exists in the reality. For some people, it’s a fresh topic, but many of us already know it to a certain extent. The game of the metaverse becomes more engaged with virtual reality. Many people have their perception that virtual reality is required to be in the metaverse, but it is completely wrong. Virtual reality is only used for enhancing the user’s experience in the metaverse. In the year 2021, Facebook has changed its name to Meta to begin exploring the virtual space. We cannot imagine the Metaverse without blockchain because of the authentication of digital ownership, a person’s identity will be verified by using this technology.
Global Companies purchase NFT Virtual Land
As we are stepping forward with digital technology, owning a digital land has not become a tedious task. We have the convenience of NFT that handles the ownership of the virtual land with the ease of decentralized, accessible, and trustworthy framework.
Many celebrities and even brands started to purchase the NFT Virtual land on a large scale. Like Snoop Dogg (American Rapper) developed his metaverse on The Sandbox and gave it the name SnoopVerse. You will be a wonder to know that someone brought a property from his virtual land for almost 500,000 dollars. Isn’t it a huge amount? NFT includes a tracking site named NonFungible.com that reports the price of various marketplaces. According to its viewpoint, in the year 2020, a digital house sold in an online auction at the price of more than 500 USD. Like in the Decentraland, the virtual plot was sold for nearly 300 USD. If we talk about the Sommium Space ( a Popular game), the virtual plot was sold for more than five hundred thousand USD.
Apart from joining in the metaverse, these brands also can provide access to metaverse services to the users for interacting with them. The investors can make use of his/her virtual land by hosting exclusive events or parties. You can even charge the users to attend the specific event.
Where to buy NFT Virtual Land?
If you want to purchase the NFT Virtual Land, there are two methods available. The first method is to take part in the land sale and purchase directly from the project. While the second method is to purchase it from other users through the marketplace. If you want to purchase the virtual land at a lower price, then the NFT Land sale will definitely be a great option. Some of the plots of the respective project can be sold all at once, whereas others can be in rounds.
In the secondary market, the price of the virtual land is quite high as compared to the NFT Land sale. But if you don’t have any option, you can purchase it through the exchange of NFT. We can consider the NFT exchange as the most secure and reliable option for the secondary market because it protects buyer and seller both by a smart contract. Thereby, it is responsible for the smooth trade between both parties. The OpenSea, Binance NFT Marketplace is one of the best marketplaces ever introduced for the NFT Virtual land. It should be noted that the Binance NFT Marketplace supports Binance Smart Chain, Ethereum whereas in the OpenSea, it supports Polygon, Ethereum, Klaytn.
Nowadays, the virtual world is in a growing phase. It will be at a peak point when there is advancement over virtual reality, the internet, and blockchain. Virtual Worlds are computer-simulated worlds that enable ownership of virtual lands. You can create your own virtual identity i.e. Avatar to interact with other people in the same space. On the other hand, metaverse combines the digital and real lives in which augmented reality (AR), virtual reality (VR), online gaming, and cryptocurrencies are included. The metaverse extends its reach to many targeted users. The American Rapper, Snoop Dogg developed his metaverse on The Sandbox and gave it the name SnoopVerse. He sold his virtual land for almost 500,000 dollars.
If you want to purchase the virtual land, two methods are available i.e. purchase directly from the project or purchase from other users. You can choose among the two based on your interest.
Last modified on July 21st, 2023 at 4:11 pm