Metaverse Land (Digital Real Estate)

The metaverse is a digital universe that is explored using an avatar where you can do everything you do in the normal world; even buy land. These plots of land are used as assets or venues for virtual events and expositions in the metaverse.

You can buy and use plots of land in many different ways depending on the particular metaverse project. Some projects do not allow users to own a piece of land permanently, in some others you have to purchase the NFT linked to a particular plot of land to prove ownership, and some others allow the outright purchase of plots.

These plots of land can be used for several different things in their digital worlds. In some cases, landowners purchase land in games and they get rewards and gaming resources for owning larger pieces. Plots of land located in popular areas of virtual universes can be used to set up adverts, and host events, parties or even conferences. Virtual plots can also be used by your avatar to set up virtual offices for work like what the Consultancy firm PwC is doing in Decentraland.

Virtual land is getting increasingly popular and top companies, organizations and individuals are purchasing "digital real estate". Prices of plots vary depending on the platform the plot of land is on, its various use cases and also the hype about it.

You can either buy plots of land directly from the project by participating in land sales or from other users through a marketplace. Always DYOR before purchasing any plot of land and make sure you buy from a reputable source or project. Opensea and Binance NFT Marketplace are the most popular NFT marketplaces and you can cop plots of land from there.

The concept of owning virtual plots of land is not much different from owning a website or other virtual spaces. In recent times popular domain names have sold for huge amounts of money.  Any who sees the future in the metaverse and tech will understand that this is something worth paying attention to.

References (Example)

[1] <Binance Academy>, '<What is NFT Virtual Land in the Metaverse>' (online, <2022>) <https://academy.binance.com//en/articles/what-is-nft-virtual-land-in-the-metaverse>.
[2] BULB, 'Write to Earn. Read to Earn' (online, 2022) <https://www.bulbapp.io/>