house money and hands

Virtual Land: What Is It and Why Are People Paying Real Money for It?

Now you can buy your own virtual slice of paradise.


house money and hands

Skyrocketing real estate prices have gripped the globe since the beginning of the COVID-19 pandemic. Now, the virtual world is paralleling the real world with investors splashing their cash on virtual land.

While it might sound like something out of a science fiction novel, virtual land worth over $100 million sold in a single week in late 2021.

But what exactly is virtual land, and why are people paying so much money for it?

What Is Virtual Land?


house on grass

Virtual land exists in the virtual world, aka, the metaverse. The land can be used for anything, from an empty plot to a mansion, or even an art gallery. Virtual land is usually bought on an NFT marketplace like Sandbox and Decentraland, and land ownership is recorded on the blockchain that the NFT exists.

Related: How to Buy Virtual Land in the Metaverse

Why Are People Paying Real Money for Virtual Land?


money-house

While the idea of buying intangible land might be hard to wrap your head around, there are a number of reasons why buyers are splashing out on it.

In recent years, cryptocurrencies and NFTs have surged in popularity. Those purchasing virtual land see it as a good investment with the potential for future profit. Some investors regard virtual land as the next big thing, akin to Bitcoin in its infancy.

Virtual land also has other potential earning possibilities. Virtual land owners can rent out their land, or even turn it into a business to sell things. A piece of virtual land sold for $2.4 million, with the buyer saying it has plans to sell virtual clothing on the site.

MAKEUSEOF VIDEO OF THE DAY

The metaverse is revolutionizing how people attend events, with more people open to attending virtual ones. The popularity of virtual events was highlighted when millions tuned in to watch Travis Scott perform in Fortnite. Virtual land owners can host events and charge participants entry fees. Virtual events can also be decorated and styled with unlimited possibilities.

Is Virtual Land a Good Investment?

Just like the early days of cryptocurrency and NFTs, virtual land is still in its formative years. As technology continues to develop, the metaverse will evolve along with virtual land and its applications. But as with any investment, there’s no way of knowing if it’ll go up or down, and you should never invest more than you can afford to lose.



what are nfts feature
What Is a Non-Fungible Token (NFT)?

You know about cryptocurrencies, but what about NFTs?

Read Next


About The Author

Original Link

Leave a Comment

Your email address will not be published.