Virtual Lands and Investing in them
What is Virtual/Digital Land?
The virtual realm is expanding day by day, people are now crafting and trading assets digitally, displaying NFTs in galleries, playing games, and owning digital/virtual lands as well.
Do you know what virtual real estate, digital land, or virtual world means? Since the emergence of COVID-19, individuals have been more prone to spend time online, these terms have been circulating a lot, but if you’ve never heard of them, you might be assuming what they truly imply. Let’s talk about it,
Real Estate Vs. Virtual Lands
Real estate means the plots, apartments, buildings, as well as natural resources on which they are built. Real estate implies the physical tangible properties in the real world. Whereas the virtual or digital lands exist in the virtual realm, it is intangible but they are equally valued. The features are very similar to real-world property, they are sold in the forms of plots and can be purchased using virtual assets, such as crypto-tokens or coins. Every virtual world has its native token or coin, for example, Decentraland has MANA, their own token.
In the metaverse, NFT categories including artwork, different collectibles, and domain names are all used, with the environment constructed and support by the crypto-community. The only significant distinction between the two universes is their tangibility.
The game industry has evolved considerably since the advent of NFTs, allowing for more safe and transparent trading. Virtual territories are becoming increasingly valuable, with cryptocurrency aficionados willing to spend real money for them. The ownership and trading of these land pieces are made easier thanks to NFTs.
Various virtual realms, for example, Decentraland and Sandbox already allow the purchasing of their virtual lands. Decentraland is the most popular of these universes. It’s a type of metaverse that has integrated blockchain technology to sell their lands in the form of NFTs (Non-Fungible Tokens).
Investing in Virtual Realms
The thought of owning virtual land does not seem like something that cannot be done as everything is being digitalized. Investors can get a sense of ownership over these virtual assets due to the NFTs. the question that still arises is whether it is worth it to invest in virtual lands or not, the confusion is still there. The answer to this question is Yes, its totally worth it for the following reasons:
Virtual lands avoid the key drawbacks or the hassles of real-world transactions. For example, while buying virtual lands there is no need for a massive amount of paperwork, no need to spend on land maintenance, and the best part is no taxes are to be paid. Land purchases are also safer and transparent because of the use of blockchain technology.
Due to its compatibility with the fast-increasing crypto-investment, virtual lands are producing outstanding profits. The ease with which land can be purchased and sold. Investors purchase virtual land while is still reasonably priced and then wait until the price of that land climbs to the point where they wish to resell it for a very good profit.
The land is a new class of asset in the virtual world and this class has gained the spotlight for good. Virtual land or properties has established themselves as a viable class of assets. Its value is expanding at an exponential rate, attracting investors. It also appears to have the potential to become a viable store of wealth, similar to worldly real estate.
In the same way that regular worldly income is important in the physical world. Virtual landowners can make a regular income from it. Investors can use NFT to create a virtual shopping center or amusement park on their land and rent it out on monthly basis.
In addition, the virtual world allows users to be both customers and creators. there are NFT marketplaces, where virtual lands are purchased and traded. For that, simply create an account and connect it to a digital wallet like MetaMask or Trust Wallet, and you are good to go.
Narsun Studios have been working on NFT marketplaces and integrating blockchain in different applications and games. Connect with us to clear any queries regarding the purchase of virtual assets, we will guide you through it and also help you develop your own NFT marketplace as well.