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Have you been curious about what NFT virtual lands are and if it is worth buying some? Here is everything to satisfy your curiosity and find out if investing in virtual lands is for you.
The virtual world is becoming a trending space for most financial involvements. The metaverse keeps gaining traction as it allows the majority of physical activities like gaming, ownership of properties, and the likes to be imitated and monetized in the virtual space. This explains the concept of NFT virtual land as it is in fact a virtual representation of real estate. This implies that even as there are platforms to buy tangible lands and properties in the real world, there are similar platforms that make it possible to acquire intangible lands and properties in the virtual world. Moreso, investing in NFT virtual lands simply implies investing in real estate on the blockchain.
Metaverse is a blend of the virtual world and the real world. It has become one of the most trending tech specs across the international media landscape. It is best described as a virtual world that integrates diverse aspects of our digital and real lives, which includes socialization, gaming, working, and recreation. It is often used to insinuate a future version of the Internet that would see the virtual, persistent, and shared spaces being accessible through 3D interactions.
The metaverse apparently reflects the next big leap in the evolution of the Internet. As said earlier, the metaverse keeps gaining traction as it allows the majority of physical activities like gaming, ownership of properties, and the likes to be imitated and monetized in the virtual space.
Thus, it is correct to say that the metaverse activates the possibility of acquiring and investing in virtual lands. The metaverse offers the potential of making virtual real estate become the future of physical reality. Nonetheless, it is important to understand that buying virtual real estate means buying land in the metaverse.
NFT virtual land is an area of digital land that can be owned or acquired via metaverse platforms. Since non-fungible tokens (NFTs) represent ownership of portions of an asset, they also suitably represent land ownership as each one is unique and easily proves digital ownership.
Thus, in a bid to represent unique ownership of an area, users are required to buy NFTs that are linked to that particular plot of digital land. Users can purchase these plots through a land sale either directly from the project or on the secondary NFT market.
There are existing NFT land projects which have become popular with records of an increasing number of investors. These NFT land projects include Decentraland, The Sandbox, and Axie Infinity. Interested blockchain users can acquire these NFT lands and utilize them for various purposes. NFT lands can be used for advertising, socializing, gaming, working, and lots more. The things a user can do with the NFT land depend on each project.
The relationship between virtual lands and real estate is the mutual features they possess with the opposing nature of tangibility. In other words, virtual lands and real estates are similar terms with similar features, but one of them is tangible in nature while the other is not.
Real estate describes property like land and the buildings on it or other forms of natural resources on it such as water and trees. It implies tangible and physical properties which are attainable in the real world.
Virtual lands on the other hand are simply non-tangible real estate. As said earlier, NFT virtual lands are areas of digital lands on metaverse projects. They exist only in the virtual world and can be acquired via the tokens of the metaverse projects hosting the plots of land.
Virtual lands have gained the interest of many crypto investors due to the lots of benefits attached to owning them. Having a sense of ownership over intangible assets like LAND is an experience anyone would want to explore. Below are some of the reasons why you should consider purchasing virtual land.
Firstly, the process of acquiring virtual lands tends to be easier than when acquiring real estate in the real world. The purchase of virtual land is more secure, traceable, and easy through the implementation of blockchain.
Secondly, the alignment of virtual lands with the rapidly evolving crypto-investment universe has given virtual lands the potential to offer exceptional returns. This means that investors simply buy virtual land that is still relatively low in price for the purpose of long-term investment. They would buy the lands when the value is rather low and wait until the price of that land rises to the point where they want to resell it.
Other benefits associated with buying virtual lands include steady income just like in the real world and the privilege to own a new asset class that doesn’t depreciate.
As mentioned earlier, the metaverse lands can be used for various purposes which include advertising, socializing, work, and gaming. Owners of metaverse lands can give room for advertising and charge for them, events can as well be held on these lands to encourage socialization.
As much as virtual lands offer exclusive benefits to owners, there are also some risks associated with owning them.
There are tendencies that the outcome of investing in virtual land may not come out positive as the future of virtual lands is uncertain. It is difficult to predict if a virtual land will yield well in the long run. Furthermore, there is no guarantee that the blockchain to be used to purchase virtual land will gain traction and be adapted in the future. Thus, there is little or no tendency that the land will increase in value in the future.
Moreso, virtual lands tend not to be cost-effective on most occasions hence putting a person’s investment at risk.
It is important to understand there are no complications to the process of purchasing virtual lands. Investors who intend to purchase NFT real estate can simply set up a crypto wallet, add crypto funds to the wallet and then visit an NFT marketplace that is offering NFT lands and properties for sale. Leading NFT marketplaces that offer NFT properties for sale include Decentraland, Cryptovoxels, and OpenSea.
Considering the speed at which NFTs and the metaverse are emerging and gaining traction, topping it with how they have become major trends in the crypto industry, one can suggest that the idea of owning a virtual land may come out well in the long run.
Since real estate has paved the way for financial freedom for many people in the real world, virtual lands being a virtual duplicate of real estate may also be leading investors through a path of financial freedom.
NFT virtual lands are simply non-tangible real estate. They are areas of digital lands on metaverse projects. They exist only in the virtual world and can be acquired via the tokens of the metaverse projects hosting the plots of land.
Crypto investors who desire to own an area of a digital land are the ones who buy NFT real estate.
Metaverse lands can be used for various purposes which include advertising, socializing, work, and gaming.
Investors who intend to purchase NFT real estate can simply set up a crypto wallet, add crypto funds to the wallet and then visit an NFT marketplace that is offering NFT lands and properties for sale. Leading NFT marketplaces that offer NFT properties for sale include Decentraland, Cryptovoxels, and OpenSea.
Virtual lands are worth investing in considering the rate at which enthusiasts are adopting the use of NFTs and the metaverse. This can only predict a greater value for NFT lands in the long run.