What is it and why do people pay real money?
Now you can buy your own virtual piece of paradise.
Skyrocketing real estate prices have gripped the planet since the start of the COVID-19 pandemic. Now, the virtual world parallels the real world, with investors pouring their money into virtual lands.
Although it might sound like something out of a sci-fi novel, virtual land worth over $100 million sold in a single week at the end of 2021.
But what exactly is virtual earth, and why are people paying so much money for it?
What is a virtual court?
The virtual earth exists in the virtual world, aka the metaverse. The land can be used for anything from empty land to a mansion, or even an art gallery. Virtual land is typically purchased from an NFT marketplace like Sandbox and Decentraland, and land ownership is recorded on the blockchain that the NFT exists.
Why do people pay real money for virtual land?
While the idea of buying intangible land can be hard to fathom, there are a number of reasons buyers get into it.
In recent years, cryptocurrencies and NFTs have grown in popularity. Those who buy virtual land see it as a good investment with potential for future profit. Some investors see virtual earth as the next big thing, similar to Bitcoin in its early days.
The virtual land also has other potential earning opportunities. Virtual landowners can lease their land, or even turn it into a business to sell things. A virtual lot sold for $2.4 million, with the buyer saying he was considering selling virtual clothing on the site.
The Metaverse is revolutionizing the way people attend events, with more people open to attending virtual events. The popularity of virtual events was highlighted when millions of people tuned in to watch Travis Scott perform in Fortnite. Virtual landowners can host events and charge entry fees to attendees. Virtual events can also be decorated and styled with unlimited possibilities.
Is Virtual Land a good investment?
Much like the early days of cryptocurrency and NFTs, virtual earth is still in its formative years. As technology continues to develop, the metaverse will evolve along with the virtual earth and its applications. But as with any investment, there’s no way of knowing if it will go up or down, and you should never invest more than you can afford to lose.
You know about cryptocurrencies, but what about NFTs?
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