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What is NFT land?
What is the Metaverse?
For the next decade, the word “metaverse” appears to be the central theme in most tech conversations.
Even tech giant like Facebook, in 2021, was pouring billions of dollars into metaverse, and even rebranded the company to “Meta” to lead the trend.
Then, banking industry follows suit. People were fascinating by the fact that the largest US bank JP Morgan has become the first major bank to launch shop in the metaverse.
Big companies around the world like Starbucks, Mc Donald’s, Nike, Roblox, etc. are also betting on the metaverse. The list isn’t exhaustive.
So, what is the Metaverse?
Imagine you were in a virtual world where people live, work, shop, and interact with others. Remember once Microsoft Teams announced the launch of Mesh – an AR/VR platform where they let users use customized avatars of themselves to join the meetings. How cool it is!
According to Oxford dictionary, “Metaverse” is defined as “a virtual-reality space in which users can interact with each other and computer-generated environment”
In a nutshell, the core of Metaverse focuses on the lifelike interactions. It is designed with the purpose to bring users together as in real life.
What is NFT land in the Metaverse?
When it comes to the metaverse, there is always someone who would want to get the first-mover advantage. Warren Buffet is one of those. Over the last few years, he’s been continually staking in several banks or financial services.
As the metaverse starts to gain attention, people would not want to be left behind. Especially who is wisely using their money to make profits from their assets.
NFT land is created to help them make their money flow. Indeed, they could buy, sell land for a higher price range to make profit in the metaverse, just like how real estate works in real life.
NFT land is an own-able property, but in digital form. Obviously, it is so much easier to prove ownership in digital form.
Basically, developers create a large maps of land and divide it into portions called “plot” to sell on the market. People who want to own the land would go ahead and purchase NFTs linked to that plot of land.
What is NFT land used for?
Owners can use NFT land for advertising, socializing, gaming, work, among other use cases.
Advertising
Like small businesses choose Facebook Ads, or Google Ads to start promotion, you can charge for an advertising fee if your plot of land is in a popular area and got a decent amount of visitors.
Socializing
Hosting events, occasional community meet-ups, conferences, or concerts using your digital land sounds interesting.
Gaming
In a P2E game situation, you can use your virtual land as an additional resources, extra tokens, and crafting ingredients.
Work
Imagine if you owned a real estate and you wanted to rent it out for a company to make it an office. This can happen in the Metaverse with NFT land.
Why does the NFT land rush? What affects the price of NFT land?
Brands and companies are joining the metaverse hype and offering users chances to interact with them by accessing games, services, and other products.
Adidas purchased NFT land on the platform to create AdiVerse
Snoop Dog also created his own metaverse experience on The Sandbox.
The world famous consulting firm PwC also bought plots in 2021 on the platform Decentraland.
The price of NFT lands differs depending on what platform they are on. Big popular platforms tend to have higher price due to market supply and demand. They also offer a wide variety of options and resources for you to customize.
But, when there is a lot of hype, there will probably be people who would want to take advantage of others’.
Media is also one of the factors which complicit in this overheat.
What are some major platforms to buy NFT land?
The Sandbox
Become a land owner in The Sandbox means you get access to many exclusive content and grant the possibility to monetize your own land in their metaverse.
Decentraland
A decentralized virtual reality platform powered by Ethereum blockchain, allowing users to create, experience, and monetize their content and applications.
Cryptovosels
An Ethereum virtual world that allows players to buy land, build on it, and customize their avatars with wearable NFTs and more!
Somnium Space
They already sold hundreds of thousand dollars worth of land in their crowdfunding campaigns to VR enthusiasts and they’re now expanding to public community.
Secondary marketplaces
Most popular options are Opensea or Binance. Opensea supports Ethereum, Polygon and more, while Binance supports BNB Smart Chain and Ethereum.
Angoname – Web 3 is now complete
Visit our website angoname.com to learn more about blockchain domain and web 3 secondary marketplaces.
How to purchase an NFT land
You can either participate in a sale and buy the land directly from the project, or you can buy it from another land owner on the marketplace.
Buying from a land sale is always a better idea as you can get a better price than on secondary marketplace.
Since new Metaverse projects continue to launch, these platforms always manage to drop free lands as part of their marketing campaigns or just simply an effort to build community.
But again, tips to make a profit are you should consider land’s project carefully and take a moment to browse around the reputable resources.
