Without a Doubt, Virtual Land in Metaverse is the Next Big Hit in the NFT Space
Hitting an all-time high of $34.62 billion worth, the metaverse is the next big hit in the crypto space. For many people around the world, spending thousands of dollars worth of cryptos to acquire land in a virtual world sounds very absurd and impractical. Yet, the trend is only continuing to take an upswing. So what is happening over here? Let’s take a look.
What is Metaverse and the Lands in it?
Metaverse is a concept of a virtual reality in which people can spend time, interact with each other and do practically any activity they can in the real world. Think of the movie Matrix and the virtual world created by the robots, but albeit not so realistic in terms of the feel. Apart from that specific difference, the metaverse is just that.
In recent years advances in 3D technology and immersive experiences through the use of virtual reality (VR) and merging both real and virtual through Augmented Reality (AR) has led to the rise of metaverse immensely.
Virtual lands in the metaverse have become a hot cake, with individuals and large firms going for it. Owning a virtual land offers many options for owners, from capital appreciation to the option of building virtual establishments on top of these. Adidas has a virtual land in Sandbox which it is building a complete digital store on where users will be able to visit the virtual metaverse and check out the products.
Other real-life applications of virtual lands in the metaverse include digital art galleries you can walk through, offices, and much more.
The Top 5 Metaverse Land Platforms
When talking about virtual lands in the metaverse, it wouldn’t be justice if we don’t discuss the top virtual land projects that are gracing the metaverse of today. Here are the best virtual land projects of today:
Launched in 2018, the Sandbox is a unique project that offers anyone to build their own games on the network. Each game is hosted on LAND, a piece of the virtual estate that is an NFT in itself. With only a limited 166,464 LAND in the ecosystem, the popularity has driven the prices up significantly, especially when the land is in premium areas. With an average price of roughly $13,100, the most expensive virtual estate on Sandbox has been a purchase of $3.4 million by Republic Realm.
A complete virtual landscape, Decentraland consists of 40,000 parcels (with each parcel being a virtual land). Just like Sandbox, each parcel is an NFT and owners can build anything on these. Initially sold for $20 apiece, the parcels are not highly sought after, with some going as high as $100,000.
The most famous is the 259 parcels estate by the auction house Sotheby’s, creating a complete virtual replica of their New Bond Street headquarters.
Affectionately referred to as the Minecraft of the metaverse, Cryptovoxels is another virtual land based on the Ethereum blockchain. Needing no special programming skills at all, anyone who owns a virtual land on Cryptovoxel can build anything, just like the Minecraft game. People can visit each other’s estate, interact and play games.
Depending on the location of the land, you will end up paying anywhere from $4,000 to up to as much as $15,000 for a plot.
Creating an open, social virtual world, Somnium Space is a completely independent world with its own internal economy, games and ecosystem. Using NFTs and blockchain gives owners of the virtual lands complete control of their in-game assets.
Somnium also has plans to integrate mainstream VR and AR devices such as Oculus Go. Users will have the option to use a 2D model through desktops and mobiles or 3D using their VR devices. Somnium Space has large-scale partners such as Sony, Polygon, OpenSea and others.
By mapping the real world, SuperWorld brings a complete virtual world that is the exact replica of our real one. There are 64 million unique plots of land that reflect their real-life counterparts, such as the Taj Mahal, Eiffel Tower, public places like stadiums, jungles etc.
When you own land in the Superworld, people can make virtual visits and you earn revenue from it.
Lumi World Land: A Par Above
Expensive, profitable and interesting as the virtual lands in the current metaverse projects, they all have one single major flaw. All the lands are just virtual lands with no appeal to support their growth.
Lumi World covers this in its virtual lands through its engaging gaming concept.
First of all, rather than create a scarcity of land that drives up the value to a point where it becomes practically impossible to buy one, everyone gets land in Lumi World when they start. Lumiers are a farming species now and each player will be allotted a piece of farmland on which they can grow their choice of crops or plants.
Of course, players will have the option to buy more land to increase their production. Farming solo or in conjunction with other members, you can sell your harvests in the Factory to earn money or mint new seeds.
But that’s not all. You can head over to Dream City, the globe-spanning metropolis on Lumi World. You can buy land here just like you can in the real world and build your own business on top of it. There are no limits to what you can do with the land. Build a house to live in, create a high rise building in the business districts and rent out the offices, go to the edge of the city and create stadiums where different competitions can be held. Or you can simply open up a pub in the residential areas to serve the locals.
Unlike other virtual lands, Lumi World is not just another platform for the sake of lands but serves as a complete ecosystem with no limits to what you can do.
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