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The Virtual Land Rush – What’s All the Hype?

Written by.EXARTA
https://exarta.com

Paris Hilton, Sara Sampaio, Snoop Dogg… They all have one thing in common (and no, we’re not talking about their long, luscious locks). They’ve all invested in virtual land in the metaverse!

https://musebycl.io

As the world’s elite are entering and thriving in the ever-expanding metaverse. It’s no wonder that more of us ordinary people are keen to grab opportunities in this new and exciting space. That’s right, folks – it’s 2022, and some of the most sought-after lands aren’t composed of dirt and soil – but of pixels

And there’s gold in those digital hills, let us tell you. In fact, nearly $2bn (£1.75bn) has been spent on virtual land in the past 12 months alone. Make the right moves, and you may find a juicy pot of riches worth. As much as the Nyan Cat NFT at the end of your own digital rainbow. We’re dropping everything you need to know about virtual land sales like it’s hot.

Nyan Cat | The New York Times

So, what exactly is virtual land?

Well, simply put, virtual land is the digital terrain on which your avatar can roam in the virtual ecosystem of the metaverse. It can be as simple as 2D pixelated environments, or span to rich, 3D virtual environments made up of deep blue oceans, cloud-reaching mountain ranges, and fully developed city skylines that make Times Square look like Blackpool Pier.

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How does virtual land work?

Let’s put things into perspective here. 22 years ago (prepare to feel old!). We were introduced to one of the most influential games of the 21st century, EA’s The Sims. Four major releases later, the franchise is still a smash hit among players for its real-life simulation environments. Users can create avatars, buy virtual land plots, construct extravagant homes on those plots, and experience a second digital “life” that can go in any direction they like.

The Sims 4, ea.com

But the virtual land created, bought, and sold within closed games like “The Sims” benefits the platform’s value rather than the users and creators. 

That’s where the metaverse differs significantly. With the construction of non-fungible tokens (NFTs) and decentralized platforms, users can have sole ownership of their virtual land. That’s because each piece of land within a metaverse ecosystem is sold as an NFT, meaning the proof of ownership – certified by a virtual deed – exists safely and authentically on a blockchain. 

Once you buy a pocket of land, you’re the only person that owns it – it’s really that simple. As unique tokens living on a blockchain, NFTs offer a new way to bring the elements of scarcity and ownership into digital items. The NFTs’ value is subjective and based on scarcity and a broader socio-cultural context, making them particularly suited for virtual land sales. Real estate, since the market reflects a similar rise and fall to its real-life counterpart.

Read More: Ya’​ Learn Something New Every Day – The Metaverse & Education

Why are people investing in virtual land?

Good question, to which we have many answers. As the internet has increasingly become an essential part of our modern human life. So has the desire for digital ownership

From regular individuals to the most well-known celebrities, from small startups to some of the biggest brands in the world… A whole host of people are getting on board with this new trend. Here’s why:

1. Virtual land is an asset.

That’s right – digital land sales and virtual real estate have become legitimate and unique asset classes. The space is expanding exponentially in value, making it a reputable and worthy option for any investor. Like virtual art pieces, the purchase of virtual land also gives you a viable store of wealth, almost like real-world art and real estate. Holding a plot in a high-traffic area (and constructing beautiful properties there) will function as a digital status symbol, keeping you up with the Joneses. 

2. The FOMO (Fear of Missing Out) is real.

People and companies actually buy land because they’re scared of missing out? According to global leader in financial services, JPMorgan, they do:

“The astronomical risk of being left behind is worth the incremental investment needed to get started and explore this new digital landscape for yourself.

Propelled by the fear of missing out on something – well – extraordinary, people are swallowing up digital real estate, with the purchase of virtual parcels occurring almost as fast as creating these environments. 

That’s because while NFTs are infinitely expandable, their worth stems from creators’ deliberate strategy to generate these assets with digital scarcity. The bottom line is that while land sales are soaring in popularity, that doesn’t mean there’s an endless supply. That would defeat the object, right? Take our Exartan city of Valayt, for example: with only a limited 3070 plots available, purchasing a pocket and acquiring a 1-in-3070 NFT becomes more financially worthwhile to buyers.

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3. Virtual land provides exponential returns 

These assets can deliver colossal returns because of their position in the rapidly growing crypto-investment universe. A consistent bull market combined with the ease of flipping the land (buying, fixing up, and selling for a higher price) has helped those who have already ventured into virtual property earn big bucks – and fast.

4. …And additional possibilities for earning.

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Still got your eyes on that green prize (don’t we all)? Get ready to dip your virtual toe into even more money-making pools! Another incentive to purchasing virtual land is that doing so lets us get creative with monetization.  

From renting out your grand designs to opening virtual shops to showcase your NFT collections in the hopes of a passerby buying one of your pieces, there’s something out there for everyone. You can even use your property for promotional purposes via selling ad spaces. If you are investing in a high-traffic area, don’t be surprised if large brands come *knock-knock-knocking* at your door asking you to advertise their latest products. You see, that’s the magnificence of the metaverse: it makes it possible for us to make huge profits from a variety of options – all without leaving the comfort of our living rooms. Ka-chingggggg!

5. Brands can stake their claim in the metaverse.

Speaking of brands, more than 200 of them, including GucciAtari, and JP Morgan, have already purchased virtual land in the metaverse. 

JP Morgan recently published a report looking at how businesses can explore the metaverse. The company stated that “the opportunities presented by interactive, digital worlds seem limitless,” which is proven, perhaps, by the brand’s decision to have a virtual tiger wandering about their Decentraland offices.

Frank Chaparro, Director of News at ‘The Block’, on twitter.com.

The report later suggests the very real potential that “Instead of having stores in every city, a major retailer might build a global hub in the metaverse that is able to serve millions of customers”. 

Read Also:“ALTERING THE DEAL”– AI Techniques Clone Darth Vader’s Voice

6. Virtual land is more accessible than real land.

Digital real estate also doesn’t have the major pain points related to real-world sales. Landlords of the future don’t have to pay taxes or replace leaky faucets, after all. What’s more, blockchain implementation also makes land purchases secure and traceable. 

7. Virtual land has a low-entry barrier.

We’re all more than aware that land prices worldwide are sky-high, but the virtual ones come with similar benefits at less than 1% of costs. So where buying real land can be well out of reach for many, people can be far kinder to their bank balances and still own an asset by buying virtual plots instead. What’s not to like?

8. The metaverse provides “infinite possibilities

The main push-factor for buying virtual land (and just about anything) in the metaverse? The possibilities are limitless. The potential of virtual land is real because there’s no more limits to science, technology, and most of all, imagination. We mean, live tigers in corporate offices are one thing, but how about living next door to Snoop Dogg?

nftnewspro.com

The metaverse is a rocket ship that’s already plummeting the popularity and application of blockchain technologies and NFTs to out-of-this-world heights. With tokens surging and land sales multiplying, a thriving, virtual parallel to our physical world is becoming closer within our reach. 

Just like owning actual real estate doesn’t guarantee that we’ll see a profit on every investment, virtual real estate can often lead to rewards for those who are savvy enough to acquire land at the right time. 

The secret to the sauce? You’ve got to hop into the market early. Be a go-getter. Get ahead of the curve. Position yourself in first place. Believe us: now is the time to invest in your own virtual slice of paradise. 

Start your journey with Exarta

When you purchase land within EXARTA, you gain access to our bustling cities and can start building your identity. Every plot of virtual real estate purchased in Exarta is an NFT that lets you buy and sell unique properties and monetize activity on your land. As a landowner, you gain access to our bustling cities, where you can experience social interaction with gamification and retail commerce as you construct unique properties to express your identity.

What’s more, you can develop, resell or rent your land, enabling you to benefit from market demand.

There are only a limited number of 3070 plots available within Valayt City, and with our project already attracting Global media attention, get purchasing early whilst there is still availability. What are you waiting for?

Written by Hannah Clayton, Exarta.

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