The concept of purchasing virtual real estate may seem highly counterintuitive, especially for those who haven’t even embraced Bitcoin yet. However, who would have imagined that we’d be video chatting on our phones or that social media accounts would command such high prices?
We’ve been deeply intrigued by NFTs and the concept of the metaverse for quite a while, though information on these topics remains limited.
Stories of individuals amassing wealth through the quick buying and selling of NFTs are increasingly common in the news. However, finding the right artwork among the sea of available pieces could be likened to winning the jackpot in a national lottery – an experience we’ve seen firsthand.
Furthermore, I am wholly convinced that these virtual universes, referred to as the Metaverse, will continue to expand. I foresee people spending an increasing amount of time within these virtual spaces as opposed to the physical world.
The rise in individuals engaging in virtual relationships is staggering. So, where will all these interactions take place? In the realm of virtual real estate, undoubtedly.
Decentraland stands out as one of the most coveted destinations for such virtual real estate transactions, and I’ve personally invested in a plot within this landscape.
Now, one of the total 90,000 parcels is owned by Metaverse Planet. So, what exactly is Decentraland? It’s a rapidly expanding virtual world, built on the foundation of cryptocurrency.
Decentraland was birthed by a team of developers in Argentina back in 2016. The user experience bears striking resemblance to popular multiplayer games such as Second Life and Minecraft. What sets Decentraland apart, however, is that apart from roads and plazas (referred to as LAND within the game), all areas can be purchased, sold, and developed by the users of the game.
The ownership of these virtual properties is recorded on the Ethereum blockchain, making them easily transferrable and safeguarding against fraud. So in essence, they are NFTs. The content that landowners choose to publish on their plot, defined by cartesian coordinates (x,y), can range vastly.
These contents can span from static 3D scenes to interactive systems like games, casinos, art galleries, concert venues, and virtually anything that developers can envision. It’s worth noting that there exists a vibrant community of 3D animators, artists, and developers within Decentraland. I’m now a proud plot owner within this community.
As for what we’ll construct on this land, we’re still unsure. There’s a possibility we might sell it undeveloped, given the impressive potential profitability. My parcels aren’t located in the central area (Genesis), as the prices there are rather exorbitant.
However, much like physical cities expand from the center outward, a similar phenomenon could occur here. Is this investment a bit wild? Perhaps.
But you might be astounded to learn about the high-profile individuals buying up this land and the sums they’re willing to pay. Is this a risky investment? Certainly. But is it worth the risk to own a piece of the future’s landscape? You already know our answer.
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