You are currently viewing Understanding what are virtual lands and why they are selling at a premium- Technology News, FP

Understanding what are virtual lands and why they are selling at a premium- Technology News, FP

Singer Daler Mehndi made news just a few days back when he became the first Indian to purchase land in the Metaverse. This comes just a week after he earned the title of being the first Indian celebrity to perform in the Metaverse.

According to reported information, the singer named his virtual property as named ‘Balle Balle Land’ and acquired it through Metaverse platform PartyNite.

According to an NDTV report, the singer will host films and music concerts in Balle Balle Land. Moreover, the virtual land will soon have a Daler Mehndi Store, which will sell merchandise as Non-Fungible Tokens or NFTs.

A Business Today report had Mehndi quoted as saying, “I went with an open mind on PartyNite Metaverse and it was a very rewarding experience. Audiences have moved online and I believe it is going to stay. The physical world has its own charm but with Metaverse, sky’s the limit. I really enjoyed performing on PartyNite and I wanted a permanent presence & hence created Balle Balle Land.”

As Mehndi enjoys his new acquisition, we try to break it down for you: What it means to buy land on Metaverse, how does one do it, its benefits and other celebrities and their virtual land purchases.

What are virtual lands?

Virtual lands are digital spaces or land plots that you can buy, sell, build upon, and explore in a virtual world.

The metaverse describes a vision of a connected 3D virtual world, where real and digital worlds are integrated using technologies such as virtual reality (VR) and augmented reality (AR). This immersive environment will be accessible through the likes of VR headsets, AR glasses and smartphone apps.

Users will meet and communicate as digital avatars, explore new areas and create content. The idea is the metaverse will develop to become a collaborative virtual space where we can socialise, play, work and learn.

Once a person buys this virtual land, the possibilities are endless.

An individual or an organisation could hire architects to design a building of some sort and then hire a 3D game developer to build it for them. It can be anything they desire, a virtual mall, amusement park, or even a stadium.

And unlike real-life structures, they can create any designs they could think of without the hindrance of the laws of physics.

Benefits of buying virtual land

Like real estate in the real world, the reason to buy virtual land — either for entertainment or business reasons — one can’t deny that it is an investment for the future.

Metaverse real estate gives users a place to connect online with other people. Individuals can use their digitised land to play games and socialise. Creators can monetise the content of their property by charging for access or trading their NFTs. Brands can use their virtual properties to advertise services, organise virtual product launches, and provide unique customer experiences.

A recent report by crypto asset manager Grayscale estimates the digital world may grow into a $1 trillion business in the near future.

Janine Yorio, whose virtual real estate development company, Republic Realm, spent a record $4.3 million on a parcel of virtual land, however, in a CNBC report warned that investing in digital real estate is risky business.

“It’s highly, highly risky. You should only invest capital that you’re prepared to lose,” Yorio tells CNBC. “It’s highly speculative. It’s also blockchain-based. And as we all know, crypto is highly volatile. But it can also be massively rewarding.”

How to buy virtual land

Once a person or organisation finalises their virtual land, there are some steps they will need to keep in mind to go through the process.

Firstly, one will have to set up a digital wallet that will store your cryptocurrency, as virtual land cannot be bought with traditional currency. One will also have to sign up with a metaverse platform, like Decentraland, The Sandbox, Axie Infinity, among others.

Like real-world properties, you can also purchase metaverse land through brokers and property managers. Unlike in the real world though, metaverse brokers don’t need licences and are under no regulations. So one has to make sure that they transact with reliable ones.

Famous and expensive virtual lands

Even though it sounds absurd to spend thousands and millions on ‘fictitious’ land, there are people who are doing it.

Last November, a patch of virtual real estate in the online world Decentraland sold for a record $2.4 million worth of cryptocurrency.

One of the world’s largest producers of electronic gadgets, Samsung made its debut in the metaverse by opening its shop in Decentraland. Samsung announced that they’ve built a replica of their flagship store located in New York and that people can visit them through the Decentraland’s platform.

Nike and Adidas, two giant sneaker brands, also made a big splash on the metaverse. According to reports, Adidas has purchased virtual land on The Sandbox’s platform.

Nike has their virtual land as well. They’ve partnered up with Roblox and opened their land called NIKELAND. platform.

International celebrities such as Snoop Dogg and Paris Hilton have also jumped on to the virtual land bandwagon.

Snoop Dogg’s ‘Snoopverse’ exists on The Sandbox and is being advertised as a place for virtual concerts, art and car exhibits, pool parties, shopping, and a digital replica of his massive California mansion.

There is also Paris Hilton’s virtual island built within Roblox, dubbed Paris World, complete with digital copies of her California home and closet where users can raid her wardrobe and purchase outfits.

Artists such as Travis Scott, Justin Bieber, Marshmallow, and Ariana Grande have also given performances in the Metaverse.

With inputs from agencies

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