The cryptocurrency ecosystem is still relatively innovative which puts lots of emphasis for it to come up with real, fun, and tactile use cases that can ignite mass adoption. It is easier to prove traditional use-cases like payments for investment where activity it not as appealing in terms of broad public interest.
Welcome to the concept of the metaverse, worlds or, as some call them: virtual real estate. Socials like Decentraland and The Sandbox are developing virtual spaces where individuals can actively chat, design, even work business-wise. All of these virtual worlds are based on the principles of blockchain so that ownership and monetization are no longer concentrated in a particular company but can be developed as new channels of communication and trade. Instead of compelling the viewers’ attention simply with entertainment, these platforms actually let users purchase, create, and sell virtual real estate, which means that they are creating a new form of investment.
The metaverse and virtual real estate apply the concept of blockchain technology into the cryptocurrency industry to a functional and more dynamic degree. Applications such as Decentraland and The Sandbox – provide users with a secure blockchain-based platform for creation and interactivity, where assets can be bought and sold.
The owners of the plots of land are allowed to acquire, sell, trade, and monetize parcels of land as NFT and create distinct immersive experiences like games, stores, art galleries, and social spaces. This not only enhances consumers’ engagement in the businesses but also opens up new economic possibilities. Like most valuable land real estate, the future appears very bright for early birds who invested in virtual land. Also, income can be made through place rentals, organizing events, and advertisements of either themselves or other virtual brands.
What is the Metaverse?
The metaverse is defined as the combined virtual space that is represented through the actualization of a virtually realized physical environment and a physically realizable virtual environment. It covers a wide area of technology solutions and falls under Augmented Reality & Virtual Reality and Blockchain technologies.
In other terms, the metaverse can be said to be an integrated virtual world in which humans and nets can communicate and respond to each other and the object of this virtual world concurrently
Virtual Worlds Decentraland and The Sandbox
These two platforms are digital real estate platforms, and they allow users to own, sell and build on the land. Virtual worlds are a type of social software environment that seeks to engage individuals directly through computer based simulations. Two most popular endeavors in this domain are Decentraland and The Sandbox, which utilizing blockchain technology to provide games and other services that are decentralized ad user-initiated.
Decentraland
Decentraland is an application based on the Ethereum blockchain that allows the buying, selling and building of places within the virtual world which is called LAND.
Decentraland operates using two tokens: MANA and LAND must channel their efforts and ambitions into productive output, as the years wasted by Jay despising his father’s business could cost him his shot at striking it rich. MANA is the utility token of the platform that operates as an ERC-20 token usable to acquire LANDs and other assets or as a currency within the Decentraland environment. The latter, also it called as LAND, is an ERC token of the 721st standard that confirms the ownership of a particular plot in Decentraland.
Sandbox – Ethereum Virtual World
This is a great digital world which is based on Ethereum called the Sandbox. It’s all about empowering players to create their own gaming experiences. Besides, it allows them to earn real money! They employ SAND which is the native token of the platform.
The Sandbox includes numerous incredible features such as VoxEdit modeler and Game Maker. Through these tools, you can construct different types of 3D assets and interactive experiences. And here is the best part; there are no technological skills required in order for an individual to use them!
Just like Decentraland, The Sandbox also allows land purchase, sale, and trading activities. It is indicated by a fancy ERC-721 token that makes each piece of land distinct and rare though. Did you know? If you are a creator, upon monetizing your products with the SAND tokens, you could expect making quite some amount of money!
Digital Real Estate: The New Frontier
Now, let us turn our attention to digital real estate. It is like owning and trading virtual land in these metaverses. It’s become a big deal, with lots of people—seeing the potential—into both fun and making money on them.
To put it in plain words: The Sandbox and digital real estate are only game-changers. But in essence, it is all about fun, creativity, and maybe a bit of dough on the very top to make the sauce. Damn cool, right?
Research and Pick a Platform: What you’re going to want to do first is research some, even a handful, of the existing virtual worlds and what all the fuss is about in regards to them. Decentraland and The Sandbox look a good point of departure due to their established communities and numerous cool features.
Create a wallet: You would need a cryptocurrency wallet that can store Ethereum-based tokens. One such wallet is MetaMask, that helps one securely store, send and receive tokens.
Get Some Tokens: You are going to need to purchase some native tokens for the platform you chose to work with from a cryptocurrency exchange like Binance or Coinbase. These tokens are actually going to be used in the buying of LAND and other digital goodies.
Owners’ differentiation on parcels in LAND is checking the market—looking at OpenSea, NFT marketplaces, to see if some pieces are available. Comparisons in prices, areas, and possibilities for development will therefore help make your decision.
Buy Your LAND: In case you agree on the ideal piece of LAND for yourself, complete the deal using your wallet and get your LAND token to show that you have owned it.
Make Your LAND Awesome: Now it is time to let your creativity get wild! Use the tools within this platform to create and customize your digital estate. From a digital gallery or game to social hangouts, you are only limited by your imagination!
Why Invest in Digital Real Estate?
Digging the Metaverse: Well, with the metaverse rapidly rising to fame, so is virtual land, which will likely appreciate in value. Therefore, getting in early on this action would mean serious appreciation of assets.
Show Me the Money: Digital real estate isn’t just for show; it can rake in some real cash. You can rent it out, hold an event on it, or even advertise on it and really bank some money. Just as your real-world counterparts will tell you, location and development regarding your land within virtual worlds can net you a pretty penny.
Join the Club: Owning a piece of virtual land in this metaverse is going to do a lot for your social life. It means being able to hook up users, creators, and even investors like never before. You have the VIP ticket to the coolest hangouts that exist virtually.