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The Metaverse: Virtual Land Bloom

Published Wed, Jan 05 2022 12:30 pm
by The Silicon Trend

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The Metaverse: Virtual Land Bloom

Stories started lingering about a digital land rush after the US multinational company - Facebook changed to Meta, Inc. Investors started purchasing lands in cyberspace, thinking that there must be something valuable in the metaverse. 

Though the US company has rebranded to Meta a couple of months back, it's hard to exaggerate how the conversation about the metaverse increased. However, services such as Microsoft's Mesh and Meta's Horizon Worlds don't interact with each other; they are separate virtual reality (VR) applications. The issue with such a conversation is that it creates an impression, let's say - augmented reality (AR) is the future, and since Google Glass is an AR product, thus it is the future.

From crypto-enthusiast websites to The New York Times, stories regarding the metaverse started circulating, publishing a virtual land bloom. This, in turn, underlined the $2.4Mn sale of a 116-parcel Decentraland estate as investors began investing millions into virtual lands. Decentraland's view is that leveraging NFTs makes the virtual land-scarce and valuable. We can own part of the land, which will surge in the demand value, and rent out our spaces to brands that want to host events, open a digital item shop or advertise.

 

Also Read: How the Emerging Tech Trends Join to Power the Metaverse

 

3D Virtual Platform – Decentraland

It is a browser-based service, and since 2017, it has been selling virtual plots, and after February 2020, the world has been open to the public. A fashion district consumes a large portion of land on the far west side of the map, covered by default procedural terrain and rows of buildings. Digital brand ads such as D&G, Tommy Hilfiger, and Chanel adorn the building sides, but we can't enter. There are no shops and nothing to click or buy there.

Several galleries display NFT artwork, including Sotheby's work, where we could walk up to the display and click on it. But, it can't be purchased within the platform. We will be redirected to an external site that handles the transaction. Though the platform attracts luxury brands to build their stores in virtual locations, those are only beneficial if there are people to sell to, and it's hard to know how many are active on this platform.

The benefit of a 3D virtual platform is that people can purchase the land in the game, but the undergoing process is complex. They can't buy the land token directly with usual dollars or ether. Like many other crypto platforms, Decentraland also has crypto known to be mana. Tokens are non-fungible while mana is not; thus, a user who holds colossal amounts of mana can sell those tokens to anyone in need of purchasing the crypto. The affordable plot in the platform is sold for over 4K mana, and last year, the fashion district was sold for 618,000 mana.