While the purchase process for virtual land can vary widely depending on the game and company behind each metaverse, plots of virtual land sold as NFTs can be either minted from the developer’s website (primary sale) or purchased on a secondary NFT marketplace like OpenSea. In April 2022, Otherdeed mints slowed the Ethereum blockchain to a crawl in a desperate rush to claim their virtual land, some users reported paying thousands of dollars in Ethereum gas fees in hopes that their Otherdeed NFT would grant them precious resources-or an ultra-rare creature called a Koda. Yuga Labs saw $561 million in volume traded for its Otherside NFT mint within just 24 hours. In Web3, virtual property or spaces are typically sold as NFTs, meaning the proof of ownership exists on a blockchain like Ethereum and essentially acts as a deed granting the holder access and control over said land. Many metaverses will show loading screens when players switch between environments, like in the first two “The Sims” games or VR Chat, while other metaverses like “World of Warcraft” offer a more seamless, open-world experience.īut some believe cryptocurrencies and NFT technology may be the key to a truly interoperable and open metaverse. Depending on a specific metaverse’s design, virtual land can have an “open” or “closed” feel. How does virtual land work?įor one, virtual lands don’t require crypto-many video games have offered virtual land of sorts for decades. Virtual land can be as simple as a 2D pixelated environment, as abstract as a white or black 3D box space, or a rich 3D virtual environment populated with oceans, mountains, and just about anything else you can imagine. Virtual land, then, is the digital terrain-the geography and physical space-within which players can roam in the metaverse. A metaverse is, typically, a video game or digital life simulation where you can interact with other players using a character which represents yourself. What is virtual land?Īll virtual land exists in a digital environment also known as a metaverse. Virtual land forms the backbone of crypto-powered metaverse platforms like Decentraland and The Sandbox, and with legacy big tech players like Meta drawing up plans for their own metaverses, it’s set to become a key point of differentiation between centralized and decentralized metaverse offerings.Īs these competing visions of the metaverse’s future jockey for position, it’s first worth defining what the metaverse even is, and how virtual land will play an vital role in its development.
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