Understanding what virtual countries are and why they are sold at a premium – Technology News, Firstpost
FP explainersMarch 28, 2022 17:33:43 IST
Singer Daler Mehndi made news just a few days ago when he became the first Indian to buy land in the Metaverse. This comes just a week after he earned the title of being the first Indian celebrity to perform on the Metaverse.
According to reported information, the singer named his virtual property “Balle Balle Land” and acquired it through Metaverse platform PartyNite.
According to an NDTV report, the singer will host movies and music concerts in Balle Balle Land. In addition, the virtual country will soon have a Daler Mehndi store, which will sell merchandise as non-replaceable tokens or NFTs.
In a Business Today report, Mehndi said: “I went to PartyNite Metaverse with an open mind and it was a very rewarding experience. The audience has moved online and I think it will continue to do so. The physical world has its own charm, but with Metaverse sky is the limit. I really enjoyed playing on PartyNite and I wanted a permanent presence which is why I founded Balle Balle Land.”
While Mehndi enjoys his new acquisition, we’ll try to break it down for you: what it means to buy land on Metaverse, how do you do it, the benefits and other celebrities and their virtual land purchases.
What are virtual countries?
Virtual grounds are digital spaces or plots that you can buy, sell, build 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 VR headsets, AR glasses and smartphone apps.
Users will meet and interact as digital avatars, explore new areas and create content. The idea is that the metaverse will evolve into a virtual collaborative space where we can socialize, play, work and learn.
Once a person buys this virtual land, the possibilities are endless.
A person or an organization can hire architects to design some building and then hire a 3D game developer to build it for them. It can be anything they want, a virtual mall, amusement park, or even a stadium.
And unlike real structures, they can create any design they can imagine without the hindrances of the laws of nature.
Advantages of buying virtual land
Like real-world real estate, the reason for buying virtual land – whether for entertainment or business reasons – cannot be denied that it is an investment for the future.
Metaverse real estate gives users a place to connect with other people online. Individuals can use their digitized land to play games and socialize. Creators can monetize the content of their property by charging fees to access or trade their NFTs. Brands can use their virtual properties to advertise services, organize virtual product launches and deliver unique customer experiences.
A recent report from crypto asset manager Grayscale estimates that the digital world could grow into a $1 trillion company in the near future.
However, Janine Yorio, whose virtual real estate development company Republic Realm spent a record $4.3 million on a parcel of virtual land, warned in a CNBC report that investing in digital real estate is a risky business.
“It’s very, very risky. You should only invest capital that you are willing to lose,” Yorio told CNBC. “It is highly speculative. It is also based on blockchain. And as we all know, crypto is highly volatile. But it can also be hugely rewarding.”
Buy a virtual land?
Once a person or organization has completed their virtual land, there are some steps they should keep in mind to go through the process.
First, you need to set up a digital wallet that stores your cryptocurrency, as virtual land cannot be bought with traditional currency. One will also have to sign up to a metavers platform, such as Decentraland, The Sandbox, Axie Infinity, among others.
Just like real-world real estate, you can also buy metaverse land through brokers and property managers. However, unlike in the real world, metaverse brokers do not require any licenses and are not subject to any regulations. So you need to make sure that they transact with trustworthy ones.
Famous and Expensive Virtual Countries
Even though it sounds absurd to spend thousands and millions on ‘fictional’ land, there are people who do it.
Last November, a piece of virtual real estate in the online world Decentraland was sold for a record $2.4 million worth of cryptocurrency.
A piece of virtual real estate was sold for a record $2.4 million worth of cryptocurrency. The plot exists in the online environment ‘Decentraland’ where users can buy land, visit buildings and meet people as avatars https://t.co/NoDHHhVBrY pic.twitter.com/V8B9KWJOEq
— Reuters (@Reuters) November 24, 2021
Samsung, one of the world’s largest producers of electronic gadgets, made its debut in the metaverse by opening its store in Decentraland. Samsung has announced that they have built a replica of their flagship store in New York and people can visit it through the Decentraland platform.
Nike and Adidas, two giant sneaker brands, also made a big splash on the metaverse. According to reports, Adidas has bought virtual land on the platform of The Sandbox.
Nike also has their virtual country. They have partnered with Roblox and opened their country NIKELAND. platform.
International celebrities such as Snoop Dogg and Paris Hilton have also jumped on the virtual land car.
Snoop Dogg’s ‘Snoopverse’ exists on The Sandbox and is advertised as a venue for virtual concerts, art and car exhibits, pool parties, shopping, and a digital replica of his massive California mansion.
— Snoop Dogg (@SnoopDogg) September 23, 2021
There’s also Paris Hilton’s virtual island built in Roblox called Paris World, complete with digital copies of her California home and closet where users can loot her wardrobe and buy outfits.
Artists such as Travis Scott, Justin Bieber, Marshmallow and Ariana Grande have also made appearances in the Metaverse.
With input from agencies