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Rachel Welch

26 October 2022 187 Read Metaverse

Why Are People Buying Virtual Land?

Virtual land is a form of virtual real estate that exists in the metaverse. It can be anything from an empty plot to a mansion to a virtual art gallery. It is purchased through marketplaces, or NFTs, and the ownership is recorded on a blockchain. Those who want to invest in virtual land should be aware of the risks involved.

While the value of virtual real estate may be zero in the long run, the hype around it has driven up the prices. The first fully operational virtual world for adults is still years away, but there are already more than 200 consumer-facing brands that have purchased virtual land. Those brands are looking to use virtual land as a form of advertisement.