What is Virtual Land?

Virtual land is intangible land that exists in a virtual world — the Metaverse. Like physical land in the real world, virtual land is sold as plots of land that anyone can buy using the currency of the specific Metaverse. Since virtual land has established itself as a legitimate asset class, its value has increased rapidly. Similar to real-world real estate, it has the potential to be a viable financial asset. In the past couple of years, virtual lands in various Metaverses have been selling for hundreds of thousands of dollars.

Each plot of virtual land in virtual blockchain worlds is usually represented as a non-fungible token (NFT). NFTs are digital tokens representing true ownership of an asset on the blockchain, and no two NFTs will ever be the same. Thus, there will only be one plot of land in that exact location, making each plot unique and cannot be duplicated or forged.

Owners of virtual land are free to build anything they want, flip their land for enormous profits, and earn income from their lands. For example, landowners are able to build an art gallery to showcase their NFT artworks, build a cinema for other people to watch movies, host various events like live music, build a villa to hang out with friends, design applications, or create an arcade where people can play games. Furthermore, landowners are allowed to rent out their virtual lands for a passive income.

Simply put, virtual lands essentially work the same way as lands in the real world. However, the process of acquiring virtual land is simpler since buyers don't have to deal with extensive paperwork, taxes, and land maintenance. Thanks to blockchain technology, the security and traceability of virtual land purchases are guaranteed.

Land in every virtual blockchain world comes in a variety of shapes, sizes, and building heights. In addition, different virtual lands usually have different graphical build limitations, which typically depends on the size of land purchased. The graphical limitations don't have any effect on most builts. However, it's a good idea to research the limitations before buying virtual land.

Users can usually buy more than one plot of land in virtual blockchain worlds. Buying adjacent land plots allows landowners to build bigger.