Introduction – The rapid development of the metaverse has given rise to intriguing new blockchain use cases. The metaverse and Non-Fungible Tokens (NFTs) had such a big year in 2020 that it’s no surprise that virtual land has become a hot topic.
Some people may find it challenging to understand the concept because some NFT land sales have reached prices higher than real estate in the physical world. In fact, NFT land and conventional real estate have many things in common. But NFT land has some distinctive features to investigate as a digital asset on the blockchain.
The idea of a 3D online virtual space called the metaverse connects users from all facets of their lives. It would link various platforms, much like how the internet connects various websites that can be accessed through a single browser.
The idea was developed in Neal Stephenson’s science fiction book Snow Crash. Although the concept of a metaverse was once considered to be a myth, it now appears that it might become a reality in the near future.
Augmented reality will power the metaverse, with each user in control of a character or avatar. You could, for instance, complete work and unwind in a blockchain-based game while wearing an Oculus VR headset in your virtual office, attend a mixed reality meeting there, manage your cryptocurrency portfolio and money all inside the metaverse.
NFTs Virtual Lands Explained
The metaverse is an online, virtual setting where activities like work, socializing, and recreation will coexist with aspects of our everyday digital and physical lives. The year 2021 saw the start of the space’s development and exploration by a number of tech behemoths, including Meta (previously Facebook), Microsoft, and Epic Games.
As digital ownership, identity, and economies are fundamental ideas in the metaverse, blockchain technology is essential. Additionally, blockchain technology can offer dependable and transparent governance systems.
Applications that resemble blockchain and the metaverse already exist and give people a living wage. Many users play the play-to-earn game Axie Infinity to supplement their income. Other successful examples of fusing the blockchain and virtual reality apps are SecondLive and Decentraland.