What are Metaverse Land Plots?
Metaverse land plots are an exciting prospect which holders might not fully realize how to benefit from yet. Their importance to the wider world of web3 is immense because of their applications within the metaverse which has the potential to bring many popular NFT collections to life.
What is digital land?
Digital land in the metaverse is a method of allowing users to buy a solid virtual platform where they can create their own experiences in a virtual world. A limited number of plots are hosted on a server, and the deeds to those plots are tokenized and recorded on the blockchain as NFTs.
What can a user do with their land?
The potential for utilities in the metaverse with land plots is quite large. There are a variety of different use cases involved that are only growing from here.
Create a game
Metaverse land plots offer the ability for NFT holders to build on top of the virtual plots that they are buying, which is similar to physical land development. Because of this, there is an immediate platform for developers to create games in the metaverse by creating game maps on top of the land.Rent and Lease
Metaverse land plots also have the same potential as physical land plots with renting and leasing to create passive income to the token holder. As the metaverse expands and becomes more developed, there will be a growing interest to create business within the metaverse, which will cause the price of the land to fluctuate.
When this happens, business-minded individuals might not have the liquidity necessary to buy a land plot and would be more interested in simply renting a plot to use. This also opens the doors to new forms of valuation where certain land plots have higher values than others because of their proximity to other properties.Open a store front
One of the most obvious use cases for property on top of these virtual land plots are stores where users will be able to buy clothing, accessories, or other products in the form of NFTs.
Well-known brands such as Gucci, Adidas, and Nike have already shown their interest in the metaverse, which would bring a level of authenticity and corporate adoption that is necessary for the metaverse to become successful. Powerful brands go a long way and their storefronts will open the doors to additional value.
The most popular metaverse
Although there are a variety of metaverse land plots available, many of them took a drastic dip after Minecraft announced that it would be removing blockchain-related mods from its platform. This created a massive impact on the market because many projects were using Minecraft as their platform.
Instead, the ban has caused many to re-evaluate how the metaverse will be hosted online. Establishing the metaverse on a web2 platform was a bad idea and now that the ban has already happened, we can look at more genuine projects such as The Otherside from Yuga Labs to carry the torch because of their status within web3 as the most popular NFT company.
Why interoperability is important
One of the most important aspects of the metaverse will be interoperability. While the Otherside metaverse has the most potential, it will extremely limit its user base and audience if it only allows BAYC holders entrance into the metaverse (especially with the high price of BAYC tokens).
Fortunately, this is not the case because Yuga Labs has made a network of connections with other popular projects so that more people can join the metaverse without a BAYC token. This opens up the playing field to many more people in web3 that are interested in this new virtual world.
