What is Virtual Land?

Virtual land refers to parcels of land within the metaverse, often utilizing blockchain technology. In instances where there's a blockchain-driven economy, virtual land is acquired through cryptocurrencies, and digital parcels are depicted as nonfungible tokens (NFTs) on various metaverse platforms. This renders them unique, tradable digital assets with ownership securely recorded on the blockchain.

Within virtual realms, these virtual plots of land serve as the starting point for users' in-world activities. These digital representations, or NFTs, facilitate trading within secondary markets. Examples such as Axie Infinity, Decentraland, and The Sandbox have all sold portions of their virtual lands to notable corporations and investors.

Moreover, virtual lands can incorporate existing virtual reality (VR) and augmented reality (AR) technologies to provide users with a more immersive, realistic experience. This could potentially introduce a novel form of entertainment previously thought achievable only through cinema.