Whether you’re hoping for a new home or a place to locate your business, we’re all infatuated with the idea of having a plot of land that we can call our own. While these dreams of owning land have always been solidly located within the real world, in the 21 st century things have shifted seeing many purchase plots of “virtual real estate”.
While virtual real estate has been around for a surprisingly large portion of gaming’s history, with the invention of NFTs the game has changed greatly allowing for more secure, future-proofed purchases.
Let’s try to unpick exactly why people are paying so much for these virtual plots of land.
The Evolution of Virtual Real Estate
While “Virtual Real Estate” can apply to a variety of things—from buying physical properties without the intention of ever visiting them to taking a VR tour of a physical property—here we are talking about buying a plot of land in a digital system. Whether that be a game or a purpose-built system for virtual real estate. And this is not something that the classic games have, this isn’t something like buying your desired house on a GTA V account, these Virtual Real Estates have actual value and is acting almost the same as in real life.
Historically, the concept behind virtual real estate has been to give people virtual environments within which they can enjoy a fully-fledged second life. It’s apt, then, that Second Life has been one of the key players in virtual real estate.
Launched in 2003, Second Life is a virtual world developed by Linden Lab, giving people virtual spaces to do anything from conferences and classes to exhibiting their own art. To do this and more within Second Life players can purchase private plots and then build what they like upon it.
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