Virtual land refers to digital environments within virtual worlds or metaverses. Virtual land represents a portion of the virtual space that users can own, develop, and interact with. It’s typically represented as 3D parcels or spaces within a virtual world, and ownership can be recorded via NFTs.
What is the metaverse?
The metaverse is a term used to describe a collective virtual shared space that is created by the convergence of physical and virtual reality. As of now, there is no single, all-encompassing metaverse. Instead, there are multiple virtual environments, online games, social platforms, and digital spaces that represent aspects of the metaverse concept.
Virtual land can be part of the metaverse. While not all metaverses are or will be built on web3 technology, those that do allow their users to own their own goods or plots of land within the metaverse. Virtual land can be purchased for different purposes within these metaverses, ranging from building a virtual storefront to playing a virtual game.
What is an NFT?
An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything — from art to gaming avatars — and serve as a digital record of ownership or, in the case of virtual land, a virtual deed.
How are NFTs connected to blockchain technology?
NFTs operate on blockchain technology, making it possible to verify their ownership and easily transfer them from one owner to the next. The most popular virtual land metaverse platforms are Decentraland and Sandbox, which are both built on the Ethereum blockchain, but more on that later.
For now, it’s important to know that a blockchain is a digitally distributed ledger that records transactions and information across a decentralized network. Most blockchains are verified by many nodes (read: computers), which is why you’ll hear them described as “decentralized.” Different blockchains may verify their transactions using different methods but ultimately operate similarly.
Blockchain technology allows users to easily verify, sell, and transfer the deeds for virtual land plots. The immutable nature of blockchain technology and smart contracts make virtual land, or the buying and selling of virtual property, fast.
What are the advantages of using blockchains for virtual land?
There are several advantages of using blockchains for virtual land NFTs:
Authenticity and provenance
By using a blockchain to track the ownership of virtual land, it is possible to establish a clear and verifiable record of the authenticity and provenance of virtual real estate. This can provide added transparency as the virtual land moves from owner to owner in the metaverse.
Ownership and control
By using an NFT to represent ownership of the virtual real estate, holders can buy, sell, or transfer it whenever they see fit.
Accessibility and networks
By using a blockchain to store and transfer virtual land NFTs, it is possible to expand who can own virtual real estate. Owning virtual land is also key to many metaverse experiences, whether for gaming or community-building purposes.
Where are virtual land NFTS stored?
Blockchains store NFTs of all kinds, including virtual land. You can use an NFT-compatible crypto wallet to access your NFTs, and you can view them on OpenSea once you’ve connected your wallet. OpenSea is compatible with multiple wallets. An easy way to remember the role a crypto wallet plays is to think of it as your unique address on the blockchain — it allows you to send, receive, and store items.
What defines a virtual land NFT?
A virtual land NFT is any NFT that grants a user a piece of virtual real estate in the metaverse or digital world.
As a concept and technology, virtual land has been around for decades. For instance, The Sims game is a classic example of a closed virtual land. A closed virtual land is one where virtual land is owned by a centralized entity and is not interconnected with other worlds or a part of a larger universe or metaverse.
In contrast, virtual land NFTs are part of a decentralized, open virtual metaverse that exists on the blockchain and is available to anyone.
What are the most popular types of virtual land NFTs?
Virtual land NFTs can span industries or categories, but some of the most popular virtual world experiences are rooted in gaming, events, and real estate.
Notable virtual land NFT projects
Two of the most popular metaverse platforms are Decentraland and The Sandbox.
The Sandbox
On The Sandbox you’ll find gaming partners like Atari or fashion partners like Adidas. In 2022, the high fashion brand Gucci also purchased virtual land in The Sandbox and created “The Gucci Vault” space. The unique virtual and gaming experience takes users through Gucci’s past, present, and future. While Gucci owns the virtual land, metaverse users have access to the Gucci virtual world by purchasing one of Gucci’s NFTs. The Next 100 Years of Gucci is one of Gucci’s OpenSea collections.
Decentraland
On Decentraland, being a member of their metaverse will grant you access to events like their Metaverse Fashion Week. Alo, a wellness and lifestyle brand, is one example of a brand that participated in Metaverse Fashion Week by hosting a meditation hour.
Wolf Game
Wolf Game is a web3 game in which users can buy virtual land that they can then develop. According to the game, “Only 20,000 genesis land plots will ever exist. Each is unique, with varying acreage, and capabilities that can be multiplied with Farmers.”
Pax.World Land
Alongside the brands that purchase virtual land, some everyday users purchase their piece of the metaverse too. For instance, Pax.World Land is virtual land where users are actively encouraged to develop upon their land and create a community for the metaverse at large.
Otherdeed for Otherside
Otherdeed is a collection of NFTs that, when purchased, grants its owner access to land in Otherside, a virtual world developed by Yuga Labs within the Bored Ape Yacht Club universe. Each NFT in the Otherdeed collection has a unique blend of environment and sediment with things like resources, artifacts, and creatures.
How can I explore and buy virtual land NFTs?
You can find virtual land NFTs on OpenSea’s Virtual Worlds NFT section.
In order to buy an NFT, you'll need a crypto wallet and cryptocurrency (or, in some cases, just a credit or debit card). Using OpenSea, you can instantly buy items listed for sale, bid in auctions, or make offers on NFTs.
🧠 Q&A
In web3, the term “gas fee” refers to the payment needed to execute transactions on the blockchain. Gas fees increase when more people use applications that run on top of a blockchain’s network, therefore competing for space within the block. Think of it like Uber’s surge pricing model that increases the cost of booking a ride during the busiest commuting times. OpenSea also doesn’t control gas fees, set gas fees, or receive any of the gas fees incurred by users on the platform. Instead, they all go to network validators or miners.
When you start the NFT purchase process using OpenSea, you’ll see the gas fee broken down by your wallet provider, so you can watch the fee refresh and complete the transaction when it’s low.
Web3 technology is still new and constantly evolving, so while no single action guarantees protection, there are best practices that can help. The best rule of thumb is that if something looks too good to be true, it probably is. Never share your wallet’s seed phrase, be careful when taking actions using your wallet, and make sure to thoroughly evaluate NFTs before buying.
OpenSea also has an icon visible via a blue checkmark badge on a collection or account. A blue checkmark badge on an account means that account has been verified. A blue checkmark badge on a collection means the collection belongs to a verified account and has significant interest or sales. (OpenSea does not endorse verified accounts or badged collections, and OpenSea makes no representations regarding the NFTs in a verified account or badged collection.)
OpenSea makes no representations or guarantees regarding the collections highlighted in this article. Users must do their own research and use their own judgment before buying any NFT, including those included in the collections highlighted in this article. The descriptions of the collections highlighted in this article were adapted from descriptions provided by the NFT creators, not OpenSea.
Of course you can save or screenshot an NFT, but that doesn’t make you the owner. Taking a picture of the Mona Lisa doesn’t mean you own it. You could print it out and enjoy the art, but you wouldn’t be able to resell it for its true value. Similarly, you could take a screenshot of a Bored Ape, but that won’t get you on the yacht!
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