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Metaverse land plots sound like a unified class of digital assets. But there are distinctions and types which make the latest sales of digital land significantly different. In this guide, we will explore in detail the use cases for metaverse land, buying and selling, dominant metaverses and games and how to lock in gains from digital land plots.
Metaverse Land Plots: What Are You Actually Buying
When you buy a metaverse land plot from one of the play to earn games or metaverse worlds, the ownership is reflected in the form of an NFT, or non-fungible token. For the wider public, NFTs are just series of pictures sharing features, but metaverse land plots are an entirely different type of digital presence. The visual and gaming side of the metaverse land plot is provided by the game studio or metaverse creator.
The token record is held on the blockchain, with a wide selection of new blockchains available. While most NFT exist on Ethereum, digital land plots have been recorded on Polygon, Solana, Avalanche and other networks.
The permanent, tradable record of a metaverse land plot can be held in a cryptocurrency wallet such as MetaMask, Binance Wallet, Trust Wallet, Phantom Wallet or another tool with the ability to hold NFTs.
What are the Use Cases for Metaverse Land Plots
Metaverse land plots have multiple differences in applications. Game logic, art style and the target audience mean some digital land plots may work for very different functions. Use cases include:
- Arenas, stadiums and battle or sports venues;
- Sub-plots for building, decoration and branded experiences;
- 3D social media metaverse plots;
- Homesteads in adventure games;
- Generating passive income for ownership.
Because not all play to earn games are ready with a complete gaming experience, some NFT items are used in the interim as tickets to future game perks, and can even be staked. Owning land is both a share into the game’s playable area, and a stake for the game’s future development.
Can Existing Games Sell Land Plots
Officially, large existing games will not sell parts of their map as NFTs. But specific Minecraft servers or other in-game spaces can also tie certain areas to NFTs.
It is impossible to vet how reliable these NFTs are, and how reliably the digital property would be displayed in the future.
For instance, buildable servers for Minecraft have opened sales for NFTs tied to plots of land. Projects like MineVerse have a floor price of 0.05ETH for a Land Pass. There is no way to estimate how long the MineVerse server will exist and give actual access to the server. But this type of ownership builds upon an older model of limited server participation.
Other platforms take more care to ensure the longevity of virtual worlds and the actual content of NFTs. The most ambitious ones attempt to build the Web 3.0 ideal of transferable assets that do not disappear based on the decision of a centralized authority.
What are the Best Games and Worlds for Metaverse Land Plots
The best games and environments offering metaverse functions include several factors. The liquidity of NFTs, the possibility to actually use the digital land plot, and resale value are key factors for the best choice of investment in metaverse land.
As of January 2022, multiple up and coming play to earn games either promise or try to sell metaverse land. The quality and potential prices of these items is uncertain and highly risky.
Cheapest and Most Expensive Land Plots
Just as there is no top to NFT prices, there is no way to predict which will be the most valuable and high-priced land plot. Some of the larger and more prominent land plots have sold for the equivalent of millions of USD, though priced in ETH.
An Axie Infinity Genesis plot sold at the end of 2021 for the equivalent of $2.5M. The value of most plots may increase, depending on interest, especially with corporate buyers.
The cost of metaverse land depends on the game or environment. Platforms like Decentraland offer large estates to big brands, commanding high prices. But small-scale participation, in projects like Town Star, starts at 0.01ETH, based on OpenSea data.
Is This Metaverse Land Real
Metaverse land can have significant resale value and use cases within games or 3D metaverse social media and meeting grounds.
However, the best approach is to follow the official social media for verified projects. Illuvium, one of the high-profile metaverse projects, saw a Discord server scam in December, which managed to sell worthless NFTs.
It is also good to check the latest pricing activity for metaverse land plots. OpenSea and wider public markets can give hints on whether land plot NFTs are liquid and in-demand.