There Are Two Concepts That You Must Understand If You Want To Dominate In The Metaverse: Land And Nfts
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- Tiziano BaldiGalleni
- January 3, 2023
- 6:56 am
There are two key concepts that underpin the future of digital. By digital future I mean the Metaverse, which will replace everything: websites, social networks and maybe even augmented reality unless they become important in parallel.
There are two concepts that underlie this new technology, Land and Nft
The lands are the lots in parts of the Metaverse that can be purchased as if they were private property. NFTs are the basis of all this technology and of the exchange of digital goods within it.
Knowing well and learning how these two pillars work will make you more aware of the opportunities that exist in the Metaverse and how to best exploit them to your advantage.
There are currently about thirty parallel worlds, but they all work the same way. The technology on which they are based is also the same.
WHAT ARE LANDS, AND HOW TO BUY THEM
Lands are blocks or parcels of digital space, which you can buy as private property as if they were real land. They represent truly incredible but limited content: games, art, movies, or anything else you can imagine.
You can buy land in an online auction or exchange it with someone else and it is important to know that the prices of these auctions start from very few euros up to tens of thousands.
But first, you have to do a little market analysis and understand which metaverse will have future possibilities so your land will not devalue.
Then you will have to choose the right intermediary, such as OpenSea, one of the most accredited and used.
OpenSea is a decentralized marketplace for NFTs and digital assets, powered by Ethereum.
It is open to every user, regardless of their size or budget. Like most on the blockchain. OpenSea is decentralized and there is no need for an intermediary to do business with the platform.
Here comes the second key concept, the Nft (Non-fungible tokens)
WHAT ARE NFTS AND HOW DO THEY WORK
NFTs are non-fungible objects, i.e. digital assets that cannot be exchanged for other content. These are digital assets are authenticated by the blockchain and represent an incredible opportunity for those who want to do digital trading as well as collect rare and unique goods.
The process is very simple: people create digital products, transform them into NFT tokens on the blockchain, and then sell them to earn a profit.
Nfts are digital assets that can represent anything: games, music, art, or anything else you can imagine, just like land.
Why is a notary’s signature valid as a contract? It is precisely for this reason that NFTs are such a powerful way to trade assets: there is no need to abide by any rules, regulations, or authorities that guarantee the transformation of digital assets.
The blockchain algorithm guarantees that no token can be exchanged for another identical one. It creates a very high intrinsic value since it is impossible to duplicate it.
A song or a photo, thanks to the code that the NFT attributes to it, will be unique. In the real world, this concept is simpler: for example, if I buy a villa located in an X city and in a certain street, I will be able to say that this is my home.
For it to become someone else’s, he’ll first have to buy it from me. There are no others identical to that villa in the same exact place. There is only one and it is mine.
In the digital world, everything is different and can be duplicated. If I buy a digital work of art, if the Nft and the Blockchain didn’t exist ( where the code of my transaction is transcribed,) I would not be able to prove that the very work of art I have is the original one and therefore has the value it has.
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THE PROCEDURE FOR BUYING A LAND IN THE METAVERSE
Here’s a step-by-step guide to buying a home or virtual parcel of land.
1. Choose your favorite Metaverse based on what you want to do with your land: you can buy land to collect, develop, or simply use as personal “land”, or sell it by doing a real estate transaction
2. Create an OpenSea account: Go to the OpenSea user interface and create an account by entering your user details (name, email address.)
3. Select your digital property: Browse through the different digital properties available in the market. Depending on your budget, you can find properties of different prices and sizes.
4. Check out the reviews: Read the reviews of other users to understand the quality of the property based on their experiences. You can also ask for information from those who have already purchased land before you.
5. Bid or Buy Direct: Once you have selected your property, you can decide whether to bid or buy it directly. Please note that the price of land can vary considerably, depending on its size and budget.
6. Sign the transaction: Once the purchase has been made, you must sign the transaction with your credentials in order to access your account and thus use the digital property you have purchased.
7. Use it or resell it: Finally, you can use it however you like or resell it to other users.
Whether you decide to collect it or sell it, the possibilities of buying land in the Metaverse are endless.
As you have seen, buying virtual land is not as difficult as it may seem.
CONCLUSION
Thanks to NFTs and blockchain technology, buying land in the Metaverse has become easier and more secure.
There are many possibilities and many combinations open for anyone who wants to trade digital assets such as virtual land, games, music, or art.
What are you waiting for? Get to know the world of Blockchain and Nft better to discover everything you can do with it.
And here’s one last historical gem…
Who Invented Non-Fungible Token Technology? 1000 Non-fungible token technology (NFT) was invented by Vitalik Buterin, founder of Ethereum, in 2014.
His idea was to create a new way to trade digital goods in a secure and decentralized way. NFTs have become increasingly popular as a means of tracking ownership of digital assets. The NFT has indeed also made it possible to purchase unique digital objects with unique properties such as virtual terrains.
Vitalik Buterin is a Russian-Canadian programmer who built and became famous for the decentralized smart contract platform Ethereum.
Vitalik Buterin currently works as a research associate at University College London, where he is developing innovative applications on the blockchain.
As Buterin himself put it: “NFTs offer everyone a whole new way to create decentralized economies.”
It’s still a young and ever-evolving technology, so let’s stay and see how it evolves.
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