Land NFTs are the basis of the so-called “real estate sector” of the metaverse.
In fact, parcels of land are identified within the metaverses and can be bought and sold.
The NFTs serve precisely as certificates of ownership of these lands, thus facilitating their exchange.
The metaverse of The Nemesis
A few days ago, The Nemesis announced the launch of their first “land season,” which includes a total supply of 200,000 lands that will be distributed over 10 seasons on 10 planets.
The first planet in The Nemesis Metaverse is Genesis, with 11,520 lands distributed over 80 sectors in the Caribbean Sea filler.
Tied to these lands are many possibilities for development, from building virtual homes to creating entire virtual worlds that reflect the vision and personality of the land owners themselves.
Being virtual lands, many things can be built on the lands.
Moreover, according to The Nemesis, one of the biggest attractions of real estate on the metaverse is the ability for users to interact with these spaces with their avatars. This allows for a level of personalization and immersion that is not possible with traditional real estate.
What’s more, users can both create digital avatars that resemble themselves and create new and completely different identities at will, with a level of freedom and creativity that is unmatched in the real world.
The Nemesis also highlights the financial potential of the lands.
In fact, it states that these NFTs can offer significant financial benefits, because creators and investors can trade them, by selling and buying these digital properties freely in the marketplace.
The value of lands is variable, and is determined by many different factors, including location, size and design, as well as, of course, the popularity of the metaverse in which they reside. In fact, some lands have even sold for millions of dollars, while others are worth only pennies.
According to The Nemesis, NFT lands can be a potentially lucrative investment opportunity for savvy investors.
But there are more than just potential financial benefits. Lands can also serve as virtual hubs for creativity, play, knowledge, culture and connection with other users. They provide a kind of public platform within the virtual world in which they reside to showcase their work and connect with other like-minded people around the world. In this way they provide a space where online communities can come together and socialize, for example in the arts, music, and creative fields.
NFTs and the metaverse
At its peak, the NFT market came to exceed $250 million in daily trading volume.
While this is a far cry from the tens, or sometimes hundreds, of billions of dollars of daily trading in the cryptocurrency market, it is still a very young market that only exploded in 2021.
As of June 2022, it has shrunk quite a bit, but it cannot be ruled out that a bubble similar to that of 2021 will return in the future.
The metaverse market is also expanding, with estimates predicting global values in excess of $800 billion by 2030. This growth is driven by the growing demand for virtual experiences that provide a sense of immersion and personalization that cannot be achieved in the physical world.
The interaction between these two technologies is inevitable, as NFTs allow the ownership of virtual objects to be extracted from the metaverses in which they are born so that they can be traded on a variety of platforms not necessarily connected to those metaverses.
NFTs are unique, unfalsifiable, and publicly verifiable digital certificates of ownership by anyone, simply perfect for attesting ownership of digital assets in a secure and unambiguous way. The more the use of metaverses increases, the more NFT trading volumes will inevitably increase.