Quick sale of virtual land based on blockchain (Decentraland)

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Many people who are tired of daily hassles like to spend in the virtual world, they can make or buy anything. Why virtual land is becoming increasingly popular and where can I buy it?

A few months ago, the news that users of the virtual world platform Decentraland spent $1 million on digital land shocked the crypto community. The biggest contract of the Decentraland project is the sale of a product worth $215,000 to an unknown user.

Each Decentraland parcel represents a plot of land in a 3D virtual world, where participants can do almost anything they want. The virtual world is not infinite; each project token is assigned 10 square meters.

Blockchain projects are being developed that allow users to own virtual properties and objects (including land). Similarly, virtual reality has only started to develop in recent years, although the technology behind it has been around for some time.


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Currently, there are many projects using virtual reality: education, design, gaming and, of course, real estate.

This is the moment that blockchain technology and cryptocurrency have been waiting for, because they can be applied seamlessly to help the industries mentioned above.

Blockchain technology is based on the principle of self-organizing distributed ledger, in which it is almost impossible to counterfeit digital currency, because at any stage, all participants in the network know the transaction information.

When people realized that using cryptocurrencies in the real estate industry is convenient and safe, transactions began to flood in: now you can buy a house with Bitcoin (BTC), arrange a mortgage on the blockchain and take virtual tours of houses still under construction.

The idea that people with experience in building a digital space can also build a virtual world has gradually infiltrated the blockchain field.

As a result, new projects began to appear, such as Decentraland, where players can own virtual land in the game and, just like in the real world, the land can be sold or leased.

Radoslav Dragov believes that the blockchain itself is a digital asset and believes that tokens can be used as an investment in virtual areas where people cannot participate in real life.

The best virtual land project in blockchain

Like many other fields of computing that have actively used blockchain technology, some projects have also emerged in this field. Some projects have attracted millions of dollars in investment from mature gaming companies (such as Square Enix) and $2 million from The Sandbox funds.

Here are some promising virtual reality platforms, why they should be decentralized and what are the main differences between them.

Decentraland

Decentraland is a virtual reality platform where players can create, sell and buy virtual items. The main idea of the project is to create a virtual space that users can own.

Participants of the platform can buy a virtual land of 10 by 10 meters and create any object on it, from cities to small stores, and do whatever they want on the property.

The idea of the project appeared in 2015, but after the initial coin offering of the project raised US $ 20 million, it was actively developed in 2017.

The Decentraland platform uses its own cryptocurrency called MANA, which is an ERC-20 token. MANA is used to buy land or purchase goods and services on Decentraland.


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The platform was conceived by its creators to be completely decentralized, in response to the community's request to establish a free virtual world, where control of content is in the hands of users, not administrators.

Decentraland officially opened to the public in February 2020. After the launch, DAO (Total Decentralization of Global Infrastructure) was created to ensure complete decentralization of the platform, thus accelerating the exchange of data between users and the way content is shared on the platform.

Sandbox Game Login

In 2019, Sandbox Games, one of the largest computer game developers, created a decentralized game platform on blockchain, just like in Desentraland, users can buy land in a virtual space with real money and use it freely.

The first sale of the land was held in late 2019, and in February 2020, the developer sold the land for the second time.

Within days of the second pre-sale, users spent approximately $200,000. Buyers included ordinary gamers and large gaming companies such as CryptoKitties, My Crypto Heroes and Old Skull Games.


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The third and final sale announced in mid-March included 10% of the saleable offerings in the project area. The sale of LAND tokens is conducted via Ether (ETH) or Dai (DAI).

The cost of LAND tokens is $48, which corresponds to a certain area of the virtual world in the sandbox metaverse. The developer plans to conduct five rounds of LAND token sales in total.

In the test area, LANDS is the centerpiece of our user-generated content platform. LAND is a digital real estate plot in the Sandbox version that players can purchase to build an experience. Once you have LAND, you can fill it with games and merchandise.

Each LAND is the only (irreplaceable) token found on the public Ethereum blockchain (ERC-721). A total of 166,464 LANDS will always be available, included in a map that will form the metaverse of The Sandbox.

CryptoVoxels

CryptoVoxels is an open environment, like a sandbox, in which there are no specific targets, and users can freely operate and create the desired content. In fact, it is a scaled-down version of Decentraland and, like its competitors, it is a virtual land based on the Ethereum blockchain and operates through irreplaceable tokens.

The app is inspired by Minecraft and has a minimalist interface and simpler visual effects.


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CryptoVoxels virtual lands are not very diverse: the world is developing rapidly and there will be no more than 36 lands within 18 kilometers. However, this project is slightly different from other projects: the cost of the cheapest land is double that of Decentraland, around $240.

CryptoVoxels has been improving sales. Between March 12 and March 16, users signed 130 contracts with a transaction value of $66,800.

In contrast, in the same period, Decentraland users completed 53 contracts, which equates to a weekly transaction volume of $22,300.

Somnium Space

Somnium Space is a cross-platform social virtual reality world launched in 2018. It allows you to buy land and build or import objects to create a universal virtual universe. The project allows its players to use virtual reality headsets such as HTC Vive and Oculus Rift.

In Somnium Space, users can choose from three different areas: small (200 square meters), medium (600 square meters) and large (1500 square meters). Each size has its own height limit.

In February 2020, Somnium Space officially announced the release of version 2.0, which added new features to enhance the user experience.


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Built-in integration with NFT has been added to the virtual world, allowing users to place any NFT directly on their Somnium plot and explore.

In addition to Somnium Space, the developers will also launch their own in-game currency, Somnium Cubes (CUBE).

This currency is designed to facilitate microtransactions in Somnium Space, such as paying for invisible MLMs or renting items on the other side of the world. The owner will be able to use the cube to purchase user-created content.

From reality to blockchain

Today, in the rapidly developing digital economy, the development of virtual reality and property has always been in a stable trend and has a realistic economic value. The next step for virtual reality may be to seek a sustainable, egalitarian and transparent digital world.

However, digital currency spaces such as blockchain technology, which are fully protected by distributed codes and networks, can promote the development of the digital economy.

Asset tokenization has great potential to disrupt the financial industry and will gain further momentum in the next five years.

It is difficult to make specific predictions because the regulation that is the main obstacle to the integration of tokenization is often uncertain, subject to change and different from jurisdiction to jurisdiction.

However, asset tokenization is one of the innovative blockchain applications with real staying power.



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