SimCity, Civilization, Minecraft. Game developers have spent years creating virtual worlds that allow people to build buildings, cities, or colonize entire worlds. But aside from your defeated digital enemies, what do you have to show for all the hours it took to create these fantastic creations? Not much. What if you could assign a real monetary value to what you created and sell it to the highest bidder? This is the promise behind Decentraland, a blockchain-powered world-building game.
What is Decentraland?
Decentraland is known as a decentralized virtual reality platform powered by the Ethereum blockchain. In the world of Decentraland, users can create, experiment, and monetize what they build and what they own. In Decentraland's shared virtual world, users can purchase land, known as "parcels", which are recorded in a blockchain-protected book. The land itself, as well as the virtual properties built on it, is a type of non-expendable digital asset or utility token called LAND, which is stored in an Ethereum smart contract. The owners of LANDs control the content published on their land, which is encoded in a smart contract. This content can be anything from scenes and images to games and applications. Users can explore, travel, and visit places in a similar way to the real world. The platform is also a peer-to-peer network for users to interact.
Why Should I buy Land?
Buying LAND on Decentraland has proven to be quite lucrative with many investors having already earned vast sums of money by either buying in early and waiting for the value to appreciate or by profiteering from short-term trading otherwise known as flippling of LAND. Global conglomerate PwC predicts virtual reality could add as much as $1.5 trillion dollars to the global economy over the next decade. With that level of adoption, it's not hard to see why there is so much excitement surrounding the speculation of virtual land. If flipping of land interests you be sure to check out our article on "How to make money flipping land on Decentraland" Read More on Minedhash