My Experience Buying Virtual Land on Next Earth
October 10 2021 - 7:00AM
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In the fall of 2017, NFT projects like Cryptokitties took off like
a rocket. I had the opportunity to have a lot of discussions about
the crypto space, NFTs, and the emerging metaverse. These
conversations centered around how virtual land could become a
viable alternative asset niche within cryptocurrency markets, and
the metaverse. That’s when it clicked for me: humans have owned
land for thousands of years all over the world, but now it’s being
replicated digitally on computers around the world. Virtual real
estate will have its own set of economic principles just like
physical real estate does, and Next Earth is leading the way in
creating this new asset class. Next Earth was launched in August
2021 and has quickly become the metaverse’s largest virtual real
estate platform based on a replica of Earth, with nearly $2M in the
total value of land owned by users. The importance of NFTs In my
view, NFTs are a continuation of our evolution from caves to cities
to the blockchain – they’re just another tool for us to build our
lives and connections digitally. As we all know, technology is both
a blessing and a curse, so I think we’ll have some growing pains as
we figure out how to create safe spaces online while also allowing
people to express themselves creatively and make money along the
way. But if Next Earth is any indication, I think it will be very
exciting times ahead for virtual real estate. Buying virtual land
NFTs on Next Earth All that said, let’s look at the process of
buying virtual land NFTs on Next Earth. First, I just signed up at
nextearth.io, with my email and password. Next Earth is the largest
and most well-established of the current crop of metaverse real
estate companies. I also joined a community of thousands of other
landowners and NFT enthusiasts, through their Discord community
here. After creating my account, I created a Binance Chain address
through the Binance Chain Chrome extension. If you don’t have a
Binance Smart Chain address yet, it’s time to get one. Once you’ve
generated an address, you need to send BNB (the BSC native token)
to it in order to log into Next Earth and buy virtual land NFTs.
After connecting my wallet, I used the Next Earth map to find
virtual real estate that I’d be interested in. Next Earth has a
visual map where you can browse all available parcels of virtual
land. You’ll also see the current ownership status for each parcel,
as well as any bids placed by other users. Beyond being able to
browse the entire virtual replica of Earth, you can simply type in
a location, like “White House,” and see if those tiles are
available for sale. After connecting your wallet, you can purchase
any available tiles. As you can see below, I decided to choose a
nice mansion in Hollywood Hills. Of course, you can also buy land
from other users via the NFT marketplace. This is a newly active
area of the Next Earth platform – people can buy and sell virtual
real estate NFTs with each other. If the tile you’ve browsed was
taken, you can head over to the NFT marketplace to see if it’s
available for sale from the original buyer. For example, you can
buy Area 51, prime mall locations, wine tasting locations, and many
more fascinating real estate plots through the marketplace. From
here, you can do one of two things: you can hold your NFT land and
watch the prices increase over time, or you can let someone else
put a bid on your virtual land. With Next Earth’s NFT marketplace,
you can choose to either hold the item or re-sell it through the
marketplace. Ultimately, NFTs have steadily risen in popularity
over time, but exploded recently in part due to the growing
accessibility of blockchain technology and the rise of
crypto-assets. Consumers have plenty of options when it comes to
buying NFTs. It used to be that buying virtual items was largely
limited to popular online games (World of Warcraft, Minecraft,
etc.). But now, there are plenty of non-game examples like Next
Earth, where you can buy any virtual land as an NFT. Photo
by Colton Jones on Unsplash
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