Skip to content

First virtual auction of Blockchain protected lands

The world of virtual reality is heating up with more and more users online, the headsets and platforms continuing to be accepted. This market space has also given rise to a new asset – Virtual Real Estate

By 2003, companies like Linden Labs (developers of Second Life) were already monetizing virtual land purchases and content for users of VR. The platform continues to be a way for users to earn money from virtual content. Because users can create content within the platform and own copyright, they can virtually own and monetize what they create.

Blockchain for VR ownership

However, a new Blockchain-based platform has made its way into the market, and uses Blockchain technology to secure virtual property ownership, so users can actually own the platform itself. The company also uses proprietary cryptocurrency as a means of internal monetization. The first-ever land auction of the company will be launched in December, while the company sells the "Genesis City" with coordinates (0,0).

Using the protective aspects of Blockchain technology, the platform can both protect the appearance of the property, as well as guarantee the rights of each package. Within each parcel, users can create and monetize any type of content they choose. Many have long believed that it was a matter of time before the Blockchain was used to register real estate, although others cautioned against this practice. It should not be surprising that the virtual world takes the same concept and works with it.