Are you wondering why people are buying virtual lands in the metaverse? what even is a virtual land? We can't even touch or stay in there. So why are major companies, brands and celebrities are buying up virtual property?
Here's an explanation to what metaverse is from an article released by coindesk:
“Metaverse real estate is an NFT,” Yorio said on the podcast. “They are a JPEG or [digital file that] points to a specific file that is logged on the blockchain, which is this ledger that tracks who owns [each asset]. Much the same way that if you bought land in a town, you'd go to the town hall and open a drawer to find your deed. Instead, you're looking at the blockchain.”
Yorio also added:
“In the real world, you usually own something, but then there's paperwork to back it up. In crypto, owning it is part of the transaction. And once it's in your wallet, your ownership of it is indisputable,”
