Non-Fungible Tokens........Digital Land Grab....Expensive Real Estate
NFTs Are Spurring a Digital Land Grab—in Videogame Worlds; Investors and gamers are buying millions of dollars worth of land that exists only in videogames.....
Just as physical land appeals to pension funds and family offices, digital real estate is luring both investors and dedicated gamers, said Craig Russo, the co-founder of Polyient Games.....
Gamers for years have spent big on gear—such as weapons, armor or tools to strengthen their characters—in games like Fortnite, Minecraft and World of Warcraft. NFT-enabled games now allow players to trade game assets for cryptocurrency, selling them for a coin that can be converted to dollars when they score something better or switch to a new adventure.
In some games, players can buy digital deeds for real estate in the form of an NFT, which proves the authenticity of a certain plot in a specific game. The real estate will appreciate as more players join the game and scarce land is sold to other players who require the plots for certain tasks and missions. Players can then rent out their land to other gamers, charge others for using it or even sell it—either within the game or on a third-party exchange such as OpenSea. The transactions are usually backed by a game's unique cryptocurrency, which can be converted to ethereum and then into U.S. dollars.
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