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.
Baby Swap is the finest Binance Smart Chain (BSC) DEX.
Oasis will communicate with the Cosmos (ATOM) blockchain ecosystem.
Let us take a look at the top 3 Polkadot blockchains biggest winners.
The BABY token powers the BabySwap ecosystem. Baby Swap is the finest Binance Smart Chain (BSC) DEX for newbies who want a more user-friendly trading experience and greater project support.
According to CoinMarketCap, the BabySwap price today is $1.69 USD with a 24-hour trading volume of $22,224,181 USD. BabySwap has been up 27.51% in the last 24 hours.
Blockchain platform DeFiChain (DFI) aims to maximize the potential of DeFi in the Bitcoin ecosystem. A distributed network of computers backs the platform to promote rapid and transparent transactions. Innovative blockchain solutions, including scalability, security, and decentralization, are offered by the DeFiChain developers.
According to CoinMarketCap, the DeFiChain price today is $4.59 USD with a 24-hour trading volume of $33,277,777 USD. DeFiChain has been up 14.30% in the last 24 hours.
Oasis Network (ROSE)
Open finance and the responsible data economy may be achieved by utilizing the Cosmos SDK-based Oasis Network (ROSE). When the Inter Blockchain Communication Protocol is live, Oasis will communicate with the Cosmos (ATOM) blockchain ecosystem. Oasis’ goal is to make DeFi accessible to a wider audience by focusing on use cases that improve data privacy and user confidentiality.
According to CoinMarketCap, today’s Oasis Network price is $0.346996 USD with a 24-hour trading volume of $244,324,022 USD. Oasis Network has been up 13.06% in the last 24 hours.
Bitcoin has proven to be a long-term play which means nations can no longer ignore the impact of the cryptocurrency on the economy. One way that nations have responded to this has been through regulations. While some countries have implemented favorable laws for bitcoin, others have gone the route of trying to stop the digital asset. The United States skews towards the latter.
The SEC has made several attempts to try to regulate the crypto industry, with SEC boss Gary Gensler commenting on what the regulatory body is doing to regulate the asset on several occasions. A growing concern now is the role BTC plays in the economy.
Bitcoin And The Economy
SEC chairman Gary Gensler has raised some concerns regarding bitcoin and the U.S. economy. According to the SEC boss, BTC is now a competitor to the U.S. banking system. Gensler said this on Wednesday when speaking to former SEC chairman Jay Clayton at the DACOM Summit 2021 about the role of cryptocurrencies, Bitcoin, and ETFs in the economy.
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Gensler, during this summit, said that Bitcoin had been created as a reaction to sanctions and regimes that went into place across the globe. He referred to BTC as “an off-the-grid type of approach”.
“In 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It’s not surprising that there’s some competition that you and I don’t support but that’s trying to undermine that worldwide consensus.”
This refers to the completely decentralized nature of BTC. Satoshi Nakamoto, the creator of Bitcoin, had structured the asset in a way that it couldn’t be replicated or controlled by a single entity.
The deflationary nature of Bitcoin has been one of the most important things for investors who bought the asset. Coupled with its impressive returns on investment, the asset had made for a perfect hedge against inflation. Thus becoming a more popular investment avenue in the financial world.
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Another has to do with the decentralization of the cryptocurrency. It puts the holder of the coins in complete control of their assets, free from interference from any entity or governmental body. Basically helping people become their own banks.
Meme coins are gaining traction in the cryptocurrency world because investors appear to love them. Consequently, meme token projects are gaining traction, and developers are deploying them out.
Tomorrow, the world’s highest structure, the Burj Khalifa, will be advertising Floki Inu, a meme currency initiative. In a tweet yesterday, the team disclosed this new development, and it is intended to be a major draw for the project.
As of right now, Floki Inu is engaged in three utility-related endeavours. In addition to Valhalla, the company is developing an NFT game metaverse, an NFT marketplace, and a content education platform dubbed Floki Inuversity.
The reigning world boxing champion Tyson Fury has lent his support to the initiative. Kerala Blasters, SSC Napoli, Cádiz CF, and FC Goa are just a few teams already working with Floki Inu.
Price Surge After the Announcement
Elon Musk was also mentioned, who is now one of the most powerful figures in cryptocurrencies. It was back in September when Tesla CEO Elon Musk tweeted a selfie of himself and his Shiba Inu with the message “Floki has arrived.”
Since the announcement of FLOKI’s display atop the Burj Khalifa yesterday, the team’s stock has surged. More than 14 percent has been added to FLOKI’s value within 24 hours, outpacing the whole cryptocurrency market.
After dipping into negative territory for several weeks, the cryptocurrency’s MACD line is now in the neutral zone. A positive trend in FLOKI’s performance can be seen by its RSI of 47, which indicates that the stock is moving out of the oversold zone. Just above the 50-day moving average, FLOKI is trading at $0.0001601.