digital lands: How Digital Lands is the next big thing in NFT

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Dig­i­tal iden­ti­ties and invest­ments have always been mak­ing progress – thanks to the strides that tech­nol­o­gy has made, espe­cial­ly over the last decade. How­ev­er, noth­ing has been as impact­ful as the blockchain tech­nol­o­gy. To be spe­cif­ic, non-fun­gi­ble tokens, or NFTs as they are com­mon­ly known, have been instru­men­tal in trans­form­ing the per­cep­tion of dig­i­tal collectibles.

Dig­i­tal col­lectibles have pro­lif­er­at­ed in all direc­tions and dimen­sions. Music, art, lim­it­ed releas­es of dig­i­tal items endorsed by celebri­ties, and gam­ing assets have all been sub­ject to this dig­i­tal col­lectible rev­o­lu­tion. How­ev­er, just like any tech­nol­o­gy, there is always an aux­il­iary aspect of an advance­ment that proves to be one of the biggest dri­ving forces for it to be adopt­ed by the mass­es, which includes but is not lim­it­ed to investors and busi­ness pundits. 

We have seen some­thing like this hap­pen to the Inter­net when social media came into the pic­ture. While the Inter­net had quite a lot of util­i­ty, social media was the biggest cat­a­lyst in dri­ving mass adop­tion. One of the rea­sons that con­tributed to the suc­cess of social media was the fact that it was a place where peo­ple could engage and inter­act with each oth­er. Par­al­lel to this, it also offered an adver­tis­ing oppor­tu­ni­ty for brands to reach their tar­get audience.

Extrap­o­lat­ing the results of the age-agnos­tic lit­mus test, it can eas­i­ly be tak­en for grant­ed that cre­at­ing an ecosys­tem that brings togeth­er mass­es and adver­tis­ing oppor­tu­ni­ties is bound to stand the test of time. 

NFTs have already seen mass adop­tion, and they have been spread­ing their ten­ta­cles in all ter­ri­to­ries. The spread has been so intense that dig­i­tal col­lectibles and dig­i­tal enti­ties, owing to the pos­si­bil­i­ties of prove­nance and iden­ti­fi­able unique­ness — thanks to the inher­ent immutabil­i­ty of the Blockchain — has giv­en rise to com­plete dig­i­tal worlds called the meta­vers­es.

Meta­vers­es have made dig­i­tal indul­gences more immer­sive. Meta­vers­es have played a cru­cial role in mak­ing dig­i­tal inter­ac­tions more unique, and it was no longer about spec­u­lat­ing if you had inter­act­ed with the per­son who they claim to be in the dig­i­tal space. All these fac­tors have giv­en the dig­i­tal space a fil­lip like nev­er before, and it is only jus­ti­fied that meta­vers­es, gam­ing ecosys­tems, and brand dig­i­tal play­grounds become per­fect spaces for adver­tis­ing prod­ucts and services.

There are dif­fer­ent ways in which a prod­uct or a ser­vice can be adver­tised in the meta­verse. One of the most promi­nent meth­ods that has been adopt­ed by brands like in their games like RADDX Rac­ing Meta­verse is the con­cept of dig­i­tal lands.Dig­i­tal lands hold a mas­sive spec­trum of advan­tages for both brands and indi­vid­ual users.

Unlike clas­sic adver­tis­ing spaces, the dig­i­tal land, once pur­chased, becomes a per­ma­nent prop­er­ty of the own­er unless they intend to sell it. There­fore, it becomes a lucra­tive adver­tis­ing propo­si­tion for the pur­chas­er of the land… Be it a brand or an indi­vid­ual.
Dig­i­tal lands can be gar­nished with ele­ments like hoard­ings, build­ings, videos, and a vari­ety of oth­er dig­i­tal embell­ish­ments that can enhance the qual­i­ty and depth of adver­tis­ing in the metaverse.

Dig­i­tal lands are, in essence, NFTs. This means they can be trad­ed like any oth­er dig­i­tal asset. It implies that a dig­i­tal land is pur­chased and there is a tonne of inter­ac­tion in the game or the meta­verse as a whole. A per­son who pur­chased it ear­ly can prob­a­bly con­sid­er sell­ing it to a brand for a big price.

The meta­verse is expect­ed to be val­ued at about $54 bil­lion by 2023, and it is expect­ed to spike up to a stag­ger­ing $800 bil­lion by 2028. With so much cap­i­tal and peo­ple inter­ac­tions pos­si­ble in the meta­verse, dig­i­tal lands will be a per­fect com­ple­ment to the inten­si­ty of inter­ac­tion. After all, adver­tis­ing is all about estab­lish­ing your pres­ence in a place where that is intense engagement.

Con­sid­er­ing the fact that meta­vers­es have shown great poten­tial to be com­plete and self sus­tained dig­i­tal uni­vers­es, it is only obvi­ous and log­i­cal to expect dig­i­tal lands to play a cru­cial role when it comes to both mon­e­tiz­ing and opti­miz­ing the inter­ac­tions in the meta­verse, espe­cial­ly when they are built around great games and stories.

The dig­i­tal space has become a lot more immer­sive, and the pos­si­bil­i­ty of peo­ple liv­ing par­al­lel lives in a dig­i­tal world does not seem too dis­tant to fath­om any­more. Just like how the real world has the lithos­phere to be the vital com­po­nent, dig­i­tal world will have dig­i­tal lands to be as cru­cial as the real land if not more… Just because the pos­si­bil­i­ties in the dig­i­tal space are wilder and a lot more imaginative.

(The author is COO and Co-Founder at Guardian­link)
(Dis­claimer: Rec­om­men­da­tions, sug­ges­tions, views and opin­ions giv­en by the experts are their own. These do not rep­re­sent the views of Eco­nom­ic Times)

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