We have good news and bad news. The virtual New York you’ve been waiting for is finally here, but it’s already sold out. On Next Earth, the NFT-based replica of our planet, some of the most expensive virtual real estate was in the digital replica of New York. Some lucky metaverse New Yorkers already own the likes of Central Park. That said, virtual Earth is big. With any area of Earth open for sale, there’s a powerful opportunity for NFT collectors to buy their own slice of the virtual planet. How Much Is Digital Land Really Worth? Every metaverse has its own NFT economy. The one in Next Earth has already sold over $1.7 million of virtual real estate. This figure includes not just the likes of Central Park and the Metlife building, but virtual lands around the world. The value of digital land comes from three sources: scarcity, location, and demand. The more rare the land, the more valuable it is. But if you can afford to buy virtual New York City, then congratulations! You’re one of the virtual world’s wealthiest people. Scarcity is naturally tied to location. That said, even if you buy a plot of virtual land in the middle of nowhere, you will soon be able to create pixel-based land art, resources, and more on it, which means that any plot of land can have utility and value. But there’s more to real estate than just location and scarcity. It also depends on how much people are willing to pay for it. In the case of digit...
