Blockchain & Cryptocurrency Glossary

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Land NFT (Virtual Real Estate)

1 min read
Pronunciation
[land en-eff-tee (ver-chu-uhl ree-uhl es-tayt)]
Analogy
Like buying a plot in a video game world where you can construct buildings, lease to others, or host events.
Definition
A non‑fungible token representing ownership of a parcel of virtual land in a metaverse or blockchain‑based world, often granting rights to build, monetize, or govern that space.
Key Points Intro
Land NFTs tokenize digital real estate, enabling trading and development of virtual spaces.
Key Points

Unique parcels: Defined by coordinates or IDs in virtual world.

Governance rights: Owners may vote on region policies.

Monetization: Rent, advertising, or NFT drops in parcel.

Interoperability: Standards like ERC‑721 or ERC‑1155.

Example
In Decentraland, users buy LAND NFTs to develop interactive experiences and earn MANA tokens through events or rentals.
Technical Deep Dive
LAND contract implements ERC‑721 with metadata linking to scene JSON hosted on IPFS. Virtual world engine fetches scene assets by NFT ID. Estate contracts group multiple LANDs for portfolio management.
Security Warning
Speculative markets can inflate prices; verify platform viability before investing.
Caveat
Platform shutdown or obsolescence can render land worthless.
Related Terms
ERC‑721

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