Blockchain and Virtual Reality

The Virtual Reality world has been heating up with more and more users coming online, so this market space has also given rise to a new and interesting asset such as Virtual Real Estate.

In 2003, companies such as Linden Labs (developers of Second Life) were already monetizing virtual land purchases and content for VR users. The platform continues to be a way for users to make money from virtual content. Actually, users can create content within the platform and then have copyright ownership, so they are able to virtually own and monetize what they create. Furthermore, they are using a blockchain-based system to do this.

So, it is used Blockchain technology to secure virtual land ownership, and the users can actually own the platform itself. Furthermore, Linden Labs is also using a proprietary cryptocurrency as a means of internal monetization. Additionally, the first ever land auction for the company will go live in December, and Linden Labs is selling the ‘Genesis City’ with coordinates (0,0).

 Using Blockchain technology, the Second Life platform is able to protect the ownership aspect and secure the rights to each parcel. Furthermore, within each parcel, the users are able to create and monetize any type of content. 

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