An Auction on Virtual Land Protected by Blockchain Technology Is About to Take Place

Virtual Reality has become a popular trend as more users are going online to get a hold of its benefits. The number of sales on peripherals related to VR enjoyment has been rising throughout this year. The operations that have taken place inside VR environments have recently taken a more serious turn as the first ever sale of Virtual real estate using blockchain technology is about to be registered.

While the concept might sound bizarre, it’s actually far from it. Companies like Linden Labs have followed the business model since 2003 by selling virtual land and content to VR users of Second Life (a popular VR platform for development). The platform offers a chance to monetize virtual content created inside it with an option for Copyright ownership.

Blockchain and VR Control

Second life is getting a second chance with a major upgrade. Blockchain technology has found its way to the platform to secure virtual land ownership. Linden Labs has also developed a new token that will be used inside the VR environment for internal transactions. The company is getting ready for their first ever live auction of VR land selling a portion called Genesis City, located in coordinates 0,0.

By making use of the security layers placed in Blockchain technology, the platform will be able to protect ownership and the rights of the parcel included in the transaction. Inside each parcel, users will have the freedom to develop content they will be able to monetize. This could be a rehearsal on the use of blockchain technology to get a record on real estate properties. It’s a practice that is still frowned upon but that could become a new standard overnight if it works out.