Users can have full ownership and complete control over their virtual lands and other properties in the metaverse with NFTs. Also, thanks to the underlying blockchain, users are able to prove ownership of their assets and have the freedom to build their virtual land however they want.
There are various ways users can use and monetise their virtual real estate in the metaverse. Some of the most popular ways are selling land for profit, renting land for passive income, hosting social gatherings, and creating various structures like art galleries, arcades, or online shops.
People have also started to host virtual fashion exhibitions and auction their designs as NFTs in their virtual lands. Moreover, virtual land is also attracting musicians worldwide as they can use the space to perform their music and sell NFT tickets and merchandise.