NFTs Are Spurring a Digital Land Grab—in Videogame Worlds
- Date: 22-Mar-2021
- Source: The Wall Street Journal
- Sector:Technology
- Country:Middle East
NFTs Are Spurring a Digital Land Grab—in Videogame Worlds
Investors are pouring millions of dollars into land. But these lush fields and rolling hills only exist within videogames.
Just as physical land appeals to pension funds and family offices, digital real estate is luring both investors and dedicated gamers, said Craig Russo, the co-founder of Polyient Games, an investment fund and startup incubator focused on the intersection of gaming and so-called nonfungible tokens. Those are digital identifiers which help verify the authenticity of an asset.
NFTs work on the blockchain, similar to cryptocurrencies such as bitcoin. The difference is that each bitcoin can be exchanged for another bitcoin while one NFT cannot be exchanged for an identical NFT. The craze has swept up basketball fans and art lovers alike. Just this month, a digital collage by the artist Beeple sold at Christie's for $69.3 million. Rob Gronkowski, Mark Cuban and Twitter CEO Jack Dorsey have all started selling their own NFTs.
The market for digital real estate has been bolstered recently by a pandemic-fueled climb in
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