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Cryptopolitan 2021-09-13 07:29:41

How Communities Can Use Blockchain For Communal Property

Virtual land is a hot commodity, as evidenced by the exponential growth of Next Earth over the past couple of months. The Next Earth metaverse has grown from zero to over 24 million virtual land tiles sold in just a couple months, and it’s not hard to see why. Next Earth offers users an experience that merges the real physical world with the cyberspace metaverse. Players can buy whatever unique real estate they want within the platform’s virtual NFT-based world, which is based on a digital replica of Earth. The rise of crypto-collectibles in recent years has paved the way for this explosion in value, but what makes Next Earth unique is its integration of blockchain technology into its ecosystem. Communal Ownership Blockchain makes communal ownership possible by creating an immutable record of each property’s ownership history. Each NFT has a unique identity on the blockchain, which means that every NFT can be traced back to its owner. This is important for two reasons. It ensures that no one else can claim ownership of an item unless they were given access to it (e.g. a private key). In other words, it creates a record of who actually bought a particular location at any given time. This is critical for communal properties because it allows people to establish “presence” within a shared space.  This also provides players with an incentive to participate in the community, as well as trust that their items remain theirs eve...

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