Share, on the character picker, mints a link and opens it in a small window with Copy and Revoke beside it. Pasting the address into a conversation draws a card instead of a bare address, and the card says what the link leads to.
What the link carries
Which space it is, and never permission to be in it. A channel's space still asks whoever follows the link to be in that channel, and a private space still belongs to its two people — so a link is an invitation to somewhere you can already reach, not a way around the door. Only a registered nickname can mint one, because the link records who made it.
See also: Virtual Spaces · A Space in Its Own Tab