Buying land in the virtual world may appear intimidating at first owing to the fancy words and processes required, but in truth, it is a straightforward process, and you can be a proud owner of metaverse digital land in a few steps. You have two options for purchasing metaverse properties, on an NFT marketplace, or directly on a metaverse platform.
You can buy land on a Non-fungible token(NFT) marketplace like OpenSea by searching for land NFTs of a given metaverse, or you may go directly to a specific metaverse platform, such as Decentraland Marketplace, and buy the land NFT.
You can also go to your preferred metaverse platform, in this case, the Sandbox, and buy virtual land NFTs from there.
Once you’ve decided which metaverse land you want to buy real estate properties on, look for secondary NFT marketplaces like OpenSea or Binance NFT, as well as their marketplace, to discover the best deal.
But first, let’s show you how to buy land in the metaverse with this simple process.
Choose a Platform
The first step is to decide which popular metaverse platform you want to buy land on, which is determined by a variety of parameters such as price, land size, and sellers. If you don’t have a certain platform in mind, a little bit of research won’t hurt.
Up-and-coming places can provide more lucrative bargains with a better average price on land sales; but, they come with higher risk, much as some areas of the world, such as London, New York, or Tokyo, have the most costly real estate prices going into thousands of dollars.
Roblox, for example, has seen world-famous celebrity performers such as Tai Verdes, Zara Larsson, and Lil Nas X hold virtual performances on the platform. Decentraland has organized virtual fashion displays with labels such as Adidas and D&G, as well as a four-day festival with Deadmau5 and Paris Hilton, all of which drive up demand and pricing for platform users.
However, because the lowest parcel of land on these two platforms might cost more than $15,000, you should look into other options where current prices won’t hurt your crypto wallet. Voxels (previously Cryptovoxels), Axie Infinity (AXS), Aavegotchi, and Somnium, are other new virtual reality spaces with digital property that’s a more popular option since pieces of land there aren’t worth large amounts of money right now. As far as individual plots go, this is a popular option and a safe investment for new real estate investors.
Fill Your Crypto Wallet
Most metaverse platforms and NFT marketplaces need you to buy metaverse cryptocurrency first. It implies you must first sign up for a digital wallet – the sort of wallet varies on every metaverse site you want to buy land plots on. Decentraland, for example, can link to Metamask, Fortmatic, WalletConnect, or Coinbase Wallets.
We propose integrating a digital wallet that can be added to your browser for ease of use, since this allows you to automatically log in and connect two independent accounts – the wallet and the platform accounts.
No matter which wallet you use, you must purchase cryptocurrency that is supported by your chosen metaverse platform. For example, Sandbox and Decentraland have their own digital currencies: SAND and MANA, respectively, and because they are on the Ethereum blockchain, you will also need some ETH to cover the gas fees.
These digital currencies can be purchased on cryptocurrency exchanges such as Binance or Coinbase, which also connect directly to your digital wallet. After the signup process is done for a digital crypto wallet and purchasing some coins, you can proceed to the next level and choose the virtual plot of land you want to buy.
Choose Your Virtual Property
After you’ve decided on a metaverse platform, created a digital wallet, and acquired some cryptocurrency, the next step is to select a piece of land to purchase.
The following are the most important factors to consider before purchasing land in the metaverse:
- The cost of the land.
- The size of the virtual land area.
- The amount you must pay in digital money.
- Who is the land’s seller?
- History of transactions
- Potential for utility (gallery, event space, retail, etc.)
- The size of the metaverse platform.
- Is it close to a hub, stores, galleries, event venues, and so on?
Land near “hubs” or shops and other public locations is more expensive in the virtual world, similar to how it is more expensive to buy property near landmarks in the real world.
Finalize The Deal
After deciding on the best region to buy in for your needs and depositing funds into your digital wallet, you must go directly to the secondary NFT marketplace or the metaverse platform, link your account and wallet, and click buy.
The NFT you purchase has coordinates for the area you govern, as well as a map of the metaverse. When the transaction is validated, the NFT will appear in your digital wallet and you will be recorded as the new owner. Depending on your goals, you can keep the digital asset as a long-term investment, sell it for a profit, or build something on it.
The Real Estate Industry is Changing
Digital real estate appears to function similarly to physical property demand and supply, where supply and demand, as well as scarcity, push property prices up and down. Metaverses also have a limited number of plots of land, which means there are unique investment opportunities in this digital space.
However, digital assets such as virtual land remain extremely speculative and carry increased risks for both novice and seasoned investors, which is why it is critical to conduct research before purchasing metaverse real estate.
Want to hear more about the Metaverse revolution? Do you want to learn how to make money as a Metaverse early adopter? Be sure to click here for FREE access to the Metaverse Beginnings online course and community. You can’t afford to wait.
