Want to buy land in the Metaverse?
You’ve probably heard how the metaverse will bring a new era of digital connectedness, virtual reality (VR) experiences, and e-commerce. Tech firms are placing significant bets on it. Microsoft recently purchased Activision Blizzard for a whopping US$68.7 billion. That reflects the company’s interest to strengthen its position in the interactive entertainment market. Furthermore, it might result into generating lots of interest in virtual real-estate and people will be more interested to buy land in the Metaverse.
First we must understand what is Metaverse before buying land in it.
Metaverse is basically a network of connected 3D virtual worlds and augmented realty. Users enter these worlds with a virtual reality headset, and move around the metaverse with their eyes, feedback controllers, or voice instructions.
The headset stimulates what is known as immersive experience, which is achieved by simulating the genuine physical experience of being present in the moment.
The metaverse is presently being developed as similar to a multiplayer virtual game that essentially creates virtual worlds for users to immerse themselves in using a headset.
However, there is much more in this technology than just fascinating virtual games. Things have just started to warm up, and as technology develops further, more things will follow. Who knows, one day we might be watching a live football game or a concert in the metaverse.
What are the types of Metaverse Lands?
Although there are several types of metaverse which are underdevelopment, but some of the most popular are as mentioned below.
Decentraland is built on Ethereum. In addition to being one of the biggest, it also one of the oldest. it has been around since 2015, making it one of the oldest crypto-metaverses.
The ecosystem is complex and contains several smaller components, such as the LAND NFT. It is basically a virtual LAND that can be purchased, sold, or developed using the game’s in-game currency, known as MANA.
You may purchase a lot more items here in addition to LAND. Decentraland links many user due to its extensive reach, thus making one of the best metaverse Land.
One of the most well-known Metaverse platforms is the Sandbox. The Sandbox owns most of parcels (more than 50%), or what the platform refers to as “LAND,” of the four platforms, with a total of little over 116,000. On this platform, the cost of land may reach $11,000 per parcel, with excellent homes selling for between $20,000 and $30,000.
For a variety of uses, you have the choice to buy or rent virtual rooms. There are residences, offices, exhibition spaces for art, and hangout locations of various sizes. On the platform, users and producers may buy LAND and then enjoy a full experience on it.
SandBox is very popular Metaverse platform among its users because NFTs and SAND (Sandbox’s native utility token) allows its users to monetize their experiences.
Cryptovoxels is another world of Metaverse where You can buy lands and then construct buildings on it using different types of blocks.
You can purchase Colored blocks using native $COLR tokens if you have them, whereas monochrome bricks are free.
On this platform, users spend time creating avatars, modifying information, and having online conversations.
Somnium Space was built by its users, who are also its creators. Extra-large, medium, and tiny are three different sizes that make up the digital real estate on Somnium. You can choose to buy either coastal or roadside land to build your own personal buildings.
You may use this platform to generate money with your virtual assets and import items like avatars. Tokens are used to represent virtual assets, and transactions are tracked on the ETH or Solana blockchains. The average cost of a parcel is $11,500.
If your budget is low, you can opt for smaller plots on a limited budget. Some of the lowest priced plots are frequently sold in between $2,000 and $4,000, however these numbers could change according to demand.
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Now, how to buy Land in the Metaverse ?
Step 1: Choose a Metaverse Platform to buy Land
The first step for buying a land in the metaverse is to select a metaverse platform. The Metaverse platform you choose will depend on how you want to use the acquired Land. Example, if you want to purchase land close to media outlets or well-known celebrities, you must choose the platform accordingly.
Some of the businesses and personalities that have purchased property in The Sandbox to introduce NFTs and digital experiences in its virtual environment are Warner Music Group, Adidas, Gucci, Atari, and Snoop Dogg. Finding the best platform for you will be easier if you do some research before making a decision.
Step 2 – Select a piece of metaverse land
After finalizing the Metaverse Platform and creating crypto wallet with required currency accordingly. Next is to choose the piece of land you want to buy. Some of the important considerations for buying is land price, Currency type, history of the landowners, and who’s selling it. Get all these details and move forward to setup your crypto wallet.
Step 3: Set up your Crypto wallet
Most metaverse platforms and NFT markets requires you purchase bitcoins before hand. As we all know, to buy bitcoins we must first sign up for a digital wallets.
You need to purchase cryptocurrency that is supported by the metaverse platform you have chosen. Like for instance, Sandbox and Decentraland each have their own digital currencies, names as SAND and MANA as mentioned above. And for buying land on Decentraland would require you to setup a Coinbase wallet, MetaMask, Fortmatic, or WalletConnect wallets.
You might also need some ETH to pay for some miscellaneous items, as these platforms run on the Ethereum blockchain.
Step 4: Linking Your Crypto Wallet to the Metaverse Platform
You need to add a chrome extension of MetaMask if you are purchasing land on Decentraland.
After adding the MetaMask chrome extension to your browser, you will be able to link your wallet to Decentraland by following a few easy steps. These steps are as follows:
- Navigate to Decentraland and click Accounts in the top-right navigation corner.
- Select your ETH wallet and click “Buy.”
- Follow the steps to add a payment method.
- Paste your MetaMask address with the amount you’d like to transfer.
Step 5 – Finalize the deal for your virtual land purchase
After choosing the ideal location for your requirements and adding money to your digital wallet. You must go to the secondary NFT market or the metaverse platform directly, link your account and wallet. And finally click purchase, Congratulations ! now you are the new owner of the land in Metaverse Platform.
The NFT you buy has a location on the metaverse map and provides coordinates to the land you own. After the transaction is approved, you will be listed as the new owner and be able to see the NFT in your digital wallet. After the purchase, you may either keep it as a long-term investment, sell it for a profit, or build something on it, depending on the purpose of your acquisition.
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Important Observations and take away
Similar to how physical property’s supply and demand drive up or down property values, digital real estate appears to function in a similar way. A unique investment opportunity exists since metaverses only provide a small number of land parcels.
Before investing in metaverse real estate, it is essential to study the market, since digital assets are like virtual properties which is quite speculative and carry risks for both novice and experienced investors based on market situation.
Benefits of owning Land in the Metaverse
Owning a land in the metaverse may be a terrific way to earn additional money while your virtual property gets appreciation.
In the Metaverse, land is not only limited in supply but also subject to manipulation. For instance, there will be a surplus of land in the Metaverse for a brief period of time, which will lower the price. However, a restricted supply would result in a higher price and there will be great chances of getting great value for the lands owned. This means, if you possess land in the Metaverse, you can sell it to someone else for a higher price.
Some other ways to earn money in the Metaverse is by renting the spaces for events and virtual stores. Advertising can also be a great way to utilize virtual lands. Landowners can sell advertising space on digital billboards in high-traffic parcel areas, prominent neighborhoods.
Final words; Before making any financial decisions, understand everything you can about the metaverse. Understand all of the risk factors and issues, and compare them with possible advantages. Make your selection only after properly researching all of the benefits and disadvantages in investing in the Metaverse.
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