How to start earning and investing in the Metaverse: aim for real estate like this
If you want to invest in the Metaverse, one option is to focus on the real estate sector. Just like in the physical world, even in virtual worlds it is possible to buy and sell real estate at a certain profit. You can do other operations too.
The possibilities of making money investing in digital real estate have already been demonstrated. In the Second Life game, some people have become millionaires by buying and selling land.
The upside for one is that there are more Metaverses out there to research and find great deals to buy.
Furthermore, real estate in virtual worlds is still a good investment right now. The Metaverse was born a few months ago.
What would have happened if you had bought so many Bitcoins the first year this cryptocurrency was born? Today you would be at least a millionaire if not a billionaire.
So in this article I want to explain step by step how a nice building or land to build on, or a building to rent in the Metaverse looks like.
HOW MANY METAVERSES EXIST AND WHICH ARE THE BEST
The first thing to do is to understand which virtual worlds or Metaverses exist to know which are the most interesting to invest in.
Having an exact number is almost impossible. To date, I have managed to find at least 15 different active Metaverse. Some are well known, such as Meta or Decentraland.
Here is the list:
In my view, the best things to invest in are Decentraland, Legacy, Meta and The Sandbox
These 3 offer the most attractive business opportunities. However, you must always consider some variables in this decision.
-It depends on your investment goals.
Some people will want to buy land to build their own Metaverse, while others will prefer to invest in an existing Metaverse with lots of assets.
– It depends on the time you want to dedicate to it:
Some metaverses require more time than others. For example, Decentraland is a Metaverse that requires a greater investment of time because you have to build your own land and your own avatar.
– It depends on the risk you want to take:
Each metaverse has its risks. Decentraland is a new Metaverse with high risks but also high potential rewards. Second Life is an old Metaverse with low risk but also low potential rewards.
These are the different factors that affect your decision.
As you can see, there are many platforms to choose from. But which one should you buy your digital property on? To answer this question, we must first understand what the usefulness of each world is.
Some are games, others are parallel universes where you can do almost anything, like Second Life.
Others, like Decentraland, have a more specific purpose: to be a world where only decentralized applications (dApps) work. The latter are usually powered by the Ethereum blockchain.
In my opinion, the Metaverse that will be most useful in the future and therefore the one in which it is best to invest today is Decentraland.
The reason is that this world was created specifically for dApps. In other words, in the future it will be used to run all kinds of decentralized applications. This use case gives it great utility and demand will increase over time.
HOW TO BUY A PROPERTY
The easiest way to get started is to create an account in a virtual world. Once this is done, you can start looking for land for sale.
When you find land that you like, you can negotiate a price with the owner and then buy it – the hardest part is finding a good deal.
To do this, you need to spend time in the world and get to know the market. You can also ask around and try to find someone who knows the market well and can help you find a good deal.
WHEN DO I UNDERSTAND I AM MAKING A DEAL?
It is a difficult question to answer, as it depends on many factors. In general, you should try to buy land when the price is low and sell it when it is high.
Of course, this is easier said than done. It is necessary to have a good understanding of the market in order to correctly plan the purchase and sale.
Buying and selling virtual land can take time and the results may not be visible for months or even years.
HOW CAN I EARN MONEY WITH A PROPERTY WITHOUT SELLING IT?
There are two main ways to make money from your virtual property:
1- Rent it
2- Build something on it
Renting your land is a great way to generate income without having to sell it. You can set the price and terms of the lease and collect the rent from your tenants each month.
Even building something on your land, like a shop or a house, can generate income. People who visit your world will be able to purchase items from your store or rent your home.
Both of these methods require some work, but can be very profitable in the long run.
As you can see, they are very similar to what you do in the real world.
HOW MUCH DOES A HOUSE COST IN THE METAVERSE?
Prices can vary greatly depending on the world you are in and the location of the property.
In general, however, you can expect to pay more for land in a popular world with many assets than in a less popular world.
The price of a land also depends on its location. Land near popular areas or with good views usually costs more than land away from these areas.
In February 2022 on the four main platforms that manage metaverses – Decentraland, Sandbox, Somnium, and Cryptovoxel – a total of 268,645 lots were available, of which 62% – about 166,000 – in Sandbox, which therefore dominated the market.
These plots were 96 by 96 meters, and were sold for $12,700 in December.
Decentraland’s 90,000 lots, measuring 16 meters by 16, were sold at an even higher price despite their considerably small size: $4,400 each.
WHAT ARE THE DIFFERENT TYPES OF METAVERSE OWNERSHIP?
There are several types of properties of the Metaverse, but the most common are:
1- Terrain: It is the most basic type of ownership in the Metaverse. It’s plain earth, like in real life. You can buy land in any world you want and do whatever you want with it.
2- Shops: These are properties that contain shops. People who visit your world can purchase items from your shop.
3- Houses: These are properties that contain houses. People who visit your world can rent your home.
4- Other: There are also other types of Metaverse properties, such as hotels, restaurants, and casinos.
That is all. I think I’ve given you some great tips to start doing your first business in the virtual world of tomorrow.
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