How To Buy Land In The Metaverse: A Step-by-step Guide To Securing Real Estate In The Metaverse
Real estate is crazy expensive. That is a harsh fact of life that many of us have had to accept. However, we are not discussing London, New York, or Paris today. In fact, some of the most precious land in the world isn’t even on the planet; it’s not even real.
Welcome to the metaverse. Yes, land that only exists in 3D virtual worlds is now being purchased by investors for millions of dollars. With major corporations such as Samsung and Adidas investing in virtual real estate, the main question is, “Is this the next big thing?”
A metaverse platform called Decentraland staged its inaugural land auction before the end of December 2017, selling individual plots of property for about $20. The cost of the plots rose to $6000 toward the end of 2021.
The price per plot has more than doubled by the middle of 2022, to about $15,000. The price spike in such a short period suggests taking action to get awake and begin thinking about buying right away.
As the race heats up, crypto lovers, tech fans, and potential metaverse users are flocking to buy a piece of digital real estate. Get our expert guide to metaverse real estate investing techniques by clicking here.
However, what is the craze about? What is driving the metaverse land rush? And how can you get involved? Let’s delve deeper.
WHAT IS METAVERSE REAL ESTATE AND WHY DO WE NEED IT?
The metaverse is a virtual world where users can shop, game, watch, buy, sell, and perform essentially all of the same activities that they would in the real world. Just like social media, the metaverse exists on computer servers.
However, unlike social media, which is confined to the sharing of text, photographs, and video, the metaverse allows for full virtual living. We are rapidly getting to the era of the metaverse, a network of persistent virtual worlds where we shall coexist with our physical existence.
We will increasingly use these spaces to work, play, socialize, and study; anything we can do in the actual world will have a “digital twin” in the metaverse with which we may connect without leaving our homes.
Similar to the real world, one of the most well-liked methods to do this is through investing in real estate. This covers both investing and making money. Real estate in the metaverse is already a huge business.
Snoop Dog and big corporations like PwC, JP Morgan, HSBC, and Samsung have already purchased pieces of virtual land that they want to develop for a range of purposes. Early investors have already reaped significant rewards —at least on paper.
Is there a chance to purchase the hottest and most recent digital assets now before they become too popular to ignore? like purchasing NFTs or Bitcoin ten years ago? How can you participate if you want to be part of the action? Keep reading to find out!
. Click here to download our expert guide to metaverse real estate.
HOW TO BUY METAVERSE REAL ESTATE?
Because of various terms and processes, purchasing property in Metaverse may appear intimidating. However, I should point out that acquiring digital land in the Metaverse only requires following a short procedure.
The rules of buying and selling virtual estate are identical to those of NFT sales. Most metaverse systems may be quickly accessed via a desktop platform, giving potential buyers an overview of the land that is currently available as well as important information including location, area overall, typical prices, utility potential, and transaction history.
Here is the step-by-step guide to buying Metaverse real estate.
STEP 1: CHOOSE A METAVERSE PLATFORM
Selecting the ideal platform for your metaverse land is a major decision that will have a significant impact on the success of your investment. However, each platform has its guidelines for purchasing land in the Metaverse, therefore it’s crucial to read them before making a decision.
It all depends on what you want to do with your land, but keep in mind that there are numerous possibilities available, each with its own set of advantages that you’ll need to weigh to make the best decision for yourself once you’ve learned how to buy real estate in the metaverse.
Decentraland, Sandbox, Cryptovoxels, and Somnium Space are some of the most well-known Metaverse systems. These four platforms collectively host about 250 thousand plots of virtual real estate.
Click here to download our in-depth guide to profiting from metaverse real estate.
Decentraland: The land has risen to the top of the most costly transactions in this metaverse, with parcels fetching millions of dollars.
Much of Decentraland’s attractiveness stems from the platform’s high-profile relationships with businesses, along with its influencer and celebrity residents.
It is based on ETH blockchain technology, and land is sold on the platform as NFTs, each of which has unique coordinates that refer to a particular place on the network.
The universe of Decentraland is divided and organized into districts, each distinguished by its own distinct content. Users can navigate across several zones to interact with one another, consume content, and share it.
These districts serve as advanced targeting tools, allowing creators and businesses to communicate their content to a very specific audience. NFT purchases on Decentraland may only be made with MANA or Ethereum (the platform’s native currency).
The Sandbox The Sandbox has the most parcels (known as “LAND” on the platform) (a little more than a hundred and sixty thousand) of any of the four platforms. On this site, land costs upwards of $11,000 per piece, with high-quality properties going for $20,000 to $30,000.
You have the option of purchasing or renting virtual rooms for a variety of reasons. There are various sizes of residential residences, locations to do business, spaces to display artwork, and hangout spots.
Users and developers on the site can buy LAND and then build an entire experience around it. Sandbox users can also profit from these experiences by using NFTs and Sandbox’s own utility token, SAND.
Cryptovoxels In the Cryptovoxels environment, you can buy land and then build constructions out of various blocks. Colored blocks are available for purchase with native $COLR tokens if you own them.
Users on this site spend their time updating information, creating avatars, and conversing online. Creators and businesses can purchase virtual property on which they can build areas to advertise their goods, services, or NFT acquisitions.
At Cryptovoxels, the average market price for a parcel of land is $5,000, yet it can be as high as $10,000 depending on its size and location. Any asset purchase is marked with a unique coordinate on the ETH blockchain.
The Somnium Space Somnium Space’s building is the responsibility of the game’s players. Extra-large, medium, and tiny are the three different size portions that makeup Somnium’s digital real estate. You can build your own unique space on either shoreline or roadway land.
Users can import avatars and earn money with your virtual assets using the platform. Tokens are virtual assets, and payments are recorded on the Solana or ETH blockchains. A parcel costs about $11,500 on average.
Those with lesser means who want to buy parcels can still do so by purchasing smaller plots for $2,000 to $4,000.
Click here to discover more about the metaverse and to stay up to date on the latest news.
STEP 2: CREATE A DIGITAL CRYPTO WALLET
To make transactions in most metaverses, you will need to have a cryptocurrency. Obviously, you will require a digital wallet to store your digital assets and virtual currency. Depending on the metaverse platform you’re utilizing, you’ll need to select a wallet.
For the greatest experience, we advise you to take into account a digital wallet that may be immediately included in your web browser. The most widely used wallets are Metamask and Binance, which thousands of users entrust with their digital assets.
However, regardless of which crypto wallet you use, be sure it supports the currency of the virtual project in which you intend to invest. Typically, metaverse platforms will indicate which are favored and how to connect them.
STEP 3: CONNECT YOUR WALLET TO THE METAVERSE
The registration process differs for each metaverse platform. You will first need to establish an account before linking your wallet. The method of integrating your wallet is quite straightforward; you may install browser extensions that will finish the integration for you.
STEP 4: PURCHASE CRYPTOCURRENCY
You will require enough of your metaverse’s in-platform currency to make transactions, as specified in the previous step. Some of the most popular currencies, such as $MANA, $SAND, and $ETH, are easily available on exchanges such as Binance, Coinbase, and KuCoin.
STEP 5: CHOOSING YOUR FIRST BIT OF DIGITAL REAL ESTATE
Finally! You’re ready to buy your land parcel. The only remaining challenge is determining which plot of the property will be lucrative. If you see one, you can ‘Bid’ on it or buy it for the price listed.
If you want to submit a bid, you must first enter the bid amount. Enter the transaction amount, confirm it, then wait for the seller to accept. You are ready to depart if your offer is approved. If not, the money will be returned to your wallet.
Kudos! You have now acquired a virtual asset!
Click here to discover more about the metaverse and to stay up to date on the latest news.