People Are Buying Land In The Metaverse, Here's What They're Investing In And How Much They Make
Anyone who decides to become a landowner in the Metaverse is undoubtedly a forward-thinking person and pioneer who believe in this new reality.
It really is a new (virtual) reality. Something never seen before that parallels real life.
If you think it’s an evolution of social media you are very wrong. Here the scope is much greater. Some say that it is nonsense that will never take off, but those like Meta are investing billions of dollars in it.
Who is right?
Whoever has invested or is thinking of investing in land (I’ll explain what it is later on) is doing well, or will he lose his money?
We’ll find out, even if the answer is much more complex than one might think.
LAND IN THE METAVERSE
Yes, we are talking about land in a virtual world. What are they? The land you can buy in the Metaverse and do whatever you want with it: build houses, shops, and offices. Have fun with friends by playing a soccer match, fishing, or anything else that can be done in real life. But all three-dimensional and digital, to be experienced by immersing yourself in the Metaverse while wearing a viewer (like Meta Quest Pro).
The lands are divided into categories and have different costs: from free land to land with higher prices. In addition, specialized lands carry out specific projects such as virtual exhibitions, global events, private islands, etc…
Furthermore, landowners can earn money by selling goods and services on their land.
THE GROWING DEMAND
Virtual real estate prices have soared, according to a new report from blockchain research firm Chainalysis:
– By 879% between September 2019 and March 2022.
– In the same period, for comparison, Bitcoin returned less than half, 362% (after the most recent collapse, on July 1, 2022, it dropped to +98%).
– According to Chainalysis, those who today purchase their own virtual space in the Metaverse can access numerous immediate benefits, while others will only come in the future.
When you buy land in the Metaverse, the research firm wrote, you access, for example:
– Videos, images, Nfts, and interactive objects
– In-game activity for single-player or multiplayer
– Play-and-earn integrations
– Access to private events and NFT-only communities
The experiences offered by land acquired in the Metaverse can vary greatly, ranging from simple projects to more complex ones. However, the characteristics listed above are usually among the most shared ones.
The possibility of renting spaces on the Metaverse could materialize in the future, just as new integrations in augmented reality could be added – extending from the surrounding real world through the appropriate viewers.
On the contrary, the majority of projects are in virtual reality (unrelated to the real world).
To be specific, not all real estate in today’s Metaverse has the same prices:
– It mostly depends on which blockchain platform is hosting the project, Chainalysis explained.
– In particular, projects dedicated to real estate in the Metaverse based on the Ethereum blockchain have significantly higher prices than those based on Solana.
“This could make the ‘affordable Metaverse home’ more accessible for owners and developers on Solana. That said, nearly all of the Ethereum-based metaverses listed above have recently integrated with Polygon, an Ethereum sidechain that competes with Solana in cost and speed,” the report reads.
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IS IT WORTH BUYING LAND IN THE METAVERSE?
I usually answer yes. But like all investments, you need to know what you are doing: therefore, knowing the right time to buy (and this period in general, I would say that it is still good because the mass of buyers who will raise the price has not yet arrived), understand where to buy land, when to resell it, or how to utilize it in other ways.
You can make stellar returns with virtual terrain in the Metaverse if you’re good enough.
If you understand little about it, you risk throwing money away.
When considering the exponential development of the Metaverse and the constant price increase, buying land in the Metaverse can be an interesting investment to evaluate.
Here are some practical tips
WHERE AND HOW TO BUY A LAND IN THE METAVERSE
There are various ways to buy land in the Metaverse, but some of the most popular are:
– Through the main NFT exchange platforms.
– Purchasing through Metaverse platforms such as Decentraland, Cryptovoxels,Somnium Space, Roblox, and The Sandbox. These are the best-known. Here the lands cost more than in other Metaverses, but it could prove to be a safer investment.
– Creating your land from scratch with the pre-existing builders available in the various blockchains.
– Buying land individually from other landlords in the network (this is an option that requires some research work).
IT IS IMPORTANT TO CONSIDER THESE FACTORS BEFORE BUYING LAND
Before purchasing, please make sure you are aware of the following information:
– The blockchain platform on which the project is based (I have already indicated above the safest already marketed by many very important fashion or automotive companies).
– Current prices and forecasts for the coming months (in fact, one of the mistakes you could make is buying land for more than it’s worth. Field research is important on some platforms such as OpenSea, where you can estimate prices).
– Type and characteristics of the land you buy (for example, if it is NFT or NFT 3D. If it is 1×1 m2 in the first row on the beach or land inside a virtual city).
This information will help you make the best choice for you and your budget.
One last recommendation: always buy from reputable sellers. This is why I always recommend turning to specialized platforms such as OpenSea, which offer transparency and avoid fraud.
Ultimately, if you plan to buy land in the Metaverse, ensure you have enough information before taking the plunge.
Practice standard common sense practices for any investment, and always research well before you buy.
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