Are you willing to buy property in the Metaverse? If yes, then this article will provide you with different options to do so.
Real estate is expensive. Many of us have had to deal with this hard fact of life. However, we aren’t talking about Paris, New York, or London. It turns out that most of the valuable lands in the world aren’t even on Earth and aren’t even real. Welcome to the Metaverse.
People keep coming into the realm of the Metaverse. Even the real estate market couldn’t stay behind as everyone tried to get in on the next big thing. Everyone wants to buy land in Metaverse right now. A couple of years ago, though, the idea of investing in a piece of land you already owned sounded almost crazy. But now, Metaverse real estate is one of the most popular things for people to buy.
So, if you want to buy virtual land in the Metaverse but aren’t sure how to do it, here’s a complete guide. But first, let’s understand what is Metaverse land, and then we will discuss how to buy real estate in Metaverse.
What Is Metaverse Land?
Most of the time, a metaverse will segregate its lands into different regions or areas, such as free plots of land that users can simply buy and use for many different things. You can not only buy virtual land in Metaverse but you can also program them. The land can be bought, sold, and traded in the form of NFTs (Non-Fungible Tokens) for fiat and even cryptocurrency currency.
Lands are expensive because users can have different kinds of experiences. Such as hosting events, meeting new people, playing games, etc. within their lands. Since they are NFTs, it is easy to prove who owns the property and the digital assets on it. Public records show everything that has happened with metaverse land as well as the virtual land prices. Users can usually Buy virtual land in Metaverse through the platform’s marketplace, or they can use a third-party NFT platform like OpenSea or Rarible.
Technology has become very popular, which has been good for business. Developers and sellers already make a lot of money in the Metaverse real estate business, and the industry is only going to grow. In 2021, the virtual land prices in the Metaverse went up by 750%, and the market as a whole was worth $1 billion. As if that wasn’t enough, the industry is expected to double in size by 2025, going from $1 billion to $2 billion.
Also know: Role of AR & VR in the Development of the Metaverse in 2023
How To Buy Property In The Metaverse?
Most of the time, cryptocurrencies like Ethereum, SAND, and MANA are used to buy land in Metaverse. So the first step is usually to get these. At the moment, these three platforms are the most popular places from where you can find the cheapest land in Metaverse. Their infrastructure is well-established, and they have well-known landlords and tenants, like the celebrities and companies listed above, who give them credibility.
On the other hand, you can buy real estate in Metaverse directly from either of these platforms. The second thing you will need is a digital wallet that can store NFTs. This is how sales and ownership of metaverse land are recorded. Metamask and Binance are two of the most well-known.
Platforms like nonfungible.com and opensea.io act as decentralized real estate agents for the digital world, letting sellers list their property and prices and buyers negotiate, which makes it the best place to buy Metaverse land. Here are some steps to remember if you want to buy property in the Metaverse.
1. Open An Exchange
Most metaverses will only let you buy and sell things if you have a cryptocurrency. Of course, you will need a digital wallet to hold your virtual money and other digital assets. What Metaverse platform you use will determine which wallet you choose. For the best experience, you might want to think about a digital wallet that you can add right to your web browser.
Binance Chain and MetaMask Wallet are two of the best digital wallets out there. But no matter which cryptocurrency wallet you choose, ensure it supports the currency of the virtual project in which you want to invest. Most metaverse platforms will tell you which ones are best and how to connect them.
2. Create Your Digital Wallet
Make a wallet for your cryptocurrency that will allow you to buy property from the best place to buy Metaverse land. MetaMask for the Chrome browser is the most popular, but you can also use Fortmatic or Coinbase Wallet. Keep the secret keys and passwords to your wallet in a safe place and never share them with anyone else.
Your crypto can now be sent from your exchange to your wallet. First, you should always try to buy the cheapest land in Metaverse. Most exchanges have great tutorials and step-by-step instructions on how to transfer your cryptocurrency.
Also know: Best Bitcoin Wallets (BTC)
3. Search For Your Land/Property
Choose the platform you want to use to buy property, then search for the Metaverse land prices, and after that, create an account by linking your wallet. At the moment, The Sandbox is a popular platform where celebrities, businesses, and brands all have their own land. But you can also choose Treeverse, Worldwide Webb, Voxels, or Decentraland. Most of these platforms are for gamers, but you don’t have to play games to invest.
4. Connect Your Digital Wallet
For your purchase to go through, you must link your digital wallet to your account, then use your wallet to sign up. After you log in and confirm your purchase, your virtual property in the Metaverse will be sent to your digital wallet. You will be the official owner of that Metaverse property, and anyone can check the blockchain to make sure it is real.
It’s important to remember that there’s also a petrol fee, so make sure you have a little more than what’s shown on the screen. You can also make a bid if you want to. Again, this gives you some room to negotiate, since the owners can accept or reject your offer.
5. Confirm The Property You Purchased
The purchase will go through as long as you have enough money in your digital wallet and the Metaverse land prices are the same. You can also check your virtual property in the Metaverse in your wallet. Go to Collectibles if you are using a Trust Wallet. To get permission to buy something with your MetaMask wallet, go to NFTs.
Remember that in the Metaverse, location is just as important as it is in real life. More money can be made from plots of land near plazas (green areas) and districts (blue areas) than from plots on the edges of Decentraland. On the Metaverse land map, they are the most expensive, but there is a chance that they will grow the fastest and make the most money for their owners.
Also know: Best NFT Development Companies
Summing Words
Digital real estate works the same way as the real estate market. Those who want to buy property in the Metaverse can go ahead and take advantage of the chances. But let you know that virtual lands that are digital assets come with huge risks for both new investors and those who have done this before. So, you should do some research before you buy real estate in the metaverse.
