The Metaverse is a step towards digitizing the real world through augmented reality (AR), virtual reality (VR), and video. The virtual world allows users to work, play and stay in touch with their friends in the virtual world through their digital avatars. Whether organizing a conference or traveling through the virtual world, the Metaverse offers numerous possibilities. But the user’s concern is how to buy land in the metaverse. In this article, we’ll take a look a detail guide for buying virtual land seamlessly.
What is a virtual land in the Metaverse?
In their simplest form, virtual lands are digital image areas on Metaverse platforms – for example, digital lands on the two largest blockchain-based platforms,The Sandbox (SAND) and Decentraland, or on the Metaverse’s centralized gaming platform, Roblox.
Owning digital land is similar to owning physical real estate. Virtual plots are programmable spaces where people can design or create their own virtual homes, art galleries, event spaces, or stores – there is no limit, but exactly what you can build depends on the Metaverse platform you choose. Each item is sold as non-playable tokens (NFTs) in two ways: on a Metaverse platform such as XANA or an NFT marketplace such as OpenSea. NFTs give you the right to own and develop a specific virtual land on a particular Metaverse game platform.
Why do people buy virtual land in the Metaverse?
Buying virtual land in the Metaverse may seem crazy, especially when the cheapest land costs more than $10,000. So why are people taking interest to pay millions of dollars for digital land in the Metaverse?
Despite the scary prices, people are increasingly interested in Metaverse investment opportunities. When Mark Zuckerberg renamed the social media platform Facebook to Metaverses (NASDAQ: FB) in 2021, he also announced his intention to focus on metaverse development, which has attracted interest from large companies and individual investors.
Metaverse development is still in its infancy but offers exciting investment opportunities as the world of decentralized finance (DeFi) has already gained momentum. Investors are turning to the virtual world to find new ways to diversify their portfolios through virtual real estate that can be sold at a profit or rent it out for passive income.
How to buy land in the metaverse?
Buying land in a virtual world may initially seem complicated due to the specific terminology and processes. Still, it is a simple process, and in just a few steps, you can become the proud owner of a digital estate in a metaverse.
You can buy metaverse land in two ways:
- on the NFT marketplace ;
- directly on the corresponding Metaverse platform.
You can buy land on an NFT Marketplace such as XANALIA and search for NFT land of a particular metaverse. Moreover, you can go directly to a specific metaverse platform, such as the Decentraland Marketplace, and buy NFT land instantly. Alternatively, you can go to the Metaverse platform of your choice, in this case, XANA, and purchase virtual NFT land there.
Once you have chosen the Metaverse platform to buy land, you need to look for a secondary NFT marketplace such as OpenSea or Binance NFT and its trading platform to find the best deal.
Before you start buying land, you should follow these steps:
Step 1: Choose a Metaverse platform
The first step is to choose the Metaverse platform on which you want to buy land, which depends on several factors: the price, the size of the land, and the seller. If you have yet to get a specific platform, it is worth looking beforehand for the one that best suits your purpose.
Just as some parts of the world, such as London, New York, or Tokyo, have the highest real estate prices, booming regions can offer better deals but with more risk.
On Roblox, for example, world-famous artists such as Ty Verdes, Zara Larsson, and Lil Nas X have given virtual concerts on the platform. Decentraland has held virtual fashion shows with brands such as Adidas or D&G and even organized a four-day festival with Deadmau5 and Paris Hilton, which has increased demand and prices.
Other booming metaverse platforms include Voxels, Aavegotchi, Axie Infinity (AXS), and Bit. Pays, or Somnium. However, as the cheapest property on these two platforms can cost upwards of $15,000, you should consider other options.
Step 2 – Buy cryptocurrencies
Most Metaverse and NFT marketplaces require you to buy Metaverse cryptocurrency first. This means you must first sign up for a digital wallet; the type of wallet depends on the Metaverse platform you wish to buy land on. Decentraland can connect to wallets such as Metamask, Fortmatic, WalletConnect, or Coinbase.
For ease of use, we recommend that you integrate a digital wallet that you can add to your browser, as you will be able to automatically log in and connect two different accounts: a wallet account and a platform account.
After choosing the crypto wallet, you must purchase cryptocurrencies compatible with the Metaverse platform. Sandbox and Decentraland, for example, have their digital currencies – SAND and MANA, and since they are based on the Ethereum blockchain, you will also need ETH to cover fuel costs.
You can buy these digital coins on cryptocurrencies such as Binance or Coinbase. These currencies are already linked to your digital wallet. Once you have signed up for a digital cryptocurrency wallet and purchased a cryptocurrency. Now, you can move on to the next step and choose the land you want to own.
Step 3 – Choosing the land in the Metaverse
Once you have chosen the Metaverse platform, now set up your digital wallet, and buy your cryptocurrencies. The further step is to choose the plot of land you want to buy.
The essential things to consider before buying land on Metaverse are:
- The price of the land ;
- The size of the virtual land area;
- The digital currency you have to pay with;
- Who is the seller of the land?
- Transaction history;
- Potential use (gallery, event space, business, etc.);
- What is the size of the Metaverse platform?
- Area: Is it close to downtown, shopping, galleries, event venues, etc.?
Just as in the physical world, where it is more expensive to buy land near landmarks. Land in the virtual world tends to be more expensive if it is located near “centers,” stores, and other public places.
In Decentraland, for example, users gather around Genesis Square. It is present at the heart of the Metaverse and is a meeting and greeting place for new visitors. Plots in this area tend to cost more. Because if you build near busy areas and lively neighborhoods, there will be more interest.
Step 4 – Finalize the Virtual Land Purchase
Once you have selected the most suitable plot for your needs and deposited the money in your digital wallet, you need to go to the NFT secondary market or directly to the Metaverse platform, link your account and your wallet and click buy.
The NFT you buy contains the coordinates of the area you control and shows you where it is located on a Metaverse map. After confirming the transaction, you will be able to see the NFT in your digital wallet. Now, you will be registered as the new owner. Depending on the purpose of your purchase, you can keep it as a long-term investment. Moreover, sell it at a profit or build something on it.
Some people are still unsure about getting into virtual reality, as it still doesn’t seem to be a reliable investment option. However, some disagree and say it will be the next big thing in mass entertainment.
I hope this article has answered your questions about buying land in the Metaverse; best of luck with your investment! Any new technology takes time to catch on, but the virtual reality metaverse has been getting a lot of press lately. So if you want to bet now, you should start investing in the land of the Metaverse.