The evolution of social media platforms, the IT sector, and artistic creation have all been influenced by the metaverse trend. It is hardly unexpected that there is such a high demand for land in the metaverse. The average plot of land in Decentraland sold for USD 1,000 a year ago; today, it’s worth USD 13,000 or more.
Celebrities are becoming increasingly interested in metaverse land. Among the biggest purchases made in The Sandbox in 2021 was a $450,000 purchase.
This new digital universe aims to produce an entirely immersive reproduction of the real world without physical limitations. Many people will soon spend most of their waking hours in the metaverse. You will have a great opportunity to earn money if you invest in the metaverse land. However, many people don’t know how to acquire land in the metaverse and are unfamiliar with the concept. In this article, we will show you how to buy land in the metaverse.
What does the metaverse’s virtual territory entail?
In a metaverse, virtual lands are digital spaces that can be bought, sold, built on, and explored. Virtual plots of land are programmable spaces where people can build or design their own homes, art galleries, event spaces, or virtual shops. Your imagination is the only limit, but what you can exactly build depends on your chosen metaverse platform. Owning digital land is similar to owning physical real estate. Many platforms and blockchain games like Axie Infinity, Decentraland, and The SandBox sold virtual lands to large companies and investors.
How to buy land in the metaverse
Step 1: Select a metaverse platform
The first step is to choose the metaverse platform on which you wish to purchase land. This decision is based on a number of variables, including cost, size, and seller. Choosing the right platform for your objectives will be a good idea if you don’t already have one in mind.
Up-and-coming areas can provide more lucrative bargains but also carry a larger risk. The system works like in the real world. For example, some regions of the world, like London, New York, or Tokyo, have the highest real estate values.
For instance, world-famous celebrity musicians like Lil Nas X, Zara Larsson, and Tai Verdes have performed virtually on Roblox. Decentraland has held virtual fashion presentations with labels like Adidas or D&G and even a 4-day festival with Paris Hilton and Deadmau5. All of these events increase demand and costs.
The least expensive block of land on these two platforms can cost more than $15,000. Therefore you should also look for other opportunities.
Step 2: Purchase cryptocurrencies
Most metaverse platforms and NFT marketplaces demand that you first buy metaverse cryptocurrency. It implies that in order to purchase land in a metaverse platform, you must first create an account with a digital wallet. Decentraland, for instance, can link up with Coinbase, Metamask, Fortmatic, or
WalletConnect wallets. You have to pay attention to the NFTs’ properties to understand the purchase process.
We advise integrating a digital wallet that can be added to your browser for convenience. You can use it to automatically sign in and connect two different accounts—the wallet and the platform accounts.
Regardless of your wallet, you must purchase cryptocurrency supported by your metaverse platform. For instance, Sandbox and Decentraland each have their own digital currencies, SAND, and MANA. Since these platforms run on the Ethereum blockchain, you would also need some ETH.
Cryptocurrency exchanges like Binance and Coinbase allow you to buy these digital currencies. After creating a digital cryptocurrency wallet account and purchasing a cryptocurrency, you can choose the land you want to acquire.
Step 3: Pick a piece of metaverse real estate
After you purchase some cryptocurrency and create your digital wallet, the next step is choosing the land you want to buy.
The following factors should be taken into account before purchasing virtual property in the metaverse:
- Land price
- Virtual land acreage
- Required payment currency
- Seller identity
- Previous transactions and
- Utility potential (gallery, event space, shop, etc.)
Selecting the best location for your land will help you sell it at a great price later. Land closer to the “hubs” or stores and other public spaces tends to be more expensive in the virtual world. We all know that it is more expensive to purchase property near landmarks in the real world.
On Decentraland, for instance, Genesis Plaza serves as a meeting place and is at the center of the metaverse. Due to higher demand, plots near busy communities and high-traffic areas tend to cost more.
Step 4: Complete your virtual land acquisition
After choosing the ideal location for your needs and adding money to your digital wallet. Now link your account and wallet, then click buy on the secondary NFT market or metaverse platform.
The NFT you buy includes the coordinates for the area you manage and a picture of its location on the metaverse map. After the transaction has been approved, the NFT will appear in your digital wallet, and you will be listed as the new owner. Depending on your objectives, you can either hold onto your acquisition as a long-term investment, sell it for a profit, or construct anything on it.
Conclusion
Hope now you know how to buy land in the metaverse. You can discover your recently purchased Metaverse land listed in your cryptocurrency wallet. We hope you learned something from this article and will start investing in virtual assets.
More metaverse tutorials and articles are on the way! Stay tuned to the blog.
Source:
- “How to Buy Land in the Metaverse [2022]? | Step-by-Step Guide.” Finbold, 27 June 2022, finbold.com/guide/buy-metaverse-land.
