Defines the metaverse Land
Real estate is expensive. This is a tough fact of life that many of us have had to deal with. We’re not talking about New York, London, or Paris though. It turns out that some of the most valuable land in the world isn’t even on earth, and it’s not even real. Enter the metaverse by walking.
Yes, investors are now ready to pay millions of dollars for land that only exists in 3D virtual worlds. As the competition heats up, crypto fans, tech fans, and people who might use the metaverse in the future are all drawn in to grab a piece of digital property. But really, what’s the big deal? Today, we’ll look at what’s behind the “land rush” in the metaverse and how you can take part.
Most metaverse split their space into free plots of land that people may purchase and utilise for numerous purposes (we will detail those later on). Buy and programme this land. Non-fungible tokens (NFTs) are exchanged for cryptocurrency and fiat cash.
Users may hold events, play games, meet new people, and more in spaces, making them valuable. NFTs make it easier to verify land and digital asset ownership. Metaverse transactions are documented the same manner. Users may utilise the platform’s marketplace or OpenSea or Raible to acquire metaverse territory.
The tech’s popularity has generated plenty of revenue. The virtual real estate industry will continue to profit developers and sellers. The Metaverse market was worth $500 million in 2021 after prices rose 700%. The market is predicted to double to US$1 billion in 2022.
Why should you buy Metaverse Land?
In the metaverse, there are two main reasons to buy land, just as there are two main reasons to buy land in the real world. Most likely, the first one is the safest. You want to do something with it, like build a house or run a business.
When we say “live” in the metaverse, we really mean “have a place to call home where you can show off your things and maybe even have friends over to hang out.It’s kind of like having a personal website in the early days of the internet, before everyone switched to social media.
People will use their “homes” in the Metaverse to show who they are online or store their special digital collections. This is probably the least risky reason to want metaverse land, since you’re likely to get what you want from your purchase.
As an investment is the second reason. This is where things might get a little shaky, because, like any investment, there’s no guarantee that the value will go up. But metaverse real estate seems to be going through a gold rush right now. In the last year, prices have gone up by a factor of 10.
Many people buy digital land now because they think it will be much more valuable in the future when more and more people want to join in. Some people are even buying homes to rent out, and a good rental market is starting to form.
How to Purchase Metaverse Land?
The same rules apply to buying and selling virtual land as they do to selling NFTs. This shouldn’t be too hard most of the time. First of all, most metaverse platforms are easy to access through a desktop platform.
This gives people who are interested in buying land a quick look at what’s available, as well as important details like location, total area, average prices, utility potential, and transaction history.
Once you’ve found a piece of land you want to buy, you can look at either the metaverse’s own marketplace or a secondary NFT platform like OpenSea or Binance NFT.
Keep in mind that land in the metaverse is traded for NFT, and that the deed to the land is written on a blockchain. This helps keep the owners safe from scams and other bad things.
Before moving forward with any purchase, make sure to do the following:
Open a Digital Crypto Wallet
You can only buy and sell things in most metaverses if you have a cryptocurrency. To store your virtual money and other digital assets, you will need a digital wallet. Which wallet you choose will depend on which metaverse platform you use.
You might want to think about a digital wallet that you can add to your web browser for the best experience. The best digital wallets are MetaMask and the Binance Chain Wallet. But no matter which cryptocurrency wallet you choose.
Make sure it supports the currency of the virtual project you want to invest in. Most metaverse platforms will tell you how to connect them and which ones are the best.
Buy Cryptocurrency
As noted in the previous stage, sufficient in-platform money is required to conduct transactions. On exchanges like as Binance, Coinbase, and KuCoin, it is straightforward to purchase some of the most popular cryptocurrencies, such as $MANA, $SAND, and $ETH.
Select a Metaverse
Unless you already know what you want to do with your virtual property, you may choose to consider all of your alternatives prior to making a decision. Leading platforms like as Decentraland and Sandbox offer virtual lands using currencies such as MANA and SAND.
From metaverse to metaverse, the quantity and size of land will vary. During this process, it should be simple to verify the property’s price, total square footage, and current owner.
Confirm Your Purchase
Click “purchase” in the metaverse’s marketplace (or a third-party platform) after placing your digital currency in your digital wallet and selecting a piece of land. After the confirmation and completion of your real estate purchase, your NFT should be in your wallet.
You will also be recorded as the land’s new owner. Exactly like that. You might opt to retain your property for a time, construct anything on it, or relist it and sell it for a profit, if possible.
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Where Can I Buy Virtual Land?
We’ve talked about some of the best metaverses that sell land in the past. Before we get into the details, it’s important to remember that most platforms will only have a certain number of parcels. This helps increase the scarcity of digital resources and fuel a healthy virtual economy (one hopes).
For example, Decentraland is made up of 90,601 equal-sized plots of virtual land, and the Sandbox is made up of 166464 of these plots, which the platform calls LANDS. But there are a lot of other choices, and each one has areas that are good for advertising, business, services, and events, among other things.
You can get a bird’s-eye view of the current market on OpenSea by looking at virtual world rankings.
Some of the Best Known Metaverses are:
The Sandbox:
As mentioned before, lots in the Sandbox are labelled as LAND, and they may be acquired via the Sandbox’s own platform or through third-party NFT exchanges like OpenSea and Rarible. Keep in mind that they are generally more costly in formal sales than LAND.
Decentraland:
Plots of land in this metaverse have sold for millions of dollars, ranking among the most costly real estate transactions. Decentraland’s attraction is largely attributable to the platform’s high-profile commercial partnerships and celebrity and influencer tenants.
CryptoVoxels:
This is one of the tiniest digital worlds, initially consisting of just 3,026 parcels. These may be purchased via main sales or OpenSea using either USD or ETH. Unlike previous metaverse, CryptoVoxels has continued to grow and now comprises 7351 parcels. Currently, the cheapest price for a parcel of land is roughly 1,899 ETH (approximately $5,335 USD).
Somnium Space:
This metaverse emerged in 2018 with a major emphasis on virtual reality services and a reputation for games and NFT art. As of the beginning of 2022, the platform had 5,000 irregularly split property lots. However, more land is anticipated to be made available in the future. The Somnium Space currency is $CUBE, and land parcels are readily available on OpenSea.
Metaverse Land—good investment?
As with any other new technology, any investment you might think about making comes with both risks and rewards. Many people may find the idea of metaverse land and the lack of physical assets hard to understand.
But it’s hard to argue with the potential of virtual worlds and related technologies like virtual and augmented reality and artificial intelligence. Time will tell if the metaverse is just another speculative investment full of overpriced digital properties or if virtual worlds are the future of the internet.
