Real estate properties are expensive. We’re not just talking about real-life properties, we’re talking about lands that cannot be seen or cannot even be found on earth. You’ve read that right. We’re now entering the world of metaverse – where real-world individuals such as crypto enthusiasts and investors spend thousands and millions of dollars to own a piece of land that exists only in a virtual world.
This may sound absurd to some. But you would be surprised to know that the virtual real estate market actually shares huge similarities to its real-life counterpart. In fact, big names from different industries including Snoop Dogg, HSBC, JP Morgan and Samsung have already paid millions for plots of land in the metaverse.
Why Buy Virtual Land in the Metaverse?
Similar to buying real estate properties in the real world, there are also two major reasons why people spend millions to have a piece of land in the virtual world. The first reason why most people probably invest in virtual lands is that they want to use it to build a house or a place they can use for their businesses. When we talk about “building a house in the metaverse,” we really mean having a place where you can show off your most prized possessions and even invite your friends over. Metaverse “homes” will soon be a way for many individuals to show their personality and showcase their collection of digital collectibles.
Another reason to buy virtual lands is that they can serve as your investment. Although it can be risky, like with any other investments, many people still put thousands and millions of dollars into metaverse lands as they believe it will gain more value in the future.
How to Buy Virtual Lands?
Now that you’ve got to know virtual lands even better, you might be curious about what it will take to buy one yourself. Here’s a simple step-by-step guide to help you purchase your very first land in the metaverse.
1. Create a digital crypto wallet.
The first thing you need to accomplish before you can purchase a virtual land is to have a digital crypto wallet. Unlike with real-world lands, you can’t purchase land in the metaverse using fiat money. Instead you will have to set up your wallet and store your cryptocurrency.
Remember that the wallet you choose will depend on the metaverse platform you’re planning to use. Some of the most popular crypto wallets include MetaMask, Trust Wallet and Binance Chain Wallet. It is best to check whether the wallet you’re about to use supports the cryptocurrency of the virtual land you plan on investing in.
2. Choose a metaverse platform
You can choose among the different virtual metaverse platforms where you can buy your property on. Here are some of the great options:
The Sandbox is one of the most popular metaverse real estate platforms, owning approximately 62% of the entire market. It is a virtual world that allows users to build, own and even earn from it. With Sandbox, users can create family homes, commercial stores, art galleries, art exhibitions, concerts and so much more.
To buy or and objects in Sandbox, you need to have $SAND, the platform’s cryptocurrency. This can be found in any approved cryptocurrency exchange.
Decentraland is a popular 3D VR metaverse platform built on the Ethereum blockchain. This has its own cryptocurrency called MANA, which users can use for exchanges. Decentraland can be accessed with or without a crypto wallet. However, you will be required to purchase metaverse wearables.
There are two essential Decentraland tools for buying lands: Decentraland’s Builder is an online tool that can be used to create and publish interactive Decentraland scenes and Marketplace where you can buy and sell land, avatar wearables and unique names.
Similar to Minecraft, you can buy land and even build structures on it using monochrome blocks. With Cryptovoxels, users can build, sell or rent their land parcels. What’s more, they can add or remove blocks, embed audio, images and video on their land parcel. Users can also customise their designs by adding colors and other elements which can be purchased with $COLR tokens.
Somnium Space is an open virtual reality world that has its own economy and currency. It provides users with VR experiences that can be enjoyed on desktops and mobile devices. With Somnium Space, users can import objects such as avatars and monetize their digital assets.
3. Find a land within your budget.
After choosing a metaverse platform, the next thing you need to do is to find land that’s within your budget. When choosing a parcel of land to purchase, consider the land’s proximity to popular places. Prices typically increase for properties that are close to famous locations.
Once you have chosen a piece of land you’re planning to buy, simply click on it to show essential details such as the price and the information of the current owner.
4. Confirm your purchase.
Once you have completed your transaction, you can confirm your virtual real estate in your wallet. For example, with MetaMask, simply select NFTs to get the confirmation of your purchase.
The Future of Investing Virtual Lands in Metaverse
The virtual real estate market, has indeed, followed a favourable trend. With this, it is not impossible to think that people may be willing to invest not only in avatars, memes, films and music but also in virtual lands where they can build a community to meet family and friends and open stores for businesses and host spectacular events.