It is expected that we shall live our digital lives alongside our physical ones because of the Metaverse.
We will increasingly use these spaces to work, play, socialize, and learn — anything we can do in the actual world will have a “digital twin” in the metaverse with which we can connect without having to leave our homes.
This involves investing and making money, and one of the most common methods to do so, just like in the real world, is to invest in real estate.
Put simply; it means buying land in the metaverse. But, how to go about it? Read ahead as we give all details about how to buy land in the Metaverse and mark your spot in the virtual world.
Your capital is at risk.
What is Virtual Metaverse Land in the First Place?
In a metaverse project, an NFT land is a buyable parcel of digital space. The owner of a Non-Fungible Token (NFT) might use the land for a variety of purposes or for pure speculation. A metaverse project’s map is typically divided into smaller regions and sold as a single or numerous land offerings. The most common payment method is a cryptocurrency, but some projects also accept fiat money.
When a space is acquired, it usually comes with a 3D virtual tour for the owner and visitors to enjoy. Because the lands are NFTs, proving ownership and validity of these digital assets is simple. The owner can sell their land on the secondary market with a third-party exchange or through the metaverse project ecosystem.
Pictorial example of Virtual Land
This land can be both purchased and programmed. Metaverse land can be bought, sold, or swapped in the form of non-fungible tokens (NFTs) in return for cryptocurrency or even fiat currency. Users can create a variety of experiences, play games, socialize, host events, and more in spaces.
The ownership of the land and the digital assets on it can be easily verified because they are NFTs. Every transaction involving metaverse land is made public. Users can buy a plot of metaverse land through the platform’s marketplace or through a third-party NFT platform like OpenSea or Rarible.
Why Buy Land in the Metaverse at all?
Many have accused certain investors of fostering a speculative NFT market as virtual land prices have soared to new highs. The frenzy is fueled by more than simply price speculation.
For many other users, landing in the metaverse means the chance to profit from virtual assets and experiences taking place there. Some of the revenue-generating trends currently in play range from renting to controlling metaverse land:
Flipping Land
Users can buy a plot of virtual land and then resell it for a profit.
Building Virtual Infrastructure
Rather than allowing a plot of land remain idle, many users are choosing to construct a variety of virtual properties on it, either for themselves or for other users to utilize. Digital casinos, bars, concert venues, NFT galleries, stores, and much more are all included.
Brokerage and Real Estate Agency
Because of the popularity of land NFTs, professional real estate brokers have emerged, who, just like in real life, connect sellers with potential purchasers or just advise clients on how to effectively manage their metaverse properties.
Advertising Purposes
Areas of the metaverse with a lot of foot activity are becoming increasingly desirable for advertising. Owners of that land can rent it out and allow businesses to advertise their goods and services there.
Conducting Events
The metaverse is intended to enhance our existing online experiences while also facilitating the creation of new ones. As a result, metaverse land is being used to host events and provide services.
Users in metaverses like the Sandbox are encouraged to create and distribute mini-games and instructional activities for the benefit of others in the community.
Offering Services
A number of well-known businesses are now using the metaverse to supplement their real-world operations, allowing customers to access services and interact with employees almost as they would in person.
Indeed, a number of financial institutions have begun investigating new ways to do business in the metaverse, such as virtual real estate financing, metaverse mortgages, consumer lending, and crypto transactions.
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How Do You Buy Virtual Land in the Metaverse?
Virtual land purchases and sales follow the same principles as NFT transactions. This shouldn’t be too difficult in most cases. To begin, most metaverse systems are easily accessible via a desktop platform, providing interested buyers with a snapshot of available land as well as key details such as location, total area, average prices, utility potential, and transaction history.
Once you’ve decided on a piece of land to buy, you may either use the metaverse’s own marketplace or a secondary NFT platform like OpenSea, Binance NFT Marketplace or Crypto.com NFT Marketplace. Remember that land in the metaverse is traded in NFT, and its title is recorded on a blockchain. This assists the owner in avoiding fraud and other disasters.
No matter what metaverse marketplace you choose, the first few steps to buying metaverse land are common for all:
Step 1: Create a Digital Crypto Wallet
To make transactions in most metaverses, you’ll need to have a cryptocurrency. A digital wallet will, of course, be required to store your virtual money and digital assets. The wallet you use will be determined by the metaverse platform.
We recommend using a digital wallet that is directly integrated into your web browser for the best experience. eToro is one of the easiest to use, multi-crypto, secure digital wallets you can use. MetaMask and Binance Chain Wallet are also popular options.
eToro wallet is used by many investors for storing NFTs and Crypto
The stock, commodity, and cryptocurrency trading platform eToro also offers a ‘Metaverse Life’ metaverse investment portfolio that selects metaverse equities and cryptocurrencies and modifies their percentage in the metaverse portfolio over time.
Whatever crypto wallet you choose, make sure it supports the currency of the virtual project you want to invest in. In most cases, metaverse platforms will indicate which are favored and how to connect them.
Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
Your capital is at risk.
Step 2: Buy Cryptocurrency
As specified in the preceding step, you’ll need enough of your metaverse’s in-platform currency to complete transactions. Buying metaverse crypto on reputable platforms like eToro is a good place to start because it doesn’t require a lot of money or complicated procedures.
In the United States and the United Kingdom, the minimum deposit for purchasing cryptocurrency on eToro is $10, with somewhat more significant amounts in other countries.
The FCA regulates the globally trusted and authentic platform, which now has over 27 million registered users. You can quickly buy some of the most popular currencies, including $MANA, $SAND, and $ETH on the platform.
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Step 3: Select the Metaverse of Choice
Unless you already have a virtual land project in mind, you should weigh your possibilities before arriving at a decision. Virtual lands are sold on top platforms like Decentraland and Sandbox using currencies like MANA and SAND.
In terms of popularity, Facebook’s metaverse real estate and Otherside are also catching up. The size and amount of land will differ from one metaverse to another. You should be able to readily examine details like pricing, total size, and the current owner throughout this phase.
Your capital is at risk.
Buying Metaverse Land on Decentraland
Decentraland is a famous blockchain-based metaverse game that has attracted the attention of global IT giants. It’s a simulated shop that can be explored virtually and is based on a store in New York City.
The costliest sales in this metaverse have been land plots, which have sold for millions of dollars. The platform’s high-profile relationships with businesses and its celebrity and influencer tenants contribute to Decentraland’s attraction.
Buying Land on Decentraland
As previously stated, you must fund your crypto wallet with MANA before purchasing anything on Decentraland. If you are not currently utilising the native eToro wallet, you can buy MANA from them and transfer it to your wallet. After that, follow these steps to purchase virtual real estate on Decentraland:
- Go to Decentraland.org to start.
- Go to Trade and select the Start Browsing button.
- Select Sign In and then Connect.
- Select the wallet you want to use. This gives the website access to the funds in your wallet.
- Select Land (located on the top-left corner).
- You’ll be taken to a page with a map of Decentraland (all the plots that are on sale are highlighted in light blue).
- Select a plot of land that meets your needs in terms of pricing and location.
- Select Buy and proceed to the parcel of land by following the directions.
Your capital is at risk.
Buying Metaverse Land on Sandbox
As previously mentioned, plots on the Sandbox are labeled LAND and can be found on the Sandbox’s own platform or purchased secondhand on third-party NFT exchanges like OpenSea and Rarible. Keep in mind that they have historically been more expensive than Decentraland’s LAND in formal sales.
Sandbox’s metaverse land plots are also home to celebrities such as Snoop Dogg and Steve Aoki. A $2.5 million block of land between these two celebrities is currently on the market.
There are, fortunately, cheaper property plots available. Sure, they’re in the lesser developed sections of the Sandbox, where there isn’t the best of facilities around, but the chances are ripe that their worth will rise with time.
The cheapest virtual area is just around a couple thousand dollars as of this writing. To get it, follow the steps below before someone else outbids you. You must have already followed initial steps listed previously to purchase SAND tokens.
- Visit TheSandBox.com/game to play.
- Select ‘Market’.
- Scroll down to NFT Type and click on Lands on the left side.
- Select the filter that best meets your requirements (e.g., Newest, Oldest, Lowest Price, Highest Price).
- Select the land parcel that appeals to you and click Buy.
- When you click Buy, OpenSea (a NFT marketplace) will open and take you to the property listing. You can connect your crypto wallet to the site by clicking on the wallet symbol.
- Keep track of the highest offer because you’ll need to beat it to grab the seller’s attention. Select ‘Make An Offer’.
- Next, enter the amount of SAND you want to offer (make sure you have enough SAND in your crypto wallet otherwise you’ll get a warning saying “Not enough SAND to make offer”). SAND can be purchased on eToro and transferred to your crypto wallet.
- Choose the duration of your offer: 3 days, 7 days, or a month. You can choose your own date if you wish. Select ‘Make An Offer’.
- Your crypto wallet will appear, prompting you to click “Sign” (to validate your intention to make an offer on the OpenSea listing).
- Finally, your offer should appear in the Offers section. You’ll be notified by email if your offer is accepted.
Your capital is at risk.
Buying Metaverse Land on Facebook’s Metaverse Real Estate
Once you have followed the initial steps of purchasing cryptocurrencies and storing them into your digital crypto wallet, you can head over to real estate digital marketplaces like OpenSea.io and nonfungible.com to purchase Facebook metaverse land in the form of NFTs.
Buying Metaverse Land on Otherside
It appears that the Otherside is a multi-land metaverse. A lava landscape, an ice landscape, a crystal landscape, a sand scene, a purple mystic environment, and a unique earth-like landscape appear to be present. The Otherside metaverse was created in collaboration with Yuga Labs and Animoca Brands. Animoca has created The Sandbox and a number of additional blockchain-based games.
You must have already followed initial steps listed previously to buy ApeCoin (CRYPTO: APE) from eToro (already highlighted in initial steps to be followed).
So far, the BAYC website’s purchasing procedure is unclear. However, you need usually connect your crypto wallet first. It’s possible that you’ll be able to select the type of land you want to buy. Then you should be able to click the “Mint” button and sign the transaction in your crypto wallet itself.
Unlike most NFTs, The Otherside land auction will be conducted in ApeCoin (CRYPTO: APE). To learn whether you’ll need ETH or APE to purchase this metaverse land, we need to stay tuned for an announcement from Yuga Labs.
Is Buying Land in the Metaverse a Good Investment?
Like any other emerging technology, any investment you could consider making comes with risks and rewards. While the concept of metaverse land (and its absence of tangible assets) may be confusing to some, the potential of virtual worlds along with related technologies such as virtual and augmented reality and artificial intelligence cannot be denied.
Despite their popularity, metaverse properties are highly speculative assets. The metaverse market could crash at any moment, leaving you with the useless virtual property. Please invest with caution. Only time will tell whether the metaverse is just another speculative investment full of overpriced digital assets, or whether virtual worlds are the internet’s future.
