How to Buy Virtual Land in the Metaverse
Reading Time: 5 minutesThe metaverse is coming, whether we like it or not. Buying virtual land could be the best way to get involved from the outset. Here’s how.
Investing in a piece of land owned virtually would’ve sounded absurd a couple of years ago. Today, virtual real estate sells for hundreds of thousands of dollars of cold, hard cash (though converted into cryptocurrency). As the metaverse looms, investors and crypto enthusiasts are going all in, and buying virtual real estate is the next big thing after digital artwork.
You might be surprised that the virtual real estate market shares more than a few similarities with its real-world counterpart, especially the factors governing pricing. If you are interested in buying virtual real estate or are still unsure about what it means, here’s our comprehensive guide.
What Is the Metaverse?
Simply put, the metaverse is the next generation of the internet. It’s hard to describe it accurately since no universally accepted definition exists. The term was first coined in Snow Crash, a novel by Neal Stephenson, released in 1992. In the book, the metaverse was simply a virtual world inhabited by real-world individuals who might not be in the same physical space as others around them.
The concept was further elaborated upon in Ready Player One, a fantastic novel that was turned into a blockbuster film. Think of the metaverse as a network of 3D simulated worlds connected using virtual and augmented reality technologies. Essentially, instead of accessing the internet via a computer, the metaverse will let you experience it.
What Is Virtual Land?
The concept of virtual land is similar to physical land, except it isn’t tangible. Every metaverse generally divides land into different areas, with certain blocks being higher in value than others (similar to actual neighborhoods).
This digital real estate can then be used to create virtual worlds or projects within the metaverse. One popular example of this is Decentraland, a blockchain-based platform that enables users to buy, sell, and trade plots of land in a 3D virtual world.
Each plot of land represents an immutable record on the Ethereum blockchain, allowing users to create whatever they want with their property without interference from third parties.
Why Buy Virtual Land in the Metaverse?
Two reasons: bragging rights and ROI. Quite a few virtual real estate projects are launching in the metaverse. The concept is the same as buying or making an NFT: you own this digital asset, and since it exists on the blockchain, anyone can verify its authenticity. You can sell your virtual land later once it appreciates, or you can rent it out (that’s a thing, yes) for parties or exclusive events.
You can also build a virtual house on it and give it up for rent or set up a digital art gallery and allow budding artists to showcase their artwork.
How to Buy Virtual Land in the Metaverse
Now, if you’re interested in buying virtual land in the metaverse, here’s how to go about it.
1. Get a Digital Crypto Wallet
The first step is to get a digital crypto wallet. You can’t buy virtual land using fiat money, so you need first to get a wallet to buy and store your cryptocurrency. Ideally, the wallet you choose should integrate into your browser.
Several options are available, such as MetaMask or the Trust Wallet. You can also use the Binance Chain Wallet if you prefer. However, it’s best first to check whether the wallet supports the cryptocurrency you will use to buy virtual land. If you don’t have a MetaMask wallet, here’s how you set one up.
2. Select Your Real Estate Platform
There are several virtual metaverse platforms that you can buy property on. The two most popular options are Decentraland and Sandbox. However, if you want to buy through a third party, OpenSea is a great option.
OpenSea is a great idea for first-time buyers as it lets you shop around without constantly switching between platforms. You can compare prices, amenities, and assess the value based on the virtual neighborhood the plot is in.
If you want comprehensive information about where you’re buying your virtual property, it’s best to go with Sandbox or Decentraland. You’ll also get a better understanding of your neighbors this way. For this guide, we’ll be using Decentraland, though the steps are largely similar across all platforms.
3. Browse and Select a Parcel of Land
Now, you just have to browse different pieces of available land and select the one you want to buy. You can see just how far your property is from more famous locations. Prices tend to increase for properties in close proximity to popular locations.
Once you select a piece of land that you want to buy, just click on it to see available information. On Decentraland, you can buy virtual real estate using either ETH or MANA. You can view the prices and place a bid or buy outright. But, before you can buy, you have to connect your wallet to the platform.
4. Connect Your Wallet
To confirm your purchase, you need to connect your wallet to your account. Just click on Jump In and then sign up using your wallet.
Once you sign up and confirm your purchase, your virtual real estate will be sent to your wallet. You will become the official owner of that virtual property, and anyone can verify its authenticity on the blockchain.
It’s important to note that a gas fee is involved, so ensure you have more than the amount mentioned on the screen. Or, if you want, you can also make a bid. This gives you room for negotiation, as owners can decide whether to accept or reject it.
5. Confirm Your Purchase
The purchase will go through as long as you have sufficient funds in your wallet and the price is agreed upon. You can confirm your virtual real estate in your wallet. If you’re using Trust Wallet, go to Collectibles. For MetaMask, go to NFTs to get confirmation of your purchase.
What Can You Use Virtual Land For?
There are several ways to use your virtual land.
Building Infrastructure
Since you own the land, you can build virtual infrastructure on it. There are instances where people have developed casinos, nightclubs, or even stores on their virtual land. Developing entertainment infrastructure is just one way the metaverse will change entertainment.
Become a Broker
Another option is to become a broker; you could help prospective buyers find virtual land in the metaverse, and for closing each deal, you could easily net a virtual land commission.
Dedicated virtual real estate brokers work in different metaverses, helping people buy hard-to-get plots, such as those in proximity to virtual land owned by a celebrity, for instance.
Advertise
A good way to make money with your virtual piece of land is to start advertising on it. Certain areas in a metaverse, especially those with a higher footfall, tend to rise in value quickly. These are great for advertising, allowing owners to rent out spaces that companies can use for promoting their goods.
Start Flipping Virtual Land
As mentioned, the concept of owning virtual land is fairly similar to actual land. Prices increase and decrease based on market demand and other factors, like closeness to popular spots.
If interest in a particular metaverse begins to rise, you could hold the digital asset for a brief period and then resell it at a substantial profit margin.
Beware of NFT Scams When Buying Metaverse Land
Metaverse real estate is essentially an NFT. Investing in metaverse real estate is still a relatively new phenomenon, so numerous quirks and issues can spring up. The main thing to remember when buying NFT land is that if the deal seems too good to be true, it probably is—just as with all other investments in the crypto world.
Reference: https://www.makeuseof.com/how-to-buy-virtual-land-in-the-metaverse/
Ref: makeuseof
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