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. But, before you can buy, you have to connect your wallet to the platform. You can’t buy virtual land using fiat money, so you need first to get a wallet to buy and store your cryptocurrency.
In this article, I explain how to buy metaverse land in five easy steps. Additionally, I also cover how land in the metaverse works, what are the benefits of buying it, and how much it costs. 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.
Meet your next metaverse friends
For example, in Cosmic Universe, you can choose between Elysian Fields, Enchanted Forest, Mystic Alpines, and Forest of Whimsy. Each of those areas has different scarcity percentages as well as different resources. If you choose to buy land in Elysian Fields, you won’t get a ton of resources. On the other hand, if you buy a parcel in the Enchanted Forest, you’ll find “abundant resources to help players quickly and effectively develop their land plots and combine them into advanced settlements.” You get the picture. You can also enlist a metaverse real estate agency to find the right land parcel for you and help you with the transactions.
- Top platforms like Decentraland and Sandbox sell virtual lands through tokens like MANA and SAND respectively.
- Moreover, the expectation is that the metaverse will grow immensely in the future, so businesses and individual investors have started leveraging the metaverse for marketing early on.
- The metaverse is forecasted to grow, so buying land on the most popular platforms is a way of investing in its long-term growth.
- The wallet you choose will depend on the metaverse platform you’re using.
- On Decentraland, you can buy virtual real estate using either ETH or MANA.
Somnium Space – This metaverse first came into the scene in 2018 and has a heavy focus on virtual reality offerings and it’s known for its games and NFT art. As of the beginning of 2022, there were 5,000 unevenly divided land parcels in the platform. The currency of Somnium Space is $CUBE and plots of land can easily be found on OpenSea. Buying and selling virtual land follows the same principles of NFT sales.
However, you may also want to go with a less popular metaverse – it’s all up to you and your preferences. 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. 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. To confirm your purchase, you need to connect your wallet to your account. Now, you just have to browse different pieces of available land and select the one you want to buy. Prices tend to increase for properties in close proximity to popular locations.
Register an account and complete the exchange’s customer onboarding process. This technology has the potential to change how all goods are protected from fraud and forgery — including the real estate market — as owner authenticity is unable to be duplicated, which makes your purchase highly unique and secure. It’s exciting to think that by the end of 2022 metaverse real estate is estimated to do $1 billion in transactions, but don’t let FOMO (fear of missing out) force you to make a snap decision. This space is not regulated like normal banking and investing — some people even compare it to the wild west.
How to Buy Land in the Metaverse ? Step-by-Step Guide
While there are many ways to make a profit if you own land in the metaverse, I’ll focus on the two most common ones – selling and renting it. Now that you’ve set up and connected your wallet, here comes the fun part. This gives you an idea of how much you’ll likely need to spend to purchase the cheapest land in popular metaverses.
After you buy metaverse land, owning a digital land plot is similar to physical real estate. Most metaverses will require that you have a cryptocurrency in order to make transactions. Naturally, a digital wallet will be necessary to hold your virtual money and the digital assets you own. The wallet you choose will depend on the metaverse platform you’re using. For the best possible experience, we suggest you consider a digital wallet that can directly be integrated into your web browser.
- It also doesn’t hurt to check out how the overall crypto market is doing and where it might be heading.
- Investing in metaverse real estate is still a relatively new phenomenon, so numerous quirks and issues can spring up.
- There are both common (and cheaper) areas and exclusive (more expensive areas).
- For investors, they offer an avenue to gain investment exposure to this new and fast-growing industry.
- Now, you just have to browse different pieces of available land and select the one you want to buy.
Decide which platform you want to use to purchase real estate, and create an account by connecting your wallet. Right now a popular platform is The Sandbox where brands, businesses and celebrities like Snoop Dogg and Paris Hilton have their land however, Decentraland, Voxels, Worldwide Webb and Treeverse are other options. In fact, a raft of financial players have started looking into additional ways of making business in the metaverse by exploring virtual real estate lending, metaverse mortgages, consumer lending and crypto transactions. The popularity of land NFTs has seen the emergence of dedicated real estate brokers who, much like in real life, link sellers to prospective buyers, or simply advise clients on how to best manage their metaverse properties. As of January 2023, Decentraland land prices have increased even further.
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The term metaverse is even older – it comes from a novel titled Snow Crash, published back in 1992. 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.
As I mentioned, each parcel of land is an NFT that you can trade and possibly make a profit. This is especially true for those who get in early and reap the benefits when virtual real estate becomes even more valuable. However, there are other ways in which users can use their metaverse land. As I already mentioned, it can be sold and thus users can earn money from it.
In many cases, you will have to purchase land on the secondary market. It’s a good idea to create an OpenSea.io account to do so by connecting your Chrome browser wallet before you go shopping. NFTs are making the jump from the digital world to the physical world.
Metaverse property prices rose 700% in 2021 and the overall market reached $500 million. As if that wasn’t enough, looking ahead, the market is expected to double to US$1 billion in 2022. Each piece of virtual land is sold as a non-fungible-tokens (NFTs); each token gives you the rights to own and develop a specific area on a particular metaverse platform.
Metaverses also offer only limited plots of land, which means unique investment opportunities are present. In 2017, when Decentraland had its first metaverse land auction, Decentraland land prices were selling for around a mere $20 per parcel. In the real world, corporations, retail firms, or other commercial institutions invest in real estate to make a profit, but some people wish to purchase property to become homeowners. Similarly, some users might want to be part of the metaverse development – to be immersed in the virtual world, and build for fun. Buying land next to celebrities or investing in virtual real estate to earn from rent is all the same in the virtual metaverse world, except that it is digital. Like in a real-life scenario, some areas and cities are more desirable and expensive, some up-and-coming and more affordable.
If you place a market order, your purchase will be completed within seconds and the tokens will appear in your trading account’s wallet. Next, you need to choose the payment method you want to use to fund your trading account. Wire transfers are typically accepted by all U.S.-based crypto exchanges. To purchase metaverse real estate, you need to follow these four steps.
Step 4 – Finalize your virtual land purchase
As they are NFTs, the ownership over the land and the digital assets in it can be easily proven. Users can normally purchase a plot of metaverse land through the platform’s marketplace – or opt for a third party NFT platform such as OpenSea and Rarible. The metaverse is forecasted to grow, so buying land on the most popular platforms is a way of investing in its long-term growth. As NFT proves its unique ownership, speculators can purchase virtual land to flip it for a profit, rent it out for a virtual store space or events venue, or create a service to be offered on the platform in exchange for money. Decentraland is one of the largest decentralized metaverse platforms, established in 2017, where there are 90,601 individual plots of virtual land.
However, it’s not all about investment and the possibility of making a profit. By purchasing land in the metaverse, you get the opportunity to build on it, show off your game assets, and enjoy all the fun experiences. Even though we’re not quite there yet with the technology that will allow for a metaverse in the full sense of that term, there are many metaverses already in existence. They come in the form of video games and most of them use blockchain technology. Many of them are play-to-earn games, which means players can make a profit by playing.