Metaverse, an alternative digitised reality, is rapidly taking shape. According to research, the global Metaverse market is expected to be worth $1.3 trillion by 2030. No wonder so many are asking how to buy land in Metaverse worlds.
More blockchain projects and brands are exploring it to stay ahead of their competitors.
But, the gaming and tech industries aren’t the only ones interested in it. Entertainment, fashion, food, and other industries have also jumped on this bandwagon. Furthermore, Metaverse real estate investing is becoming popular among the masses.
It is the reason virtual land prices are inflating and gaining investors’ attention. If you, too, are looking to invest, here’s how to buy land in Metaverse worlds!
Why should I buy land in the Metaverse?
Before we address the “how to buy land in Metaverse” part, think about how it could be beneficial. Here’s how a plot in a 3D immersive world could be a rewarding investment!
Sell it for profit
You could invest in Metaverse land to use it as an asset, just like traditional real estate. Once the value of land increases, you can flip it to earn markups. The transactions in the virtual world are secure as they use blockchain technology. So, every transaction is immutable, and you can easily prove it anytime.
Build on it
Secondly, you can create different things in 3D worlds, such as your virtual home or a business. You can also create gaming experiences or organise live events for others. Users can also make it premium, so people have to pay to become part of it.
Rent it out
Another profitable option is to rent it out. Many platforms allow you to buy a 3D plot and give it for rent. This way, you can generate a stable passive income.
Another excellent opportunity virtual real estate possesses is a new way of marketing. You can become part of paid marketing campaigns via your lands. This kind of advertising would be less intrusive for customers and allow you to earn your share.
Five steps to buy land in the Metaverse
We have listed five easy steps to help you purchase a virtual property.
Step 1: Set up a crypto wallet
To enter the Metaverse, the first thing you’ll need is a digital wallet. Choose a trusted one where you can securely keep your assets. Select a wallet compatible with most of the Metaverse platforms.
Additionally, you should look at the wallet’s asset management ability, liquidity, and range of supported cryptocurrencies. Some ideal choices concerning these requirements are MetaMask, Coinbase, and Trust wallet.
Step 2: Pick a Metaverse platform
Pick a platform where you want to buy your virtual real estate. To select the right one, evaluate the projects based on their popularity, asset value, and use cases. Platforms that are popular among celebrities, brands, and tech companies offer better investment opportunities.
Until now, the Metaverse worlds that have been the most impactful are the Sandbox and Decentraland. However, more projects are being introduced as technology evolves. You can find a few new platforms later in this article.
Step 3: Purchase the platform’s crypto
Once you have sorted out which 3D immersive world would be best for you, consider buying its crypto. Since plots in virtual worlds are sold as NFTs (non-fungible tokens), Ethereum is the most common crypto to acquire. Other than that, the choice of platform will determine which crypto coins you need in your e-wallet.
For instance, to buy land in Decentraland, you must have MANA tokens. Similarly, for Sandbox, you would need SAND tokens.
Step 4: Choose your land
The next step is to decide which plot would be appropriate for you. Here, three things are important to consider:
• Your purpose for buying the plot.
Firstly, check out whether the locality is populated or not. If yes, see who owns the surrounding land and whether there is a presence of brands. These things will determine the future value of the real estate.
Secondly, check its size to know what you can build on it. This will allow you to evaluate whether it’s overpriced.
Most importantly, consider what you want to do with the piece of 3D land. It could be flipping it as an asset or renting it to generate passive income. You can also create experiences for people. So, choose according to your purpose.
Step 5: Buying the land
Once everything is sorted out, you can move ahead with buying the land. The following two options may help you further in making an informed decision.
One way to do it is to integrate your e-wallet with the Metaverse platform you selected. Download the crypto wallet’s extension and set it up on your browser. Then go to the Metaverse’s website and create an account there.
It will ask you to select one of its compatible wallets. Choose your wallet and go ahead with account creation. Now, directly go to the platform’s marketplace and buy the chosen land after checking its price.
Another easy way around it is to look for your desired plot on the NFT marketplaces. Since virtual real estate is NFT, you can find them on any top-rated marketplaces like OpenSea. Sandbox and Decentraland’s NFTs are listed on OpenSea, and you can buy them through Ether.
Best Metaverses to buy a digital real estate
Here are some popular Metaverses to buy digital real estate from:
The Sandbox is a P2E game that introduces you to a highly developed 3D world. Celebrities like Snoop Dogg, Paris Hilton, and Justin Bieber have already invested in it.
Decentraland is the second most popular name. It uses MANA tokens and has the most expensive land.
CryptoVoxel is a small project but has all the features of virtual worlds. You can find plots at cheap rates here.
Treeverse is an MMORPG that provides realistic gaming experiences in the digital world.
We are gradually moving towards a virtual world imagined in sci-fi movies. Many platforms are now taking shape, allowing you to own real estate virtually. Therefore, we laid out the step-by-step process on how to buy land in Metaverse worlds. By following it, you can become the owner of a virtual land and generate profit through it.