How to Buy Virtual Real Estate in the Metaverse?
It never once crossed my mind that one day I’d be writing about “How to buy virtual real estate?”. And I wonder why anyone would purchase virtual real estate? Strange, right? It’s true, but people these days want digital properties as well as physical ones. Millions of dollars have already been spent in the metaverse. Using these digital spaces, people can socialize, work, learn, and play.
It’s important to understand Metaverse’s definition and concept before moving on.
What is metaverse?
Metaverse represents an innovative vision that combines the physical and virtual worlds using cutting-edge technologies, including Augmented Reality (AR) and Virtual Reality (VR). These immersive environments can only be experienced with VR headsets, AR glasses, or smartphones/tablets.
The metaverse connects the physical and the virtual world. Where users interact as digital avatars and create new opportunities, and content. Metaverse is simply the next generation of the internet.
You can learn more about Metaverse by reading our latest articles.
Is it worth buying virtual real estate in the metaverse?
There is already a huge market for metaverse or virtual real estate. Many global businesses and celebrities, including Snoop Dog, have already purchased virtual land. These plots are planned for development for a variety of purposes by firms like PwC, JP Morgan, and HSBC.
The early adopters have already reaped the rewards. A year ago, the smallest plot of land that could be bought on the Sandbox or Decentraland cost less than $500. Now it costs more than $13,000. The average price of real estate in the metaverse has increased tenfold since last year. As more and more people become interested in using digital land, the value will increase.
Here is a breakdown of how to buy virtual real estate in the metaverse.
How to Buy Virtual Real Estate in the Metaverse?
Sandbox and Decentraland are the two most popular platforms for purchasing virtual real estate. For both of these platforms you need to download metamask. Metamask is a chrome extension and an online wallet to hold digital assets. Decentraland uses its own currency called “Mana” while sand box has its own currency called “Sand”. Both of these currencies are Ethereum based.
Let’s discuss how to buy virtual real estate on Sandbox and Decentraland.
• Sandbox:
Sandbox provides virtual plots for a good price. Plots on grittiest parts are cheaper and their value may increase over time. The lowest price you can find for a piece of land is about 10,000$. Follow these steps to buy virtual real estate on sandbox.
1. Simply open the sandbox game and click on “Market” option.
2. Scroll down to NFT Type and click on Lands.
3. Select the filter that is most appropriate for you, (newest, oldest, lowest price, highest price).
4. Simply click on Buy when you find a plot of land that grabs your attention.
5. When you click Buy, you will be taken to the property listing on OpenSea (a NFT marketplace). Click on the wallet icon to connect your Metamask wallet with the site.
6. Input your offer amount in Sand. Metamask will not be able to make an offer if you don’t have enough SAND in your wallet.
Note: Sand can be bought on Binance and then transferred to Metamask.
7. You can set your offer’s duration from 3 days to 7 days to one month. Custom dates are also available. Just click “Make Offer.”.
8. Lastly, you will see your offer listed under Offers. Once you accept your offer, you will receive an email notifying you.
• Decentraland:
Purchasing items on Decentraland requires funding your Metamask with MANA, the cryptocurrency of Decentraland. Coinbase, KuCoin, and Binance all offer MANA for sale. If you’re ready, here’s how to purchase a virtual property on Decentraland.
1. Go to “Decentraland.org” and click on “trade” and then click “Start browsing.”
2. After signing in, click Connect.
3. Click the “Metamask” button. You can now see what funds are in your wallet by clicking this button.
4. Select “Land” located at the top-left corner.
5. When you land on the page, you’ll see a map of Decentraland, along with the plots that are available for sale.
6. Then, click on the parcel that meets your preferences in terms of price and location.
7. Click on the Buy button and follow the instructions to the plot of land.
Important information
In the metaverse, you need to remember that locations are just as significant as they are in the real world. The value of a parcel of land near a plaza (green area) or district (blue area) of Decentraland is higher than a plot on the outer edge. In addition, Sandbox and Decentraland do not give landowners passive income like PolkaCity. Investors typically make money by buying properties, waiting for their value to increase, and then selling them on.
In spite of the popularity of metaverse properties, they come with high risk. Your virtual property could be worthless at any time if the market tanked. Invest wisely.
Final Words
Recently, Facebook, Microsoft, and Nvidia have invested heavily in the idea that this is the future of the Internet. Whether we’re entrepreneurs, celebrities, or influencers, metaverse offers us a unique opportunity to build audiences and create new products. Metaverse is potentially the next big thing, more immersive and more compelling than traditional Web and social media. There’s a good chance digital land and real estate will have a healthy future.
