Buying Land in the Metaverse: How Can A Beginner Get Started?

Metaverse, a virtual world, is booming with real-life-like architecture and real estate buildings decorated with elevators, Japanese-themed interiors, and whatnot. Considering the fast-growing changing environments, many investors are buying land in the metaverse worth millions of dollars. The value will only increase in time. 

According to current data by CNBC, the metaverse sales are topping $500 million and will probably double by the end of the year as the scope for buying land in the metaverse gains traction. 

Let’s investigate what’s luring investors into making property in the metaverse as a store of asset value. 

Buying Land in the Metaverse: What’s the Potential?

Metaverse is a virtual world where investors or users can navigate through digital environments, and switch from different digital channels. The VR technology provides virtual games and collaboration spaces to interact. 

You may scoff at the silliness, but Polkadot City online petrol station, a metaverse project, generates $16,000 in monthly passive revenue. However, The station is usually unavailable for sales due to high investment drive.

You can consider other marketplaces that are considered valid and user-friendly. Some of them are Sandbox, Decentraland, Crypto Voxels, and Somnium. So if you want to invest, think of these projects for buying land in the metaverse.

How Metaverse Real Estate Works?

The metaverse properties exist as non-fungible tokens, or NFT. NFTs are blockchain-based asset types that you can’t take out of the metaverse. When the buyer receives ownership of the NFT, they will have a complete claim to the property, exactly like in actual situations, and will be able to sell it, create virtual buildings on it, rent it out, etcetera. 

How Can I Buy Land in the Metaverse?

You can validate the possession of the property and the virtual products on the metaverse because they are NFTs. Managing multiple metaverse land purchases, as they are now made available for the public, is accessible and easy for anyone thinking of buying land in the metaverse. 

People can purchase a piece of metaverse estate through the platform’s marketplaces or third-party NFT platforms like OpenSea. 

To process a purchase in most metaverses, you’ll need to have a cryptocurrency. A digital wallet will, of course, be required to store your digital currencies and assets. The metaverse network will choose the vault you use. 

We recommend using a digital wallet directly incorporated into your internet browser for the best service. Once you’ve decided on land, you can explore the virtual real estate on one of numerous third-party reselling platforms, such as OpenSea.io or Rarible.com. 

These websites can provide you purchase history if it’s available and enable you to do the same for adjacent houses that could be good comparable.

5 Steps to Purchase Property in Metaverse

1. Go to your preferred Metaverse platform’s real estate marketplace. These marketplaces are easy to use and most of them have simple interfaces.   
2. Log in, analyze the land’s site layout, find the cheapest or at least one with reasonable rates as per your budget, and narrow down your options. 
3. Create a digital vault that works with the Metaverse property you’ve chosen. For instance, land in Sandbox can only be acquired using the SAND token, requiring a wallet to handle the purchase. 
4. The next step would be to link your digital wallet to your Metaverse account. This will ensure that you have the funds to handle transactions. 
5. To transmit the crypto sum in consideration for the real estate NFT, click the buy or purchase button.

If you’re busy or think that the metaverse is hard for you to grasp and operate through, you can hire companies that maintain and develop your virtual real estate to make more money on commission basis. 

If you choose a mortgage, the method is very similar, except that the mortgage company will retain exclusive rights to the land NFT until you have repaid the loan.  But you will be capable of managing and expanding the property throughout this time. 

As we conclude, please remember that buying land in the Metaverse carries the same risks as other invested capital. You can’t ‘live’ on the land, for starters, so it’s strictly for investment and wealth generation.

Is Buying Land in the Metaverse Safe?

For starters, the marketplace is mostly unregulated. If something turns out badly – say, if a seller turns out to be a fraudster and disappears with your investment – you may face it all alone with no governing securities to help. 

Even if you aren’t robbed, technical factors can add a layer of increased danger – because transactions are conducted in cryptocurrencies and NFTs, you must be certain that you can safely store them and won’t forget your passwords or other forms of authentication.

Conclusion

Artificial intelligence and related technologies, such as virtual and augmented reality, are foolish to resist. Only experience will tell whether the virtual world is just another fancy bubble full of inflated digital assets or whether virtual worlds are the internet’s future.