News about the Metaverse has been booming, and with it, NFTs, games, and metaverse property values have skyrocketed. With the metaverse being projected to be one of the largest technology revolutions, many investors and large corporations have been looking into how to buy virtual real estate in the metaverse.
Buying metaverse property isnât that much different from buying physical property, although, there are no appraisals involved, so it is still a highly speculative market. Before we get started going over the steps to buying virtual property, letâs discuss exactly what virtual metaverse land is.
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What Exactly is Virtual Property In The Metaverse?
The metaverse is essentially an effort to digitize the real world and that includes ownership of virtual properties. The metaverse is a place where people will be able to hold conferences, attend concerts, and hang out in a virtual world that is much like our physical world. When it comes to land and properties, the investment possibilities are really endless. Right now we are in the beginnings of what the metaverse will eventually become, and that means a lot of potential opportunity for those who own land in the metaverse.
Owning virtual land could mean a lot of things, and it’s still speculative. Virtual builders may eventually buy your land to build stores or housing within the metaverse. Companies may rent out your land to hold virtual concerts or build their corporate headquarters within the metaverse. The return on your investment may be high depending on which platform you use to purchase your property and if your chosen platform eventually survives the technological revolution in creating and maturing what the metaverse eventually becomes to the everyday visitor.
If we think even further into the future, virtual land may become a way of also owning physical land and vise versa. If you own a piece of land in the metaverse that is based in the real world, it may also give you rights to the physical land (ie. your metaverse land would essentially be an NFT). Keep in mind this is just speculating and currently, the land in the metaverse is not tied to any real-world property.
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Once youâve done your research and think that it might be a good idea to own your first piece of virtual property, hereâs how to purchase it.
Step 1: Get a Digital Wallet and Fund It
Currently, in order to buy any land in the metaverse, youâll need a digital wallet to store your cryptocurrency that you will use to purchase the land. Your wallet will also be the place where you will store your NFT version of your land. Metamask is the most popular choice at the moment, and most metaverse platforms accept it as a simple integration method.
Step 2: Choose a Virtual Land Marketplace
There are a few property marketplace options currently where you can purchase metaverse land. You can find the options below:
Axie Infinity
You can purchase land on Axie Infinity with Ethereum (ETH). Simply visit the Axie Infinity Marketplace, sign up for an account, and browse the listings. Click on the plot youâd like to purchase and hit âBuy Now.â
Decentraland
To purchase metaverse property in Decentraland, youâll need MANA. You can visit the Decentraland marketplace and sign up for an account to view land available for purchase. Simply click on the land youâd like to purchase to bring up the details and buy it.
The Sandbox
If youâd like to buy land on the Sandbox, you will need SAND. Land can be purchased directly through the Sandbox, or on third-party exchanges. Some additional land for sale will be found on Opensea.
Opensea
Opensea is a third-party platform where current virtual property owners can list their properties for sale. Purchasing through Opensea can be a great opportunity to grab land for a rate lower than the current market value of similar properties. However, itâs important to be careful and verify that you are purchasing real virtual property from a verified seller.
Rarible
Rarible is similar to Opensea in that it is a third-party platform to purchase virtual property. Again, itâs important to only purchase from a verified seller.
Step 3: Link Your Digital Wallet and Fund With Appropriate Cryptocurrency
Once youâve chosen your desired marketplace, youâll need to link your wallet to the platform and fund your digital wallet with the appropriate cryptocurrency. Keep in mind that depending on where you want to purchase land from, youâll need to use the approved cryptocurrency of that platform (example: If you want to purchase land on The Sandbox, youâll need to purchase it with SAND).
To fund your wallet, youâll want to sign up with a reputable exchange like Coinbase or Binance to purchase the cryptocurrency you need and send it to your Metamask wallet address.
Step 4: Purchase Metaverse Land Or Make Offers
Once youâve funded your wallet and linked it to the platform of your choice, you can execute the purchase of your metaverse land. Simply choose the plot of land youâd like to purchase on the metaverse land marketplace and buy it.
The land should now be in your digital wallet as an NFT. In order to access your land, youâll need to login to the platform that your land is compatible with (example: If you purchased land from The Sandbox, youâll need to login to The Sandbox to access it). From there, youâll be able to do whatever the platform allows you to do with your land (ie. rent it, sell it, build on it, etc).
Bonus: How to Get Free Metaverse Land
There are new metaverse platforms popping up constantly. Currently, there are some ways to get Metaverse land for free on these platforms. Keep in mind that these new companies are highly speculative and you should be wary of any new company that attempts to connect to your digital wallet. Some of the platforms offering free metaverse land are listed below.
Next Earth
Next Earth aims to be an exact copy of Earth based on the blockchain. You can earn up to 40 USDT worth of land right away by joining their Discord server.
Warriors of Aradena
Warriors of Aradena is a fantasy-based metaverse platform that is play-to-earn. They will be introducing land airdrops in Q3 of 2022 for warrior owners on the platform.
The Bottom Line
The metaverse is one of the hottest trending ideas in technology. Awareness and adoption of NFTs, metaverse-based games and virtual property within the metaverse have been increasing at a fast clip. Purchasing land within the metaverse may be a profitable investment opportunity for those looking to get into the space early. As with any new tech, itâs always a good idea to stay skeptical and research each metaverse platform thoroughly before making an investment.Â
What is your prediction on where metaverse real estate is headed? Let us know in the comments!