A few years ago, it would have seemed absurd to invest in land that was already practically owned. Even after being converted into a cryptocurrency, virtual real estate is currently sold for hundreds of thousands of dollars in hard cash. Purchasing virtual real estate is the next big thing after purchasing digital art as the metaverse approaches, and investors and crypto enthusiasts are going all in. You might be surprised by how similar the virtual and real estate markets are when it comes to what affects prices. Here is our detailed guide if you are interested in purchasing virtual real estate or are still unclear about what it entails.
Metaverse
The metaverse is like a super-upgraded version of the internet. It’s a place where everything happens in 3D, and you can feel like you’re really there. The idea of the metaverse was first mentioned in a book called Snow Crash back in 1992.
In one book, folks could go into a make-believe world and hang out with others, even if they were really far apart in the real world. Another book called Ready Player One made this idea bigger, and they even turned it into a neat movie.
In the metaverse, different 3D worlds are all linked together, and you can explore them using virtual reality or augmented reality. It’s like living inside the internet rather than just looking at it on a computer screen.
What is Virtual Land
Virtual land is like regular land you can buy, but it only exists in the digital world, not in the physical one. In the metaverse, they divide this virtual land into different areas, just like how neighborhoods are organized in the real world.
People can buy this digital land, and some areas are more valuable than others, just like in real life. There’s a popular place called Decentral and where you can do this. It’s like a special tool called blockchain that keeps your virtual land safe. It’s like having your own piece of the digital world that you can control and do whatever you want with it.
Why would you want to purchase virtual land in the metaverse?
ROI and bragging rights are two motives. In the metaverse, a lot of new projects for virtual real estate are beginning. Anybody can verify the legality of an NFT because it is recorded on the blockchain, thus whether you produce one yourself or buy one, the concept is the same: you are the owner of this digital asset. You can sell your virtual property later on after it has appreciated or rent it out for parties and expensive events.
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On it, you can also construct a virtual home that you can rent out, as well as erect a virtual gallery where aspiring artists can exhibit their works.
Here’s how to do it if you’re interested in purchasing virtual land in the metaverse. Below is a procedure.
Register to a Crypto Digital Wallet
To start buying virtual land, you need a digital crypto wallet first. This wallet is like a digital purse where you keep your cryptocurrency because you can’t buy virtual land with regular money (fiat currency).
There are different wallets you can choose from, like MetaMask, Trust Wallet, or Binance Chain Wallet. Before picking one, make sure it supports the cryptocurrency you want to use for buying virtual land.
Let’s say you want to create a MetaMask wallet. Here’s how you do it:
- Go to the MetaMask website.
- “Create a Wallet” option and select it.
- You’ll be asked to set up a password. Make sure it’s something strong and that you can remember.
- They will show you a bunch of words called a “seed phrase.” Write these words down on paper and keep them safe because they’re like the key to your wallet.
- Confirm the seed phrase, and you’ll have your MetaMask wallet ready to use!
You can now use this wallet to buy and store cryptocurrency by purchasing virtual land in the metaverse.
Real Estate Platform Selection
There are different places in the digital world where you can buy virtual land, like Decentraland and Sandbox. But if you prefer buying from a third-party website, OpenSea is a good choice.
OpenSea is really helpful, especially if you’re just starting. You can see prices, what the things offer, and where they are in the virtual world.
If you want more detailed information about the property you’re buying, it’s a good idea to choose Decentraland or Sandbox. For this guide, we’ll focus on Decentraland, but the steps are similar on other platforms too.
Look through and choose a piece of land
All you have to do now is browse the various virtual land options and select the one that appeals to you. You can even see how close each piece of land is to famous places. Usually, the prices are higher for land near popular locations.
By clicking on any piece of land further information can be seen. On Decentraland, you can use ETH or MANA to purchase virtual land. You’ll see the prices, and you can either make an offer or buy it directly. You need to connect your digital wallet to the platform before doing that. That way, you can pay for the virtual land securely.
How to Connect Wallet
To make sure you’re buying, you need to connect your wallet to your account. Simply click Jump In for sign up.
Screen for connecting wallets on Decentraland
Once you join and confirm buying, your virtual land will be sent to your digital wallet. You will have legal ownership of that virtual asset, and anyone may verify it on the blockchain.
It’s important to remember that there is a gas fee, so make sure you have more money than what is indicated on the screen. Or, if you’d like, you could place a bid. As owners can choose to accept or reject it, this gives you room for negotiation.
Purchase Verification of Land
Having a enough amount in the wallet lets you buy land when both agrees on the price. Your wallet contains a confirmation of your virtual property. For Trust Wallet users, navigate to Collectibles. Visit NFTs to receive a purchase confirmation for MetaMask.
What are Virtual Land Usages
- Building Infrastructure: Since you own the land, you can create virtual places like casinos, nightclubs, stores, or anything you can imagine. This adds to the entertainment options in the metaverse.
- Become a Broker: You can become a broker to help others find and buy virtual land. For every successful deal you close, you can earn a commission in virtual currency.
- Advertise: If your virtual land is in a popular area with lots of visitors, you can rent out spaces for advertising. Businesses might give money to make their products more noticeable in these busy places.
- Start Flipping Virtual Land: Just like in the real world, you can buy virtual land at a lower price and sell it later when the demand and value increase. It’s similar to making a virtual land investment.
In the metaverse, owning virtual land can be an opportunity to be creative, make connections, and even make some virtual money!
