Although a lot of people still need to acquaint themselves with the metaverse, it is currently the most talked-about tech buzzword in the media and investment circles.
The metaverse is a network of 3D-enabled virtual spaces supported by social connections.
It is a hyper-immersive world that is expected to be the future universe where people work, play, and socialize. Not surprisingly, metaverse real estate, which includes buying land in the metaverse, is a hot topic among investors, tech insiders, and crypto fans.
A Brief Introduction to Metaverse Land
Metaverse land is usually supported by non-fungible token (NFT) which is why is it also known as NFT metaverse land. It is a virtual plot of land, that has real-life value. This land can be used to rent out offices, working spaces, socializing, advertising, gaming, etc.
NFT metaverse land can be purchased when an owner chooses to sell theirs, or through a reliable NFT exchange.
As NFT metaverse land is expected to skyrocket in terms of price and importance, there are a lot of speculators and investors looking at purchasing a piece of the best land to buy in the metaverse.
In this article, we take a quick look at what virtual metaverse land is, what its use cases are, and how you can buy land in the metaverse.
What is Virtual Metaverse Land?
An NFT land can be purchased just like one would purchase real-life real estate projects.
After you enter the metaverse, you might want to buy land. This digital plot in the metaverse usually requires cryptocurrency for purchase, and the owner gains access to an immersive 3D space. These plots are supported by Non-Fungible Token (NFT), which makes it crystal clear who the real owner is.
In short, virtual NFT metaverse land is authentic, and proving one’s ownership is easy thanks to NFTs. NFT plots can be sold and resold on the secondary market or directly on a metaverse project ecosystem.
A Few Use Cases of Metaverse Lands
As metaverse is an internet-accessible public virtual world, metaverse land has a variety of use cases.
As with physical land, some may purchase it simply for speculative or investment-related reasons. Others may choose to buy metaverse land for a predetermined purpose.
The value of metaverse land depends on the traffic it attracts. Thus, premium metaverse lands can be used to rent advertising spaces, while others may be more suitable for hosting conferences, events, and socializing spaces. Gaming is another important use case of NFT metaverse land.
How to Buy Land in the Metaverse
To purchase NFT land, one needs to follow certain procedures. Here are some of the most important steps:
- Gain access to a crypto wallet and cryptocurrency. There are several mobile and browser-based wallets. The only thing one should make sure of is to ensure that the wallet supports the NFT metaverse land’s blockchain.
- Once you set up your wallet, you will receive a seed phrase, which helps you recover your wallet if you ever lose access to it. It is important to save it offline so that it remains secure and private.
- Research well into the metaverse land project. Choose a metaverse platform such as The Sandbox on Ethereum or Decentraland.
- Connect your wallet to the metaverse platform and make sure that its blockchain is in sync with your wallet.
- Create an account with your email address, and choose a nickname. Complete your registration process and make sure everything is in place.
- Purchase cryptocurrency that can be used on the metaverse platform, so that you can start bidding on the available metaverse lands. If you do not wish to bid, you may directly purchase the metaverse land as well. If you made a bid and the seller rejected your bid, your crypto will be returned.
Like physical real estate, you can sell and rent your metaverse plot once you have purchased it.
How Much is Land in the Metaverse?
According to Ron Shevlin on Forbes, metaverse real estate rose 700% in 2021. The average investment in metaverse land is around $5,300. However, it should be noted that the best land to buy in metaverse may shoot up to hundreds of thousands of dollars, although some marketplaces may list plots for a few thousand dollars.
Buy Land in Metaverse Before it Becomes Unaffordable
In short, the metaverse is expected to be the next big thing in the world of technology.
As metaverse is a complex network of 3D-enabled virtual spaces, there is real estate value to such spaces. These “lands” can be purchased with the help of cryptocurrency and legitimized through NFTs.
NFT metaverse lands have several use cases including advertising, virtual conferences, events, gaming, etc.
To conclude, buying metaverse land is not that hard.
One needs to set up a crypto wallet and purchase some cryptocurrency. Then, one needs to choose a metaverse platform such as The Sandbox on Ethereum or Decentraland.
One can bid or directly purchase their desired plot of metaverse land. It makes sense to start early, especially when prices are increasing by the day.