Metaverse real estate – a guide to buying virtual land
You might not have expected the term “Metaverse real estate” to be a thing, but it’s proof of the next level for technology. People were playing VR headsets like Oculus Quest for a different experience. After that, video games like Pokemon GO uses augmented reality to show the digital pets in our world. Next, we may meet them in their world!
The Metaverse is this idea of turning virtual reality into a place you can freely enter like a real location. We see more virtual worlds trying to make this happen and people investing in virtual spaces as if they’re parcels of land! The tech company formerly known as Facebook changed its name to Meta, aligning with making the Metaverse real.
The Meta hype wasn’t the only reason why people invest in Metaverse real estate, so let’s go through those other factors. Then, we will talk about how you can purchase digital real estate. Don’t worry because it’s surprisingly easy to buy your first plots in virtual spaces. More importantly, let’s see whether you should invest at all or not.
Why do people buy Metaverse real estate?
As I said, the Metaverse is merging the real world with various digital worlds. You may look to the settings of sci-fi films like “The Matrix” or “Ready Player One” for examples.
Once it happens, we would enter virtual spaces as if they were real. Investors see a vast open space that’s filled with opportunities!
Meta CEO Mark Zuckerberg wants to lead this development, but he’s not alone. Right now, numerous companies want to help turn it into a reality.
For example, the fitness brand Nike launched Nikeland last year. It’s found on the online video game Roblox, and it lets you buy and use Nike products as in-game items.
Others treat the Metaverse as a huge empty plot of land. That’s why many invest in it as if they’re real estate investors. Here’s what you can do with these digital lands:
- Once the Metaverse becomes real, it will eventually become populated. Eventually, there won’t be a lot of empty spaces left so that the early properties may increase in value. Various platforms let you sell virtual real estate at market price or put it up for bidding.
- One of the main features of the Metaverse is that you’ll be able to build stuff in there then sell it. That’s why the platforms I mentioned will allow you to create digital goodies and host online services. All these can become your next passive income source!
If the Metaverse is hard to figure out, you’re not alone. That’s why I wrote another article that simplifies Matthew Ball’s discussion of this tech world. Check it out by clicking here.
How can I buy Metaverse real estate?
Buying a new building or house typically involves speaking with a real estate company. If you want a piece of land in the Metaverse, it’s as easy as point, click, and purchase!
Remember when I said it’s super simple to buy Metaverse real estate? That’s because the platforms you’ll need make it that convenient, especially Decentraland and Sandbox.
These are the most popular platforms right now. They rely on blockchains, the decentralized networks that use cryptocurrencies, so more people can join them.
Being “decentralized” means there’s no central authority that controls everything. The digital assets are all yours, so you truly get to own stuff in this tech world.
Meanwhile, crypto coins are needed to join a platform or use its features. Nowadays, it’s so easy to buy your first coins so that more people can take part in the platforms.
This means you can easily buy Metaverse real estate. If you’re not convinced, read the following steps on how to buy land in Decentraland:
- Install a MetaMask digital wallet on your web browser or smartphone.
- Create an account for a crypto exchange like Binance or Coinbase.
- Buy Ethereum (ETH) and MANA from there. You need ETH for transaction fees, while MANA is for payments.
- Copy your MetaMask address by clicking or tapping your name, account, and address.
- Choose Copy Address to clipboard.
- Go back to your crypto exchange account.
- Add MetaMask as a payment method, paste its address, and include the amount of crypto you’d like to place in your MetaMask wallet. Do this for ETH and MANA.
- Go to the Decentraland Marketplace.
- Connect your MetaMask to it.
- Select the Parcels and Estates section. The former are isolated patches of land, while the latter is a bunch of parcels linked to each other.
- You will see a map that shows the land for sale. Select one, and you may buy or place a bid for that area. You can do this by clicking either the Buy button or the Bid button.
Believe it or not, buying land from SandBox also works like this. You just have to replace a few items, such as using SAND tokens instead of MANA.
The Parcels and Estates is the LAND section of the SandBox Marketplace. The Buy button is a Buy now button, and the Bid button is the Make offer button.
There weren’t any pre-sales at the time of writing, so you will have to buy from OpenSea. Learn how this NFT platform works before using it by clicking here.
Read More: What Is Digital Real Estate?
Should I buy land from Metaverse platforms?
It’s easy to feel FOMO (fear of missing out) when it seems everyone on social media is getting into Metaverse real estate. You can find Metaverse groups raving about them too.
If you want to invest the right way, you need to step back. Take a breather, and reflect on the reasons why you want to invest in the first place. Do you just want to join the hype?
If that’s the case, you might want to get a better reason for investing. Remember that these digital assets cost a lot of money. If you check the marketplaces, this may not seem like it.
For example, land in SandBox can set you back 3 ETH coins or Ethers. At the time of writing, one coin was worth $3,162.71, so you’re spending at least $9,450 for just one plot.
If you’re pouring that much money into something, you should have a plan. Will you sell it later, or will you spend more on improvements until it can provide passive income?
Outline your investment goals first, then look at the assets to help you reach them. Eventually, you’ll see that Metaverse real estate isn’t your only option.
Then, you could invest in those along with virtual lands. If not, you might stick to those other assets instead. Either way, have a plan first before investing.
Note that this article is not meant to provide investment advice. Again, make sure you have a plan before you buy an asset. Also, you have to learn all that you can about them.
This applies no matter if you want to buy Metaverse real estate or other options. Fortunately, the internet provides millions of free resources that can help you.
Even better, you’re already on one of the best ones! Read the other Inquirer USA articles to learn more about cryptocurrency trends and see investment tips.
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