How to Buy Land in the Metaverse
Investing In The Metaverse is a great first step towards the digitization of the virtual world, but how do you start with buying land in the Metaverse? Here's how...
Most people buy virtual land in the Metaverse for either entertainment or profit. Those who buy virtual land for entertainment, often purchase it and then build virtual experiences on top of it. The user can even invite friends onto the bought land and have fun with them.
NFT land is becoming scarce and lots of people buy virtual land in the Metaverse for investment. The prices of the parcels in virtual projects are increasing as they are quickly being bought up.
So users can make a tidy profit by buying up land in the Metaverse and then selling it. Virtual lands in the Metaverse are being sold for hundreds of thousands of dollars thus you can imagine how much profit they make.
What is the Metaverse?
Metaverse is the evolution of the internet and is often described as online spaces where people can socialize, work and play as avatars. Unlike other platforms, these spaces are always available; they don’t disappear when you’ve finished using them.
The term “metaverse” was the first met in Neal Stephenson’s novel called Snow Crash, released in 1992. In the novel, the metaverse was simply a virtual world where the inhabitants were real-world individuals who might not be in the same physical space as others around them.
Metaverse is an immersive, 360-degree digital world that requires using a headset. Here you’ll be able to design your own avatar, buy plots of digital land and build online houses.
This may sound absurd, but Tokens.com, a Canadian company, spent almost $2.5 million on virtual property in Decentraland, a 3D world platform.
You will need digital currencies to pay for things in the metaverse. For example, you can buy virtual land through the land sale of a project or using an NFT marketplace to buy directly from landowners.
What is Virtual Land?
Virtual land is a purchasable digital space in a metaverse project that can be used for various purposes or purely for speculation. A metaverse project divides its map into smaller areas and sells them and the payments are usually made in cryptocurrency.
The space normally offers a 3D virtual experience for the owner and visitors to explore. The purchases can be made on the secondary market with a third-party exchange or through the metaverse project ecosystem.
Users can use their lands for different purposes. People may host events, conferences, and even rent advertising space if the land gets enough traffic. The project where you choose the land affects what you can do with your land, for example, if you have purchased land from an NFT game, it’s likely that you’ll receive in-game benefits.
How to Buy Land in the Metaverse?
There is a huge demand for virtual land in the 3D digital world and the market has similarities with real-world real estate. Buying a metaverse land is a fairly simple process that you can easily follow with our guide.
You will need a wallet and some cryptocurrency to get started. Make sure to do deep research before taking risks.
Step 1: Select a metaverse platform
First of all, you have to choose a metaverse platform. The Sandbox on Ethereum and Decentraland are the most popular options. OpenSea is the third greatest option.
First-time buyers may use OpenSea as it lets you shop around without constantly switching between platforms. It’s best to go with Sandbox or Decentraland if you want comprehensive information on the location of your property and on your future neighbors.
Step 2: Set up your wallet
After selecting a metaverse platform you should create a wallet that will give you access to your cryptocurrencies. Wallets are either mobile or browser-based. Choose one depending on your preference. Using a browser-based wallet, however, will typically run into fewer problems.
MetaMask and Binance Chain Wallet support multiple blockchains and are good options. Always double-check the wallet you use supports the NFT land’s blockchain.
You’ll receive a string of words known as your seed phrase after setting up your wallet. This is the only way to recover your wallet if you lose access. Thus keep it in a safe place.
Step 3: Link your wallet to the Sandbox marketplace
You will see the plots of land on The Sandbox’s map available to bid on. But before bidding on anything, you need to connect your wallet:
- Click [Sign In] in the top right corner on The Sandbox map.
- Next, click [MetaMask].
- You will see a pop-up by MetaMask asking you to connect. Click [Next].
- After that click the [Connect] button to continue connecting your wallet.
- You will need to add an email address and create a nickname. Click [Continue] to finish setting up your account.
- MetaMask signature request is the last step to complete your account. Click [Sign].
Now you’ll see your account balance and profile picture in the top right of the website.
Step 4: Buy SAND or ETH on Binance and transfer it to your wallet
You’ll need either SAND or Ether (ETH) in your wallet for buying land. Most of The Sandbox land sales only accept ETH. You can purchase SAND or ETH via a credit or debit card with your Binance account.
After purchasing the crypto transfer it to your crypto wallet. The public address on your crypto wallet will serve as a withdrawal address.
Step 5: Select a plot of land
After choosing a plot of land you can bid on the sales through The Sandbox map. The SandBox map is also the best way to verify that you purchase a legitimate NFT plot.
After finding some land to buy, you can click either the [Bid] button to place an offer or buy it for a fixed price by clicking the ETH amount.
Tips Before Buying NFT Virtual Land
When investing in NFT land make sure to use the official project link or choose a reputable third-party marketplace. Do deep research on the platform you’re investing in and check its fundamentals before buying.
And remember, you may also rent some land instead of buying in the future if you need it for a specific purpose.
Downsides of the Metaverse
All things in this world have their own advantages and disadvantages and the metaverse is not an exception. The generally agreed disadvantages of the Metaverse are as follows:
1. Technology Needed for the Metaverse isn’t Available Everywhere
We may access the Metaverse from multiple platforms. But the needed technology is not available for everyone. Metaverse requires a fast and steady Internet connection coupled with a device that can access it.
Though Internet use is widespread there are still areas that either don’t have access to the internet, or where it is very expensive. Nowadays many folks lack powerful hardware to access the Metaverse.
For fully enjoying the Metaverse, a Virtual, Augmented, or Mixed Reality headset would be needed. This device is definitely not affordable and widespread enough to be bought by everyone.
2. Privacy and Security Issues in the Metaverse
Privacy is always paramount. While enjoying the Metaverse it’s incredibly easy to fall into scams and traps. Here data is the new currency. Scammers are set on stealing users’ data and then selling it to shady places.
The Metaverse is a digital platform where people get together to exchange aspects of their life. Data theft could be a major problem plaguing the Metaverse.
Hopefully, the stakeholders will work on it and ensure the security and privacy of people in the metaverse.
This new digital universe is going to take some time before it’s airtight of any breaches. Only time will show how secure the Metaverse gets.
3. It is Supposed to Lose Actual Human Contact
Metaverse will let people talk to millions of users worldwide, but can it substitute for actual human contact? This is a big downside of immersive technologies.
On putting a headset, users quickly forget the reality they live in and embrace what’s in front of them. It is assumed that people will spend more time inside it than outside. This will cause erosion of relationships outside of the Metaverse.
There will be needed to draw a distinct line between the real world and the Metaverse as it might negatively affect a person’s mental health to be lost in the Metaverse instead of actually living their life.
Real Estate Market is Thriving in the Metaverse
In my view, metaverse real estate has a great potential to grow as more and more brands enter the space, for example, Samsung already has its virtual store in Decentraland. Fashion Week in Decentraland is coming up in March.
The Sandbox is planning to create a virtual Hong Kong-themed city called Mega City. Evidently, new communities continue to be built and the metaverse is expanding day by day.
As you see, it’s relatively easy to buy and sell virtual real estate. Sometimes investing in digital real estate is more expensive than a physical real estate investment is. If you want to buy land in the metaverse consider the risks and follow safe crypto practices.
Join the Discussion
Comments, questions, suggestions?
Join the discussion on our Facebook page and be part of the fastest growing NFT community of creators, collectors and everyone in between.
Stay in The Loop
Subscribe to our exclusive newsletter and don’t miss out on the latest news from the world of Web 3.