Investing in a piece of land that has no existence in real-life, only programmable, was nothing more than a joke in the past. However, the rise of metaverse and games based on blockchain has made the virtual land worth thousands of dollars in a short time.
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If you wish to buy digital real estate metaverse offers, this post helps you guide how you can start and from where.
What is Digital Real Estate in the Metaverse?
Metaverse real estate is the parcel of land and programmable space created in a virtual reality world where users can populate, socialize, play games, trade NFTs and perform countless activities like in the real world.
With the rise of games based on blockchain and metaverse, real estate NFTs use has been increasing, and so is its worth. Even Facebook has already changed its name to META, indicating the platform to launch its metaverse in the future.
Experts expect the value of metaverse real estate to have a CAGR of 31.2% from 2022 to 2028 due to its soaring popularity.
Why Buy Digital Real Estate in the Metaverse?
A person needs land to build a house and complete basic needs such as survival (shelter), population, and storage in real life. Similarly, when users own land, they save their identity or existence in the metaverse.
Besides, people can use the land for several purposes in the virtual world. The land can be a space to connect people online, socialize and host multiple virtual events or games. Creators also monetize their skills and time on digital real estate through NFT trade.
Brands can advertise and market their services, launch new virtual products and provide users with customer experiences. Besides, players can use the land for a better game experience and vote on improving the metaverse of the game as land also represents governance tokens in many platforms.
Real Estate investors can earn ROI by investing in these parcels of digitized land. Users can buy lands, hold them for some time and sell them for profit to others. If not, they can also rent the land to others for in-game money. The tenants will pay you until they use the property.
Besides, you can use virtual land to build your dream world in any way you like. For example, if you have engineering skills, you can showcase your building design or artwork. Zoo, art gallery, shopping mall, etc., will be great examples.
Where to Buy digital Real Estate in the Metaverse?
Several marketplaces offer virtual lands or digital real estate for people to buy. However, the majority or 268,645 parcels are owned by the following four metaverse platforms.
Sandbox has been dominating the metaverse real estate, occupying 62% of the entire market. The average land cost on this platform is $11,000, and premium lots range from 20K to 30K dollars.
The users can purchase or rent these virtual real estates for several purposes. For example, family houses, commercial buildings, art galleries, hangout spaces, and particular locations are available on the platform.
This UGC-voxel platform has a concept of unity where the community builds everything for the purpose of the community. For example, sandbox creators or players trade voxel creations and NFTs.
They purchase land and build different experiences on them. Besides, Sandbox users can monetize their experience and earn SAND and NFTs.
Sandbox has developed partnerships with multiple gaming companies, including Atari, brands like Shaun the Sheep, investors like Square Enix, and celebrities like Snoop Dogg. This relationship has allowed Sandbox to boast of being a more creative space and an investment platform.
Decentraland is a virtual reality metaverse based on the Ethereum blockchain. Landownership is essential playing here that is granted through LAND NFTs. Users use MANA tokens to purchase land and other in-game items available on the platform.
The 3D world of Decentraland is divided into districts, with each district containing NFT characteristics. Players can travel from one place or location to another to interact, view, and share content. These districts also allow creators and brands to expose their services or content to the target audience.
Somnium Space is a player-made virtual reality metaverse based on blockchain. It is accessible via PC and smartphones and creates VR experiences for users.
Players can find the parcels of lands divided into three sizes; small, medium, and extra-large. The virtual lands are available from the waterfront or roadside, so you can choose your land to build your own space. While building your dream world, you can import in-game items, including avatars, and monetize your digital properties.
Those who love playing Minecraft can feel Cryptovoxels like a real home. You can purchase land build structures using monochrome blocks in this platform. Besides, you can customize your designs by adding colors and other in-game elements. Finally, Cryptovoxels has built-in tools for chatting, editing, and creating avatars.
The platform can allow creators and brands to showcase their crafted collections, products, or services after buying virtual land. You can find an average of $5,000 per lot, but land price extends over $10,000 based on size and location. Your landownership is recorded on the Ethereum blockchain.
How to buy digital real estate in the metaverse?
If you want to buy digital real estate, metaverse gives, follow the steps below.
Get a Digital Crypto Wallet
You can not buy virtual lands through flat money, so you need a wallet packed with a particular cryptocurrency. A digital crypto wallet is an account here with a crypto balance. The virtual land seller platforms offer crypto wallets that allow exchanging in-game currency to buy land.
For example, you can find MetaMask, the Trust Wallet, Binance Chain Wallet, etc., available as crypto-wallets. First, you need to check if your web browser integrates crypto wallet. You need to change your browser if a wallet is struck to operate. Also, it is needed to verify if the wallet supports the cryptocurrency of the platform that sells the land.
Decide Your Real Estate Platform
You can find several virtual metaverse platforms from where you can buy virtual lands. We have provided you with some options: Decentraland, Sandbox, Somnium, etc. You can choose any one of them depending on your preference.
If you want a third party, OpenSea is available to offer virtual lands. Opensea can be an excellent option for people who do not want to switch from one metaverse platform to another to buy virtual lands. Users can compare prices, facilities and purchase the land based on the virtual neighborhood they like.
However, if you want comprehensive information about the land or virtual real estate property, you need to go to a separate metaverse platform. There you can also understand your neighborhood, which will help you invest better.
Browse and Select a Parcel of Land
After entering the land seller platform, you can browse the parcels of land and select the best ones depending on your need or balance. Of course, the more famous the neighborhood, the more expensive the land will be.
You can also sort out what lands are available to buy. Then, when you select the land, you can extend the information by clicking over it to see available information. If the land is unavailable for sale, you will still have an option to bid. If the owner agrees, whoever has the highest bidding on the land is handed the land.
Connect Your Wallet
After selecting the land, you need to connect your crypto wallet to your account on the real estate platform. For this, you need to sign up using your available crypto wallet.
When you sign up or log in, you have an option BUY along with the target virtual land. Now you can purchase the land, which will be sent directly to your wallet. As the metaverse platform is based on blockchain, anyone can verify your ownership of the land after the payment.
You need to check if the platforms have gas fees. The platform will charge a bit more amount than shown on the screen if it includes the gas fees.
Confirm Your Purchase
The purchase will be successful if you have sufficient funds in your crypto wallet. Once you finish purchasing the land, you can confirm your virtual real estate in your crypto wallet. If you have signed up with Trust Wallet, jump onto Collectibles. If you have MetaMask, the NFTs section will be there to confirm the purchases.
Virtual lands in metaverse have multiple uses for creators, players, and investors. You can use these digital lands to build your dream world with different structures such as parks, shopping malls, beautiful houses, and many others. If you intend to buy digital real estate, metaverse provides, the process is easy.
FAQs Associated with Buying Digital Real Estate in The Metaverse
Is it risky to buy digital real estate in the metaverse?
Though metaverse is expected to grow more in the upcoming years, the volatility of cryptocurrency that digital land or digital real estate depends on shows uncertainty.
How much does a parcel of land cost in the metaverse?
It depends on the size and popularity of the neighborhood where the land is located. Besides, the price also depends on the metaverse platform you want to buy.
Can digital real estate in the metaverse make some money for buyers?
Of course. Buyers can trade the land for ROI or rent the land and earn money. Besides, building structures such as an art gallery to increase the game experience also helps buyers earn profits.
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