However, just like how you’d invest in real estate, there are things you should first understand to get the best deals. Understanding all those things will also ensure you avoid fraud and make your investment worthwhile. They include; where to buy land, how to buy land, the cost of land in the Metaverse, and what you can do with your land.
Like in the normal world, the Metaverse presents endless opportunities for investors to buy land and property. Companies have invested in the metaverse real estate space. It now seems like a certainty that there will be a twin in the Metaverse for every piece of land in the real world. This makes buying a property in the Metaverse a wise investment for the future as more corporations and investors join the virtual world.
This article will discuss all those factors in detail to help you make an informed decision.
How Much Is Land In The Metaverse
The price of land in the Metaverse is increasing in very rapid succession. This is caused by an influx of individuals and corporations buying property in the virtual world. With the fear of missing out hitting on many investors and corporations in the Metaverse, the demand for land has shot up, thus the prices.
A quick search on popular land-selling platforms shows that a piece of land that was being sold for $6000 in 2021 doubled to over $12,000 in 6 months. While some people might see this as a reason to avoid buying land in the Metaverse, it is a good investment.
The real estate market in the Metaverse as of 2021 was $500 million and is expected to shoot over $5 billion by 2026. This makes the parcels of land in the Metaverse a hot cake, and the prices will likely increase by the day. For example, the biggest real estate company, Sandbox, sold a property for over $450,000 in December 2021.
Additionally, the cost of land is expected to shoot as over 200 consumer brands in the real world have already purchased pieces of land in the Metaverse. Some of the highly-known brands include Gucci, HSBC, and Atari.
Therefore, on average, a parcel of land in the Metaverse as of mid-2022 is expected to be over $15,000 per parcel of land. This price can vary depending on several factors, such as;
- The size of the land
- You are buying the land
- The purpose of the land
- The location of the land within the Metaverse
How To Buy Land In The Metaverse
Like in reality, there are many platforms where one can buy a piece of land in the Metaverse. Here’s a step-to-step guide on how to purchase land in the Metaverse:
1. Select A Metaverse Platform
The first thing you need to do is decide on which platform you want your land on. Some platforms include Somnium Space, Decentraland, The Sandbox, and Cryptovoxels. All these platforms have unique features that make them stand out. For example, Decentraland is popular for its user-friendly interface and ability to connect with other blockchain platforms such as Ethereum.
2. Create A Crypto Or NFT Wallet
The second step is to create a cryptocurrency or NFT wallet. This is where you will store your tokens which you will use to purchase the land. Some of the most popular wallets for storing these tokens include MetaMask, Trust Wallet, and Exodus. Ensure you check the compatibility of the wallet you’ve created with the selected platform.
3. Fund Your Crypto Wallet
The next step is to fund your wallet with the required cryptocurrency or NFT. You can buy the tokens from a reputable exchange such as Binance or Coinbase. Once you have the tokens, transfer them to your wallet. You can then link your crypto wallet with the metaverse platform that you’ve chosen to make the purchase.
4. Search For The Land And Make A Purchase
The next step is searching for the land you want to buy on the platform. Each platform has a different process for searching for and buying land. For example, on Decentraland, you can search for land by its coordinates or use the Decentraland Atlas. Once you find your ideal parcel, you can purchase it. You can do this by either buying the land for the mentioned price, or you can bid it in an auction.
Where To Buy Land In Metaverse
Now that you know how to buy land in the Metaverse, let’s take a look at some of the popular places where you can buy land:
- Somnium Space
Somnium Space is one of the first virtual world platforms that allow users to own parcels of land that they can use to build virtual reality (VR) experiences. Somnium Space is unique because it uses blockchain technology, making it possible for users to own their land permanently.
The parcels of land are divided into extra-large, medium, or small, and you’re also allowed to choose the side of the street where you want your land to be.
Decentraland is a virtual world platform that uses blockchain technology to give users ownership of their land. Decentraland is made up of parcels of land known as “Lands ” These parcels are permanent, immutable, and owned by you. You can use your land to build virtual reality (VR) experiences or games. The lands in Decentralized are represented by NFTs and are built on the Ethereum blockchain and smart contracts.
- The Sandbox
The Sandbox is the largest land metaverse in the virtual world, allowing users to own virtual reality (VR) experiences. It is a user-generated metaverse where players can create 3D voxel assets and games. The Sandbox uses Ethereum blockchain technology, allowing users to own their land and game experiences permanently. The Sandbox also allows users to monetize their creations by selling them in the in-game marketplace.
Cryptovoxels is a virtual reality (VR) platform that allows users to buy, sell, and trade virtual land. Cryptovoxels uses the Ethereum blockchain to create a virtual world that includes real-life properties, infrastructure, and experiences. This Metaverse allows you to purchase, own, build, and trade virtual reality (VR) experiences, games, and 3D assets.
The real estate space in the Metaverse is still in its early stages but growing rapidly. If you’re looking to join the metaverse space, buying properties is an excellent way to get started.
Tell us in the comments below what Metaverse space you purchased!