Real estate has always been a topic of discussion and great means of investment for human beings for ages. History says every war and battle involved a piece of land. As we advance towards a more technologically sound world, the conflict for a piece of land persists and this time it has gone virtual. Yes, we are talking about metaverse real estate.
There’s not a single day that you don’t come across news around NFTs or Metaverse. Be it, Steve Aoki or Snoop Dogg, be it Adidas or Nike, be it the Australian Open or the Coachella music concert, everything, and everyone are now on the Metaverse. A few months back someone spent $450,000 for a piece of virtual land, yes you read it right, next to Snoop Dogg’s NFT house. So much money spent just to be Snoop Dogg’s neighbor, crazy? Well, not crazy enough. According to an article by a market insider, the cheapest price that you need to pay for virtual land is roughly near $11,000 on metaverses like The Sandbox and Decentraland. Wondering which is a better metaverse token? Here’s Decentraland (MANA) vs The Sandbox (SAND).
However, the real question is how do we get a virtual LAND for ourselves. But before we dive deep into how to buy virtual land on a metaverse platform let us understand what a metaverse land is, and what are the use cases of metaverse real-estate.
What is a Metaverse NFT Land?
To put it simply, a metaverse project consists of plots of digital spaces that can be purchased. A non-fungible token (NFT) land can be used for various purposes just how it is used in the real world. In the decentraland metaverse, you can use this metaverse real estate to navigate, monetize or even build businesses. Generally, a metaverse project often divides its map into small pieces of land and sells them in multiple or single land offerings. Crypto assets are generally used to make a payment, however, few projects even accept fiat money.
The space is used to provide a 3D virtual experience to its owner and for the visitors to explore. The best part about owning virtual pieces of land is that its authenticity and ownership can be expressed easily. These lands are even sellable in the secondary market using an NFT marketplace. Wondering how to buy an NFT from the top NFT marketplaces?
Additional read: How to Buy NFTs: Step by Step Guide
Use-cases of Metaverse Real-Estate
While many investors speculate, a lot of people purchase these virtual lands to build experiences on them. Depending on the type of project the user has invested in. various experiences can be created on top of these Land plots. You can even get your friends to the NFT land that you have bought, hang out and have fun.
Snoop Dogg is currently building a digital creation of his real California mansion, Diamond Bar, where he shall be throwing parties for its members. Did you know Paris Hilton even threw a New Year metaverse party in Paris world, which is a metaverse outpost on the Roblox platform, believe it or not, the virtual gathering was twice as big as the ones you see in New York near Time’s square. Many celebrities like Paris Hilton believe that Metacerse comes with endless possibilities. She even plans on bringing her own collection of NFT wearable just how H&M opened its Metaverse apparel clothing shop.
Additional read: How to mint NFTs: Guide to mint your own NFT
How to Buy a Virtual Land in the Metaverse in 5 Easy Steps
Buying an NFT is similar to buying any other NFT in the market. The only pre-requisites to buy the NFT land is to get yourself a digital wallet and some cryptos. However, we always advise the investors to do their own research before investing in any asset.
Step 1: Select the Metaverse platform
Before buying a property within the metaverse you first need to select a metaverse platform. The reason for buying the NFT land will decide the type of metaverse platform you wish to choose.
Step 2: Set up the crypto wallet
In this case, you need to set up a wallet that shall give you access to the cryptos you own. It can either be a web-based wallet or even mobile-based one. However, people often prefer a browser-based wallet since it runs into fewer problems.
Watch our video to know more about What is a Metamask Wallet and How to set it up!
Step 3: Connect the wallet to the Marketplace
On the metaverse marketplace of Sandbox or Decentraland, you can find the plots of land you can bid upon. While some can be bought directly through the respective metaverse marketplace, others are hosted on NFT marketplaces like OpenSea.
Step 4: Buy SAND/MANA or ETH on a crypto exchange and transfer it to your wallet
To buy or even bid on the land, you either need Ether (ETH) or the native crypto of that metaverse such as SAND or MANA in your wallet. Buying ETH can be helpful as most of the NFT land sales accept Ether. You can buy ETH or SAND using fiat currency from a crypto exchange.
Once the crypto has been purchased it needs to be transferred to the crypto wallet. Copy the public address present in the crypto wallet and use the same as the withdrawal address.
Step 5: Select the piece of LAND
This can be done easily by sorting through the available land to purchase or bid. People who buy LAND parcels on Sandbox often use the SandBox map that helps them to verify the legitimacy of the piece of NFT land since OpenSea links are embedded within the UI. Once you have found out the NFT real-estate you wish to buy, you can either click on the Bid button or buy it for a fixed price by selecting the ETH amount.
Additional read: Buy Ethereum on CoinDCX. How to invest in Ethereum
Summing it Up!
Just how you follow best practices while buying a real piece of land, similarly a certain set of best practices must be followed while buying an NFT land. You must ensure that you are using only the official project link to buy the NFT land or look for top NFT marketplaces to conduct your purchase.
It is very essential to research the platform before buying a metaverse real-estate on it. Don’t forget to check the fundamentals of the metaverse crypto protocol before buying an NFT land on it. It is relatively easy to buy and sell NFT land in the metaverse. However, at times the prices are way more than an actual piece of land. Always do your due diligence before buying any NFT or NFT land.
Additional Read: Best Metaverse Projects 2022
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