Real estate is expensive. Many of us have had to deal with this hard fact of life. But we’re not talking about New York, London, or Paris. It turns out that some of the most valuable lands in the world aren’t even on earth, and it’s not even real. Walk into the metaverse. Yes, investors are now willing to pay millions of dollars for land that only exists in 3D virtual worlds. As the race heats up, crypto fans, tech fans, and people who might use the metaverse in the future are all drawn in to grab a piece of digital property. But, really, what’s all the fuss about? Today, we’ll look at what’s behind the “land rush” in the metaverse and how you can join in.
First of All Lets Discuss
What is Metaverse Land?
Most of the time, a metaverse will divide its space into different areas, such as free plots of land, that users can easily buy and use for many different things (we will detail those later on). This land can not only be bought but it can also be programmed. It is bought, sold, and traded in the form of non-fungible tokens (NFTs) for cryptocurrency and even fiat currency. Spaces are valuable because users can make different kinds of experiences, play games, meet new people, host events, and more in them. Since they are NFTs, it is easy to prove who owns the land and the digital assets on it. All deals with metaverse land are recorded in the same way. Users can usually buy a plot of land in the metaverse through the platform’s marketplace, or they can use a third-party NFT platform like OpenSea or Raible.
Since the tech has become so popular, it has brought in a lot of money. Developers and sellers already make a lot of money in the virtual real estate business, and the market is only going to grow. In 2021, the prices of Metaverse properties went up by 700%, and the whole market was worth $500 million. As if that wasn’t enough, the market is expected to grow to US$1 billion in 2022, which is twice what it is now.
Why Buy Metaverse Land?
There are two main reasons to buy land in the metaverse, just like there are two main reasons to buy land in the real world. The first is probably the safest. You want to use it for something, like building a place to live or running a business. When we talk about “living” in the metaverse, we really mean having a place to call home where you can show off your things and maybe even have friends over to hang out. It’s kind of like having a personal web page in the early days of the internet before everyone switched to social media. Metaverse “homes” will become a way for people to show who they are online or store their unique digital collections. This is probably the least risky reason to want to own metaverse land since you’re likely to get what you want from your purchase.
The second reason is as an investment. This is where things might get a little shaky, because, as with any investment, there’s no guarantee that its value will go up. But metaverse real estate seems to be going through a gold rush right now, with prices going up by a factor of 10 in the last year. Many people buy digital land now because they think it will be much more valuable in the future when more and more people want to get involved. Some people are even buying to rent out, and a good rental market is starting to form.
Steps to buying Metaverse Land
Open a Digital Crypto Wallet
Most metaverses will only let you buy and sell things if you have a cryptocurrency. Of course, you will need a digital wallet to hold your virtual money and other digital assets. What metaverse platform you use will determine which wallet you choose. For the best experience, you might want to think about a digital wallet that you can add right to your web browser. MetaMask and Binance Chain Wallet are two of the best digital wallets out there. But no matter which cryptocurrency wallet you choose, make sure it supports the currency of the virtual project in which you want to invest. Most metaverse platforms will tell you which ones are best and how to connect them.
Buy Cryptocurrency
As mentioned in the last step, you will need enough of your metaverse’s in-platform currency to complete transactions. On exchanges like Binance, Coinbase, and KuCoin, it’s easy to buy some of the most popular currencies, like $MANA, $SAND, and $ETH.
Select a Metaverse
Unless you already know what you want to do with your virtual land, you might want to look at all of your options before deciding. Top platforms like Decentraland and Sandbox sell virtual lands using tokens like MANA and SAND. From metaverse to metaverse, the size and amount of land will be different. During this step, it should be easy to check things like the price, the total size, and who owns the property right now.
Confirm Your Purchase
Once you have your digital money in your digital wallet and have chosen a plot of land, all you have to do is go to the metaverse’s marketplace (or a third-party platform) and click “buy.” Once your real estate transaction is confirmed and completed, your NFT should be in your wallet. You’ll also be written down as the new owner of the land. Just like that. From here, you could decide to keep your property for a while, build something on it, or relist it and sell it again, hopefully for a profit.
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Is it Safe to buy Metaverse Land?
This is probably the most important question, especially if you plan to put up a lot of money. Buying virtual land is a risky investment, just like buying cryptocurrencies or non-fungible tokens (NFTs). First of all, the market is mostly unregulated, which means that if something goes wrong, like a seller turns out to be a con artist and runs away with your money, there aren’t many ways to get your money back, and you may be on your own.
Even if you don’t get ripped off, technical issues can add an extra layer of risk. For example, since transactions are done in cryptocurrency and NFTs, you need to be sure you can store them safely and won’t forget your password or whatever you use to prove you own them.
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Overall, as long as you remember your password, it is unlikely that anyone will be able to steal your virtual real estate or back out of agreements to pay rent. This is because everything is protected on blockchains with smart contracts and safely encrypted. But there are worries that new technologies in the future, like quantum computing, could make the cryptographic security measures of today useless. This might not be a problem right now, but it is something to think about if you want to make large, long-term investments.
Scarcity is the last thing to think about. Land in the real world has always gone up in price, mostly because it is a limited resource, and the number of people who want to own it is always growing. In the virtual world, there could be an unlimited amount of land. If all of the virtual plots of land on a platform are sold but people still want to buy them, there’s nothing stopping the developer from making as many more plots as they need. At the moment, the big platforms have limits on how much land they can use, which creates “artificial scarcity.” However, this might not always be the case.
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