How to buy land in the Metaverse
You have some savings and want to invest. This is how every investment journey begins, especially for novice investors. You start digging up the internet to find the right investment opportunity and come across real estate. It’s a good opportunity, you say to yourself or someone close.
But it’s ridiculously expensive.
But you’re stuck on real estate and want to invest as soon as possible. While in your rabbit hole, you find something called metaverse real estate. You’re intrigued and do some research.
Now you want to buy metaverse land (virtual real estate). And need some guidance on it.
We have our base ready, we’ll start building on it.
Let’s start with
What is Metaverse Land?
We’re sure you’ve read like a dozen articles on it. So we’ll keep it short.
Like any property, the Metaverse is divided into smaller parcels when it is created. These parcels are defined using codes. Landowners, or the Metaverse itself, will sell the land in exchange for cryptocurrency. But unlike real-world land, this virtual land isn’t tangible.
Still, you can see it on a screen or visit it using your avatar. There are different terrains, mimicking the real world. And some plots are seeing development. This development might entail a shopping mall, cinema, or even office space.
Whatever the use case may be, virtual land is there. It is sold and bought as NFTs, so it’s quite safe and free of fraud. Everything is recorded on the blockchain, currently one of the most secure exchange channels.
If you’re just looking, you can visit websites like Decentraland, XANA, and The Sandbox. This will give you an idea of what the prices are and how these metaverses are working out the logistics of handing over the ownership.
The investment trends are certainly positive. So start your research today. Big tech, fashion brands, and even celebrities are making their moves.
Should you take the first mover’s advantage or wait to see till the dust settles? We’ll discuss this later.
First, we need to tell you:
How to buy metaverse land?
You’re all excited. You have the means to buy metaverse land. All that remains is how.
If you visit metaverses, you’ll see parcels up for grabs. You can also explore OpenSea to confirm if a specific plot of land is available for sale.
Do you have a crypto wallet?
The metaverse land is essentially an NFT. And like any other NFT, you use cryptocurrency to buy it.
So you need a suitable crypto (digital) wallet to store your cryptocurrency. By suitable, we mean a wallet that’s accepted in the Metaverse. MetaMask is a good crypto wallet that most metaverses will happily allow you to use.
Some metaverses have developed their own digital wallets like XANA has XALLET.
Fill your wallet with cryptocurrency.
What’s an empty wallet worth? If it was a physical wallet, maybe a couple of bucks. But a digital wallet’s only worth is its ability to store digital funds i.e., crypto*.
So stuff your wallet with some crypto coins, preferably the ones that the metaverse platform supports. For example, you can use $SAND in The Sandbox or $MANA in Decentraland. You also have $XETA for XANA.
You can get these coins by exchanging them for a near-universal cryptocurrency, ETH, for example.
Where to buy virtual land?
We’ve established that you can buy metaverse land from the metaverse marketplace or a third-party marketplace. But have you decided which Metaverse to go with?
It could be a matter of preference. You may prefer The Sandbox for its open-world vibe to Roblox for its gameish aesthetics.
Other factors that will affect your decision are the price, possible use cases, high-profile celebrities, and a bunch more. You may want to keep an eye on the daily users of the Metaverse too. If the numbers are healthy, this Metaverse could prove to be a long-term investment.
What’s the wait?
You have everything you need. Funds, information, and a will to invest. Choose the Metaverse, initiate payment through your wallet, confirm it, and buy the parcel of land you want.
The payments are usually safe, if you buy from reputable parties.
What would Jeff Goldblum’s Malcolm Say?
You were so preoccupied with whether you could, you didn’t stop to think if you should. And that’s what we have to say here. You have to be cautious while investing in a relatively volatile industry.
Look into every factor and find a solid reason to invest – rather than “because everyone’s doing it.”
With that, we’ll leave you to ponder and commence your research.
*We’re downplaying it for dramatic purposes. A digital wallet can do much more, but we didn’t want to go into the details.