Virtual Real Estate is Booming in the Metaverse: Here’s Everything you Need to Know

Virtual Real Estate is Booming in the Metaverse: Here’s Everything you Need to Know

Understanding the role of metaverse and NFTs in the world of virtual real estate

Virtual land use cases

  1. Social interactions — The main idea of the metaverse is to create a collaborative social platform where people could interact with each other. People can use this virtual land for partying, holding office meetings, and hosting house parties, gatherings, or community meetings.
  2. Advertising products and services — Popular virtual real estate which has a high density of visitors can be used for promoting services or products through advertisements.
  3. Gaming platforms — Axie Infinity, an NFT gaming space, sold nine land parcels at a record sum of $1.5 billion in November 2021. These lands can be used for hosting game wars where participants can earn rewards or invest in NFTs to buy avatars or gaming weapons.
  4. Hosting concerts or carnivals — As the pandemic hit us, life took a setback. Metaverse real estate can be used to host cultural events and carnivals where musicians can showcase their talents and earn money. Metaverse companies are also thinking of investing in digital real estate to conduct digital fashion shows and sell virtual clothing. This will generate a source of income for hundreds of musicians, technicians, and artists who can now earn money sitting at home.
  5. Office work — Companies can create virtual offices for their employees. PwC Hong Kong, has decided to buy virtual plots from The Sandbox for their Web3 advisory services.

What determines the price of virtual lands?

  • The utility of the land — Virtual lands have multiple utilities. The price of virtual land depends on its purpose. Some lands are used for hosting events or for advertising a product or a service. If you are an owner of virtual land, you can rent a plot of the land for advertisements and get paid by advertisers.
  • The type of platform — Prices also depend on the popularity of the NFT platform such as The Sandbox or Decentraland. Demand for plots in Decentraland and The Sandbox is much higher than the supply, so buyers have to pay hefty sums to buy a plot on these platforms.
  • Speculate the market — The metaverse virtual land business is booming. A subsidiary company of called the Metaverse Group spent a record-breaking 618,000 MANA tokens, which equates to about 2.4 million, to purchase a plot of virtual land. The Sandbox is not far behind. They boast of having the highest number of active trades with a recent total trading volume of $86 million.

Factors to consider before buying a virtual land

  • Choose a reputed marketplace to buy your virtual land — Use a reputed NFT marketplace like OpenSea, Polka City, or SuperWorld, to buy your virtual real estate. You can also go to official metaverse platforms like The Sandbox, Axie Infinity, or Decentraland to buy real estate properties.
  • Choose a wallet — Select a wallet that supports the platform’s cryptocurrencies. For example, to buy land plots in The Sandbox, you will need SAND or ETH tokens. Web-based or mobile browsers like Binance Chain or MetaMask wallets are popular and can be used on these platforms.
  • Connect your wallet — The next step is to connect your wallet to the marketplaces. You can buy or bid on a land plot once you’ve transferred funds to your wallet.
  • Decide whether you want to buy or rent land — If you are already an owner, then you can rent your land to a third party. Some people rent lands to conduct a specific event or advertise a product. The rental fee depends on the type of plot, size, and traffic generated.

Bottom line



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