How to Buy Land in the Metaverse: A Complete Guide For You
The Metaverse is no longer a mystery or an obscure name. Very soon, many people will be living their lives in the Metaverse daily. These digital spaces will mirror our world and become increasingly life-like, interactive, and adaptable. This can also mean that we will be carrying out many of our distinct endeavors virtually as well. Such as investing and making money, just like in real life. So why not invest in property on metaverse land!
What Is Metaverse Land
With all the current hype and trend, one may wonder: Is metaverse land a good investment? And our take on it is — Real estate in the Metaverse is already big business, so you too should benefit from it. Many celebrities, trending brands, and worldwide businesses have already entered the Metaverse Land game. Buying, selling, and making profits — is the new norm.
Real estate, or rather Virtual real estate, is only meant to grow. More than one year ago, developers started to create Virtual worlds with the intention of becoming a huge success. They started selling plots of land to other people who wanted to buy them in hopes of earning a profit. And they have succeeded exceptionally well.
Similarly, real estate metaverse agents or developers have designed this virtual reality. It lets players or users run tools that enable them to generate characters similar to or better than their own, socialize, work and make profitable investments — like buying land.
What Are The Different Types Of Metaverse Lands
A metaverse is like an interconnected network of several three-dimensional virtual worlds that are connected to the internet. People enter these spaces using augmented VR, which has made this a digital world accessible to anyone in the real world.
Metaverse real estate is rapidly exceeding, and we have discovered four very unique kinds of metaverses. Some focus more on their internal construction, providing the user with an intimate opportunity to explore the worlds inside of them, while others focus more on external exploration, making it possible for users to reach out into other universes by traversing a path into other existing properties.
1. The Mirror World
Virtual projection systems will often be built around the concepts of mapping and location by integrating information into geographic settings. A mirror world is a space that interchanges the physical environment with additional data. Using Google Earth as an example, we can begin to imagine what this application may look like in virtual reality (wherein both participants and locations can be represented in 3D space)
2. 3D Life Blogging
The lifelogging classification categorizes advancements in technology and those with links to our personal and physiological safety net. Objects and users can be tracked at almost any given moment through the use of systems that record their current states and histories. As smartwatches, GPS, and other data-gathering devices become more common, people will utilize technology to record or log their 24hr life creating 3D blogging that is constantly on. Using lifelogging is a way to easily remember important features or events that have happened in the past. You can do this through voice recordings, photos, and other media containing dates. This is extremely helpful for things you may not be able to remember if it weren’t for this technology.
3. Virtual Worlds
Virtual worlds are locations made to feel as real as possible. They provide their users with a sense of presence within an environment, such as by allowing the user to control their own avatar. Second Life and World of Warcraft are popular examples of virtual worlds.
4. Augmented Reality
With augmented reality, there are breakthroughs happening on a daily basis which shows that virtual reality is not so far from normal. It is a technology that broadens our physical world experience by digitally enhancing our surroundings. This technology works with a number of existing systems and interfaces to display images, sounds, and even text in front of us through the internet on one’s screen or smartphone. As we become more and more familiar with technology, it becomes easier to envision what the future will hold.
How To Buy Land In the Metaverse?
If you want to buy land that belongs to a virtual world that is connected to the internet, then it might be necessary to obtain cryptocurrencies first. If you’re considering buying Land in Decentraland, for example, you might have to obtain MANA or Ether (Ethereum) beforehand, or even SAND.
These platforms currently have some of the most established and organized real-world infrastructures that new owners can customize as they wish. You can buy land directly from the owners or investors alike.
The transactions of metaverse land are recorded similarly to NFTs like all crypto assets. Hence the next thing you need is a wallet. The virtual valet stores your Cryptocurrency. The recommended ones are Metamask and Binance for storing your digital capital.
Hence here is a step-by-step guide to how I should buy land in Metaverse.
- Select a Metaverse platform
- Create your cryptocurrency or NFT wallet
- Link Your Wallet to the Metaverse
- Buy Ethereum via Binance and move it to your cryptocurrency wallet.
- Selecting Your First Piece of Digital Real Estate
Select a Metaverse Platform
Choosing the right platform for your metaverse business plans is a big decision that greatly impacts the success of your venture. It all depends on what it is precise that you plan to do with your land purchase, but take note that there are many different options out there, and each offers unique features you’ll need to weigh in order to make the right choice for yourself.
There are numerous options as far as metaverse lands are concerned, and you can look for the top trending or the best Metaverse lands to invest in. The top 10 are:
- Axie Infinity — Axie Infinity is a role-playing game and trading platform that allows players to develop their very own Axies, which are digital creatures based on blockchain technology. The Axies are for sale and trade along with accessories, and each one has many unique features.
- Decentraland — Decentraland is built on the Ethereum blockchain, which is a technology that enables the creation of new tokens and smart contracts. These new tokens were branded as NFTs (Non-fungible Tokens), with each one representing a parcel of land on the decentralized platform.
- Sandbox — The Sandbox currently holds the highest number of parcels (more than fifty percent) of any platform, totaling a little over one hundred and sixty thousand. This new platform is looking to bring the land back into the limelight by offering a steady increase in both population and price on every parcel as it becomes more desirable.
- Big Country — Bit Country is an exciting new company that has just entered the metaverse domain. This platform uses blockchain technology, which is based on the idea of layers or frameworks and a thin substrate that enables developers to build customized environments using programming lines. The network has gained popularity over the past couple of months and is becoming one of the most sought-after platforms due to its intuitive design and ease of access.
- Aavigotchi — Aavegotchi is an open-source, cross-platform virtual reality game (world) created on top of the Ethereum blockchain. Players use these unique avatars in this 2D and 3D universe to trade with other players and explore exciting locations throughout the planet. Built as a metaverse where players may interact virtually with others around the world using VR headsets or through their desktop or mobile devices
- Somnium Space — There are a variety of different options when it comes to digital real estate on Somnium. They offer several distinct-sized parcels, giving you the option to create your own personal space within the universe. You are given one of three choices: extra-large, medium, or small. You can also choose which side of the street you want to be situated on — on shoreline property or roadside.
- NFT Worlds — NFT Worlds is a regionalized metaverse where users can own and control each world. They are based on resource information and on-chain data. Every player can generate their own peculiar land and set of features. Their worlds are 16,000,000 × 16,000,000 blocks big, providing players with virtually endless space to expand their domain as they see fit.
- Crypto-Verse — The Cryptoverse is an adaptable, spontaneous, and exciting place to be. Cryptoversians will have access to a huge amount of inspired wisdom and information. Ownership, interoperability, versatility, comfort, and seamlessness are just some of the terms users think about when thinking about gaming.
- OpenSea — OpenSea is a platform that encourages the trading of digital assets, including NFTs. The categories involved are unlimited, making this multiverse very versatile.
- Matrix World — Matrix World is the new contender to join the blockchain app’s list that has begun selling virtual land plots. The process for the transaction is simple, and by using Blockchain technology, all transactions are honest and made without any need for a central governing body. Matrix Environment is a 3D version where users can even construct their land as per their liking. They can also buy/sell other pieces of land as well through a worldwide marketplace which could potentially be built into an app as well if future plans go accordingly.
Create your cryptocurrency or NFT wallet
You will need to have a wallet where you are able to access your cryptocurrencies. There are many available like Venly, Bitski, and MetaMask. Make sure to check the compatibility with the metaverse platform that you’d like to use before making a decision.
Link Your Wallet to the Metaverse
You will need to create an account on the metaverse platform you desire to buy land on. For example, Sandbox — you will need to connect to create an account on the Sandbox website. Once it’s done, you can connect your wallet to your Sandbox account without the involvement of any funds.
Buy Ethereum via Binance and move it to your cryptocurrency wallet.
Once you are ready to explore, bid, or buy, make sure you have SAND or ETH or MANA in your wallet.
Using your Binance account, with either a credit card or debit card to buy the relevant Cryptocurrency and transfer it to your wallet.
To purchase MANA and ETH on Binance:
- Transfer money into your Binance account.
- Binance is the only place where you can exchange the USD that you have for MANA. Currently, MANA is running on Ether (ETH), meaning if you want to convert your government-issued money, you’ll first need some ETH.
- Then trade it in for the devised token that is used by the metaverse platform you want to buy from.
- Once you are in, click on the links that say “Markets” or “Exchange.”
- Search for the currency pairing that you want to use.
- In “Buy”, choose the amount of crypto you need and complete the transaction.
- Carefully read the information, prices, and fees.
- Make the transaction, and you are done with the purchase.
You can transfer from your external account or buy as mentioned above.
Selecting Your First Piece of Digital Real Estate
Now the only hurdle is buying the desired land. If you spot one, you can either ‘Bid’ on it or buy it for the price mentioned.
If you want to bid, you will be asked for the Bid Amount. Enter the amount, confirm the transaction and wait for the owner to accept. If your offer is accepted, you are good to go. If not, then the amount will return to your wallet.
But in case you decide to buy the land for its stated price, you will be directed to OpenSea. Complete the transaction there and own your land. Don’t forget to connect your wallet to OpenSea, where you can bid and buy land.
Congratulations! You are now an owner of a virtual asset!
What are the risks of buying land in the Metaverse?
You may ask yourself: Is buying Metaverse land safe? This is perhaps one of the most important questions — and needs to be regarded when choosing your platform.
To buy metaverse land means your investment can be on thin ice. It is similar to buying into Crypto and NFTs. Owning a virtual land can be more difficult than owning a home in the real world! If anything goes wrong with your property or transactions, there is no government agency or bank that will help you get restitution or give you your money back if you lose out because of an unexpected catastrophe beyond your control, such as unethical business practices by the other party involved or even legal issues for example.
Even if you surpass these issues, there is also a technical consideration. Because these transactions are being conducted in Cryptocurrency and NFTs, one has to feel confident about their ability to securely store these for the long-term or risk losing them altogether to someone who may acquire your assets. It’s important to make sure your stored information is encrypted and backed up properly in case of data loss or some other event that might result in it being rendered unusable; otherwise,, you’re basically throwing money down the drain due to misplaced trust!
Overall, cryptocurrencies are relatively safe investments because they are stored on the blockchain system. Transactions are made using smart contracts so as to ensure that your assets cannot be misappropriated by other users. However, if you were to invest large amounts of money (and in the high-risk Cryptocurrency world, this is sometimes necessary), you would need to acknowledge that certain kinds of computers in the future might be able to hack into the blockchains and steal your coins which can happen in traditional markets too with virtual currency exchanges. Again, though — these risks may or may not arise.
Finally, we can not overlook the most vital issue of abundance and scarcity when considering Metaverse. Real-world land consistently increases in value largely due to the fact that it is limited. In fact, with a growing population, every piece of land is increasing in value. However, it’s just a matter of time and needs when developers will get busy creating more tangible virtual platforms. Moreover, investors (or residents) will be looking to take advantage of every opportunity they have while still being able to make money if they should decide to sell. The big platforms, though, currently have limits on land purchasing via a single account, but there’s no guarantee that multiple accounts are not made, and the rules won’t change.
In Conclusion
There are people who are still not sure whether they want to get involved with the virtual reality space as it doesn’t seem like a realistic option yet. However, there are plenty of others who don’t agree and claim that this will be the next big thing when it comes to mass entertainment. It is true that any new technology can take some time to catch on, but virtual reality has had more exposure in recent times, so if you want to place your bets now, you should go ahead and start investing in their associated asset called land. That’s why we have created step-by-step instructions on how to buy land in Metaverse so that you can start building your virtual castles right away!
