The Metaverse/Metaverse is simply a network of 3D virtual worlds focused on social connection, Cryptopolitan said in an article published on its site. This world concept has become a new trend among technology fanatics, gamers, and cryptocurrency investors. One fascinating aspect of the Metaverse is that you can own virtual land. The metaverse is coming, whether we like it or not. Buying virtual land could be the best way to get involved from the outset. Here’s how.
Buying and selling virtual land follows the same principles as NFT sales. Normally, this shouldn’t be much of a hassle. To begin with, most metaverse platforms can easily be accessed through a desktop platform, giving interested buyers a snapshot of available land as well as important aspects including location, total area, average prices, utility potential, and transaction history.
Once you’ve selected a piece of land you’re interested in purchasing, you might either look at the metaverse’s own marketplace or take a look at a secondary NFT platform like OpenSea and Binance NFT. Remember that land in the metaverse is exchanged as NFT and, as such, the deed of ownership is etched on a blockchain. This helps protect owners against fraud and other misfortunes.
Before proceeding with any purchase, make sure you go through the following steps:
- Open a Digital Crypto Wallet
- Buy Cryptocurrency
- Select a Metaverse
- Confirm Your Purchase
Why buy metaverse land?
Just like buying land in the real world, there are two main reasons you might want to buy land in the metaverse. The first is probably the safest – you want to use it for something, such as building a house to live in or premises from which to do business. When we talk about “living” in the metaverse, we really mean having a place to call home, where you can show off your possessions and maybe even have friends over to hang out.
It’s a bit like having a personal web page back in the early days of the internet before everyone moved over to social media. Metaverse “homes” will become a way for individuals to express their personality online or house their collections of unique digital collectibles. This is probably the less risky reason for wanting to own metaverse land – because it’s likely that you’ll get what you want out of your purchase!
The second reason is as an investment, and here things might get a bit shaky because, of course, as with any investment, there’s no guarantee that its value will go up. However, we do currently seem to be in the middle of a gold rush when it comes to metaverse real estate, with average prices increasing by a factor of 10 over the past year. Many people are buying digital land now because they simply believe it will be a lot more valuable in the future when more and more people want to get involved. Some are even buying-to-let, with a healthy rental market emerging.
What is the future of investing in metaverse real estate?
In the long-term, this will depend on the future of the metaverse itself. Certainly, some very big and influential organizations – from Facebook (now known as Meta, of course) to Microsoft and Nvidia are betting big that it is essentially the “next generation” of the internet. If that turns out to be the case – and the metaverse goes on to be as important to business and society over the next 20 years as the world wide web has done over the last 20 years – then digital real estate is likely to become an increasingly exciting and useful asset.
From big business to personal brands and influencers, we clearly love the opportunity that digital gives us to build audiences and create exciting new products and services, and the metaverse may be the next big thing – even more immersive and more of a time-sink than the web and social media which came before it. This is likely to point to a healthy future for the digital land and real estate market.
How to Buy Virtual Land in the Metaverse (2022)
Now, if you’re interested in buying virtual land in the metaverse, here’s how to go about it.
1. Get a Digital Crypto Wallet
The first step is to get a digital crypto wallet. You can’t buy virtual land using fiat money, so you need first to get a wallet to buy and store your cryptocurrency. Ideally, the wallet you choose should integrate into your browser.
There are several options available to you, such as MetaMask or the Trust Wallet. You can also use the Binance Chain Wallet if you prefer. However, it’s best first to check whether the wallet supports the cryptocurrency that you will use to buy virtual land.
2. Select Your Real Estate Platform
There are several virtual metaverse platforms that you can buy property on. The two most popular options include Decentraland and Sandbox. If you want to buy through a third party, then OpenSea is a great option.
OpenSea is a great idea for first-time buyers as it lets you shop around without constantly switching between platforms. You can compare prices, and amenities, and assess the value based on the virtual neighborhood the plot is in.
If you want comprehensive information about where you’re buying your virtual property, it’s best to go with Sandbox or Decentraland. You’ll also get a better understanding of your neighbors this way. For this guide, we’ll be using Decentraland, though the steps are largely similar across all platforms.
3. Browse and Select a Parcel of Land
Now, you just have to browse through different pieces of land that are available and select the one you want to buy. You can see just how far your property is from more famous locations. Prices tend to increase for properties that are in close proximity to popular locations.
Once you select a piece of land that you want to buy, just click on it to see available information. On Decentraland, you can buy virtual real estate using either ETH or MANA. You can view the prices and place a bid, or buy outright. But, before you can buy, you have to connect your wallet to the platform.
4. Connect Your Wallet
To confirm your purchase, you need to connect your wallet to your account. Just click on Jump In and then sign up using your wallet.
Once you sign up and confirm your purchase, your virtual real estate will be sent to your wallet. You will become the official owner of that virtual property, and anyone can verify its authenticity on the blockchain.
It’s important to note that a gas fee is involved, so make sure you have a little bit extra than the amount mentioned on the screen. Or, if you want, you can also make a bid. This gives you some room for negotiation, as owners can decide whether to accept or reject it.
5. Confirm Your Purchase
The purchase will go through as long as you have sufficient funds in your wallet and the price is agreed upon. You can confirm your virtual real estate in your wallet. In case you’re using Trust Wallet, just go to Collectibles. For MetaMask, go to NFTs to get confirmation of your purchase.
Is buying metaverse land safe?
This is perhaps the big question – particularly if you are thinking about putting up big money! Buying virtual land is certainly a high-risk investment, just like buying into cryptocurrencies and NFTs. For a start, the market is largely deregulated, meaning if anything goes wrong – such as a seller turning out to be a con artist and disappearing with your money – the channels for seeking restitution are undeveloped, and you may find you’re on your own.
Even if you don’t get ripped off, there are technical considerations that can add an extra layer of risk – as transactions are carried out in cryptocurrency and NFTs, you need to be confident that you can securely store these and aren’t going to forget your password or whatever means you are using to authenticate your ownership!
Overall (as long as you can remember your password), because everything is secured on blockchains with smart contracts and safely encrypted, the risk of anyone being able to steal your virtual real estate, or renege on agreements to pay rent, are currently minimal. However, there are concerns that future technology (such as quantum computing) could render today’s cryptographic security measures obsolete. This may not be a problem now but could be an issue to bear in mind if you are thinking about making large, long-term investments.
A final consideration is the issue of scarcity. Real-world land has consistently increased in value largely due to the fact it is a finite resource, and the population of people with an interest in owning it is constantly growing. In the virtual world, the amount of land available is potentially unlimited. If all of the virtual plots of land on a platform are sold, but there’s still demand from buyers, there’s ultimately nothing to stop the developer from creating as many more plots as they need. The big platforms currently have limits on the amount of land – enforcing “artificial scarcity,” but there’s no guarantee this will always be the case!
10 Best Metaverse Platforms to try out in 2022
The search for metaverse platforms in 2022 has been driven by the growing attention on the potential of the metaverse. Big tech companies such as Facebook, Microsoft, and NVidia are working on their own metaverse solutions. Where will the metaverse take us? You can find the answer in the following list of the most popular metaverse platforms.
HyperVerse is a virtual world platform that is also one of the top metaverse platforms. It comprises a collection of planets that are not owned by any single body. It is a cosmos that has millions of different universes. Each individual that lives in the HyperVerse is referred to as a Voyager, who can generate tokens, engage with one another, and explore the globe as a group.
Decentraland was one of the first metaverse platforms to come out with a viable proof-of-concept for the metaverse platform, leading the way for the platform’s market domination. The company launched its metaverse platform to the public in 2020 and has witnessed a massive surge in popularity. Decentraland is a VR space where users can create content, interact with one another, and earn money, mainly through investments, and other digital assets.
The Sandbox is the name of a blockchain-based game and is a metaverse platform through which investors can sell, buy, and trade virtual plots of land. The ETH blockchain serves as the foundation for Sandbox. It is primarily popular for its stability and security. The developers have created their own Ethereum-based token called SAND. SAND tokens allow investors to pay gas fees on the Ethereum network.
After using the Nakamoto token, investors will be able to acquire virtual land, construct buildings, and perform various other things. Recently, the team behind the NAKA token announced the launch of the NAKAverse. It is one of the first metaverses that will be introducing a real in-game economy. Investors will be able to purchase virtual land, build buildings, and do so much more.
Roblox is another one of the top metaverse platforms where users can play games created by other users. Currently, the platform possesses over 20 million games published by its users. Many of developers can earn as much as US$1 million in a single year if they monetize their games. Roblox is working to take a step closer to building a metaverse and recently they have introduced a ‘spatial voice chat’ feature to enhance virtual conversations and real-life conversations.
Epic Games is also the entity behind the video game blockbuster Fortnite. The company has extended outside of its core battle royale game to group interaction like virtual music events and dance parties. Recently, Travis Scott hosted its virtual event in the Fortnite metaverse platform which was a big success, which indicates that Epic Games is one of the top metaverse platforms that enthusiasts can check out in 2022.
Bloktopia is one of the top metaverse platforms that aims to pay homage to Bitcoin, which has a maximum limit of 21 million. Bloktopia users can create their own avatars, participate in social activities, learn about cryptocurrency and buy metaverse ‘real estate in its virtual reality skyscraper. Investors can also use this feature to create artwork, games, obstacles, sequences, and more using a builder tool.
Cryptovoxels is a metaverse platform built on the Ethereum blockchain protocol that offers a virtual gaming world that supports both VR experiences and PC use, where its community organizes regular events for users. In addition to virtual land, the platform also offers a large marketplace for buying and selling digital collectibles as NFTs, ranging from wearables and gaming props to artwork and apparel.
Metahero is a project that aims to integrate physical objects into the digital age. Even though MetaHero is less established than Decentraland, it makes up for it by providing 3D scanning technology that transforms real-world objects into virtual counterparts. Hence, these virtual objects can be used in various sectors like education, training, and entertainment.
Star Atlas is a next-generation gaming metaverse. It is created from the convergence of blockchain, real-time visuals, multiplayer video games, and decentralized financial technologies, The Solana blockchain provides the foundation for Star Atlas. Within the game, investors can buy digital assets like ships, crew, land, and equipment with an in-game monetary system known as POLIS.