Investing in virtual land sounded like something out of a movie – until now. The Metaverse trend is gradually moving from buying and selling physical properties to acquiring choice properties in the virtual world. Something that seemed illogical is now being taken extremely seriously. Follow this guide and learn how to buy Metaverse real estate.
Some Metaverse enthusiasts are not sure of how to buy real estate in the virtual world or, for example, how to sell NFT on Opensea. In this article, we will cover how to purchase Metaverse real estate, as well as the things you want to look out for before making the investment.
Why Should I Invest in the Metaverse?
There are thousands of opportunities to purchase land in different parts of the world; real-estate sellers are looking for buyers or waiting for world-class developments to shoot their values to the moon. Just as there is physical land waiting to be developed there is also virtual, undeveloped land in the Metaverse. Developing and purchasing real estate in the Metaverse is a potentially lucrative opportunity. Here’s why:
Here are a couple of reasons why buying a Metaverse real estate is the real deal:
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- You can buy and build anything you want in the virtual world.
- Your virtual real estate can be used for passive income purposes, because it is possible to rent or lease the property for a monthly income.
- The Metaverse has a budding economy that could be worth a lot much more a couple of years from now.
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How to Buy Real Estate in the Metaverse
Let’s talk about the steps you must follow to buy virtual land in the Metaverse. These tips should guide you on your path to becoming a virtual land owner:
1) Choose a Metaverse Platform
There are several Metaverse platforms out there, each offering you the opportunity to make your first virtual real estate investment. The rule of thumb is to choose one that is reliable and has lots of potential.
Decentraland ticks most of the boxes because of its established user-base and the increasing value of the real estate. For example, it was reported that a piece of virtual land on the ecosystem was sold for a whopping $900,000.
Decentraland is just one out of the many Metaverse platforms. The others include Axie Infinity and Sandbox. But when you consider the status as the largest virtual ecosystem, the potential Return on Investment (ROI) and the representation of virtual land with NFT, you will see a multitude of reasons to use Decentraland. For this reason, we will use Decentraland as our example Metaverse in which to buy land in.
2) Navigate to the Decentraland Marketplace
Quickly navigate to the Marketplace section on Decentraland and create an account.
Now that your account is active, navigate to “Parcels and Estates” and click on the “View All” tab.
3) Browse Through the Available Virtual Real Estate and Make a Selection
Scroll through the thousands of virtual real estates listed on the platform. A piece of Decentraland (LAND) typically measures 16 meters by 16 meters. So, have that in mind when selecting one.
Click on any of the virtual lands you want to buy. The information on the screen includes:
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- Information about the seller, including the name.
- The proximity of the land to popular landmarks.
- The availability of the land.
- How much it would cost to acquire it.
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Once you are satisfied with the information, click on the “Buy” button to continue.
4) Connect Your Digital Wallet
You need to pay for the land with cryptocurrency. For this reason, you have to connect your digital wallet. MetaMask is one of the most popular options and you can use the MetaMask connect hardware wallet if you are using an offline wallet, or download the software version as an app to your device.
There is also a bit of confusion between MetaMask vs. Trust Wallet. Both are solid digital wallets that can be used to store different kinds of cryptocurrencies. You may want to take some time to understand how each of them works to decide on the one to use for the purchase.
One other thing – the preferred wallet should be preloaded with either Ethereum (ETH) or (MANA), one of the native tokens of the Metaverse platform. These are the only two viable cryptocurrencies to pay for virtual real estate on the Decentraland platform.
5) Complete the Purchase
Follow the on-screen instructions to confirm the transaction. Once this process is completed, your virtual land, indicated by the ticker “LAND”, will be credited to your wallet.
If you used the MetaMask wallet for the transaction, you will find the LAND under the “NFTs” tab. But if you used your Trust Wallet, it can be located under the “Collectibles” tab.
The Best Ways to Invest in Real Estate in the Metaverse
There are different ways to buy and invest in real estate in the Metaverse. These include:
Building a Property or Asset from Scratch
You can build a property from scratch by playing the games on the platform. From Decentraland gameplay, to that of the wildly popular Axie Infinity, there are several ways to build your property without paying for it, but rather playing for it.
Buy Real Estate from Someone
If you don’t have the time and patience to develop real estate on your own then consider buying properties from those who are willing to sell theirs.
Rent Your Property and Make Passive Income
You can also rent or lease the virtual properties you have to those who need it. In turn, you will be paid monthly, thereby building passive income with it.
Factors to Consider Before Buying Metaverse Real Estate
Consider some of these factors before you select virtual land/property to buy on any of the Metaverse platforms:
Cost
How much would it cost to buy virtual land on any of those platforms? On Decentraland, the average price starts around $15,000. Ensure that the cost is something you can either afford or comfortably pay for over time. Remember, the cryptocurrency market is volatile and the price of your land may drop.
Location
Prioritize investing in virtual real estate that is found in desirable locations. While these properties might be a bit more expensive, the future increase in value is worth the investment. You can use a tool such as the Metaverse box finder for this purpose.
Size
Last but not least, take note of the measurement of the property. While Decentraland’s real estate measures 16 meters by 16 meters, other platforms might measure lower or higher than that.
The goal is to invest in properties that have lots of space to spare for future developments.
Final Thoughts
It is not too late to invest in the Metaverse. The continuous development of the ecosystem, the increasing value of virtual properties, and the development of newer communities and platforms in the Metaverse should tell you that the ecosystem is positioned for more growth.
Featured Image: Megapixl
