How to Buy Property in the Metaverse and Will Following the Trend Be Worth It?
Metaverse is a new digital network where users mimic real-life activities such as shopping, communication, watching and reading content, playing games, property-owning, and much more.
Within this virtual universe, land prices are inflating. This trend started with blockchain game creators and continued, so many brands caught it and started investing in the metaverse valuables. For instance, a Cryptikicks collection by Nike includes NFT sneakers. Or, there is a Metaverse exhibition center organized by Samsung.
All in all, Metaverse life is trending, and it’s a must to know at least how to buy property in the Metaverse and keep or sell them so that your investment really works. Follow the guide to see how to buy real estate in the Metaverse and whether it’s worth it.
How to Buy and Sell Property in the Metaverse in Two Major NFT Games and What Exactly Is Virtual Estate
Before rushing to give you any instructions on how to buy digital real estate in the Metaverse, let us stop and the concept of digital land. As a rule, Metaverse territories are subdivided into different areas. However, this is more than a piece of land – it’s a programmable item that can be bought, sold, and exchanged for cryptocurrency as an NFT (non-fungible token) or even for fiat money.
The land is of value because it can be used for a number of purposes such as playing games, organizing events, finding friends, etc. Furthermore, land exists in the form of NFTs; hence, the ownership can be easily proven, and all operations concerning Metaverse plots are available on public record.
In brief, the land is purchased to fulfill one of these goals:
- Flip or resell the land
- Brokering (linking land sellers to potential buyers or just providing advice)
- Creating strong infrastructure (the range of businesses available for building on the land is wide: virtual businesses, factories, shops, NFT galleries, concert places, etc.)
- Advertising (this is great for a spot with intense traffic to bring some extra revenue to its owner)
- Upgrading experiences such as getting services and visiting events (in Metaverse games such as Sandbox, users can host exhibitions, make and publish new games and activities just to let others in the Metaverse use them for their benefit)
Now, after you have a basic idea about what role is dedicated to virtual land, we can proceed with explaining how to purchase property in the Metaverse. For the moment of writing, there are 2 major projects where one can purchase virtual land in Metaverse:
- The Sandbox
You will need a few things to begin buying anything in these NFT games. Firstly, this is a MetaMask wallet that works easily as a Google Chrome extension.
The next step is funding your crypto wallet with the cryptocurrency that is supposed to be used for buying land. For the Sandbox game, this is SAND; for Decentraland, the currency is MANA. They are based on the Ethereum blockchain. As soon as there is MANA or SAND in your wallet, start shopping for virtual property.
How to Buy Real Estate in the Metaverse in The Sandbox
Ok, but how to enter one of these games and how to buy digital real estate in the Metaverse? Follow these steps to snatch your first piece of a desired virtual estate in The Sandbox.
- Go to the official Sandbox website.
- Find the red ‘Market’ icon.
- Search land with the help of filters (that sort land by the date of creation or price).
- Pick the appealing plot of land and choose ‘Buy.’
- Wait for OpenSea to open the list of properties and connect your Metamask wallet to the marketplace.
Now, you will need to make offers based on the latest highest offer.
- Click ‘Make Offer’ to specify your offer amount, and choose the acceptable waiting time (3 days, week, or month).
- Prove your intention to buy the land when the ‘Sign’ prompt arrives.
To check whether the OpenSea marketplace has accepted your offer, just look at the list of offers. If it gets approved, you’ll also get an email. So that’s how to buy property in the Metaverse in The Sandbox.
How to Purchase Property in the Metaverse in Decentraland
The procedure is almost similar to Decentraland; you will need a wallet ready for purchases. If you doubt where to purchase MANA coin best, a tried and true option is Coinbase. Alternatively, look at Binance or KuCoin to buy the game currency there and then send it to a dedicated wallet, don’t leave it there.
So, how to buy real estate in the Metaverse at Decentraland? The process takes a few simple steps.
- Go to Decentraland.
- Choose ‘Trade’ and ‘Start browsing.’
- The website will ask you to sign in and connect. So, allow it to see what’s in your Metamask wallet.
- After registering, choose the ‘Land’ section in the top left corner.
- On the map, you will see the available lands in Decentraland (plots for sale are marked blue).
- Pick the land with the desired location and click ‘Buy.’
- Follow the next prompts to finish the operation and go into the game with your plot.
This is how to buy and sell property in the Metaverse part called Decentraland. But watch out and check all game peculiarities because, for example, Decentraland doesn’t offer any passive income to land owners yet.
How to Buy Digital Real Estate in the Metaverse: Is the Tendency Worthy and How Risky Is It?
Now, we should look the truth in the eyes: every investment contains a risk factor, and, just like with cryptocurrencies, the values of virtual land could be volatile. Metaverse land plots are likely to display the same volatility. Still, if you know how to buy and sell property in the Metaverse properly and what tools to use, this will be a more protected and thought-through investment with chances to bring profit.
With these tips and short guides on how to purchase property in the Metaverse, you are ready to start your own journey in this immersive universe and contribute to it in a special way.