How to buy a plot of land in metaverse

Do you want to buy a plot of land in metaverse? Although it is virtual, see how you will invest your money in land.

decentraland the sky is moving

If we had told you this story 5 years ago, you would probably have passed it on to us either for fools or for big lamoya. But now, faithful to technology and information, we will show you how to invest in virtual land and what metaverse brings in the immediate years.

What is metaverse?

The metaverse is essentially a digital reality that combines virtual reality, augmented reality and augmented reality. Everything in metaverse is digital and the characters there can make a "normal" life, just like in the real world.

The metaverse, for now we would say that it is defined by the big technology companies, according to what they consider as metaverse, but in fact we still have no idea how it will eventually evolve.

What is virtual land?

As we said above metaverse is a virtual reality with virtual people working, having fun and living somewhere. No, this is not another virtual reality game. Some companies consider it a "normal digital life". That's why they "build" digital cities where your digital ego can live and consume.

And of course he can buy digital land. After all, the ads in the 70's said: "No one was harmed by buying land. Get plots with light, water, telephone. Five hundred meters from the sea ". Thus, the virtual corner plot is perhaps one of the most popular asset categories in the digital world.

We will not deal with psychology and why a person wants to present another self living in another universe. We will say that if there is a need, then some people sell air, sorry virtual land we meant, and some others buy. In our modern capitalist world, after all, what is in demand has value. No matter what it is.

The virtual earth, then, is an intangible earth that exists in virtual worlds. Just like natural land, it is sold as land and can be bought using the currency of that land. And not only. You can also build a villa in it, if of course it is even and buildable. Or have a corona party at your villa and charge your guests an entrance fee.

If all of the above seems silly to you, we ask you to reconsider. In June 2021, one such plot was sold by Decentraland for more than $ 900.000. American rapper Snoop Dogg also organized a party on The Sandbox platform for the reconstruction of his real mansion. Attendees had to have an NFT, which served as a pass that gave them access to the event.

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Why did they do all this? Why is it fashionable, or why did they find a way to advertise. However, this virtual land has a value for some and logic says that as metavesre grows, this value will grow. So there are people who see a real money investment in virtual things.

AxieInfinity

So do not be surprised if the next painting exhibitions do not take place in real galleries, but in a virtual gallery in metaverse, which you have built and rented to the painter. Or the next MARVEL or MATRIX movie will be played first in the metaverse virtual cinema and then come to the regular cinemas.

Did we convince you? Do you feel the need to invest in land? Today, there are several virtual worlds that allow you to buy virtual plots of land, real estate, etc. Decentraland is arguably the most popular of these.

How to buy real estate in metaverse

To buy real estate in the virtual world, you need to sign up for a metaverse platform, such as Decentraland, The Sandbox, Axie Infinity, and others. All you need to do to trade in metaverse is an inflated digital wallet. See a guide to how to buy real estate on metaverse.

You will need virtual money first. You can convert your euros into cryptocurrencies such as ether, bitcoin or native post-universe currencies that you can trade, such as MANA or Sandbox, and store them in your digital wallet. The nice thing here is that many digital land sellers have the whole package, as apart from digital land they only accept their own digital currency.

So after you exchange euros for bitcoin and then if for example you go to Decentraland you will have to exchange bitcoins for MANA. There you can buy land by spending MANA. Each plot of land in Decentraland measures 16 meters by 16 meters and is represented as an NFT digital coupon.

decentraland market

The number of plots of land in Decentraland is limited to 90.000 plots, which contributes to the rarity. For now of course, since the owners of Decentraland have both the knife and the watermelon.

Anyone can buy, rent or sell land in Decentraland either through OpenSea (an NFT market) or through the official Decentraland Marketplace.

When you buy a plot then NFT enters your digital wallet. But let's see, step by step, how you can buy real estate in metaverse.

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Step 1: Visit the metaverse real estate markets like Decentraland, Axie Infinity ή Sandbox, and log in to the platform.

Step 2: Browse the various available plots of land and compare their prices.

Step 3: After selecting the digital piece of land you want to buy, click on it to read more information. It is important to remember that a particular proprietary metaverse platform allows you to make a purchase from its platform, only using the approved cryptocurrency.

Decentraland, for example, only allows users to buy and sell real estate using MANA, a cryptocurrency created by Decentraland itself.

Step 4: The next step is to link your digital wallet to your account on the proprietary platform. To do this, you must first obtain a compatible digital wallet. The Metamask is the most popular digital wallet available on the market today. It is compatible with almost any metaverse ownership platform.

Step 5: It is important to put in your digital wallet a cryptocurrency that is compatible with the digital real estate platform you have chosen. You can easily buy currencies through many exchanges and store cryptocurrencies securely in your digital wallet.

Once you have finished selecting the land and filling your connected digital wallet, all you have to do is press the "buy" button (after all, do not bother to buy air).

Step 6: Once you have completed the transaction, the portion of the digital land you purchased is stored in NFT format in your connected digital wallet. You can see the land you acquired on the "NFTs" tab in your digital wallet. Congratulations! You are a landowner.

What to remember before buying a property in metaverse

meta metaverse virtual at work

Unlike investing in the real estate market, where your acquired natural land really exists, digital land in metaverse will become truly non-existent and of no value, if the platform from which you purchased the land fails and is disconnected.

The other point to keep in mind is the high volatility associated with cryptocurrencies used for real estate transactions in the post-universe. As the valuation of digital currency is not fixed, respectively the valuation of the property you own in metaverse goes up and down proportionally.

Also, investing in digital real estate is a fairly new asset category, therefore, there are many aspects of it that have not yet been explored. Investing in the digital real estate market in the post-universe is highly opportunistic and it is good to research the pros and cons well before making any investment.

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plot, metaverse, Decentraland, Sandbox

Written by Dimitris

Dimitris hates on Mondays .....

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