Buying land in the Metaverse has become the newest form of investing and flexing. For those unfamiliar with the Blockchain, Metaverse and digital ownership, we will run you through the basics and explain why you'll be seeing much more of this type of investing in the foreseeable future.
While real estate has always been a lucrative business, the idea of virtual land did not begin there. Non-Fungible Tokens are unique digital assets that can represent both internet collectibles and real-world objects. NFTs have disrupted many industries already from art, to gaming, to music and now real estate. Now what about the Metaverse? The Metaverse is a set of interconnected virtual spaces with a digital economy for everyone around the world to connect and interact. The two join together as NFTs can be used as a certificate of authenticity to show you are the original owner of an asset, which in today's topic is virtual land. But before you go purchasing land off the first website you find we will discuss what the best places to buy land in the Metaverse are, the steps on how to do it, and other essential factors you should be aware of.
While land in our physical world is worth a hefty penny, you should know that virtual land has sold for hundreds of thousands and offers extra utilities and benefits to the owner.
A few uses of virtual land include:
- Buying a virtual house as an asset
- Rent your virtual land
- Hosting concerts
- Hosting parties, events and games
- Art galleries
- Use your plot to hold advertisements
Some examples of these utilities in action involve celebrities such as Justin Bieber's Metaverse virtual concert, Snoop Doggs music video in the Sandbox Metaverse , or the Bored Ape Yacht Clubs exclusive member only parties. There are countless examples of how the Metaverse has been proven to be in demand. Even huge corporations like Nike and Adidas have built a space for their consumers to enjoy their brand in the Metaverse.
If you're interested in buying virtual land in the metaverse, here are the steps to do so securely.
- Get a cryptocurrency wallet. You can't buy virtual land using fiat money, so you need to get a crypto wallet to buy and store your digital currencies. There are several options you have available, such as MetaMask or the Trust Wallet. However, it is important that you first check whether the wallet supports the cryptocurrency that you will need to buy virtual land.
- As this is an investment, be prepared to spend a decent amount of money in order to purchase a desirable plot (although there can be more affordable prices which we will include below)
- Select your real estate platform. There are several virtual Metaverse platforms that you can buy property on. Make sure to do your due diligence on the best place for you. We have listed a few marketplaces below specifically for virtual land. You also have the option to buy through an NFT marketplace like OpenSea which can be a very beginner friendly option.
- Browse and select a plot of land. Once you select a piece of land that you want to buy, you can view the prices and place a bid, or buy outright. Before you can buy, you have to connect your wallet to the platform (and make sure there's money in there). It's important to note that a gas fee is involved, so make sure you have a little bit extra than the amount mentioned in the price.
- Connect your wallet. To confirm your purchase, you need to connect your wallet to your account. Make sure you have your seed phrase and password ready to use your wallet.
- Once you confirm your purchase, your virtual real estate will be sent to your wallet. You will become the official owner of that virtual property, and can verify its authenticity on the blockchain.
- Somnium Space - Somnium Space is an open-source virtual land platform that offers a VR world-builder experience. It is free to join and allows for a nice avenue to monetize your business in the virtual world. It is built on the Ethereum blockchain and has its own currency called Somnium Cubes that can be used for in-game transactions. Players can also use them as an entry charge for amusement parks and other interactive activities on their land.
- Axie Infinity - The digital world of Axie Infinity is known as Lunacia and you can buy virtual land pieces of this world, either through their official marketplace or from other marketplaces like OpenSea. Axie Infinity offers four types of virtual lands: Mystic, Savannah, Arctic, and Forest. These land types are based on the location of these plots in the game. You can also buy and stake plots of virtual land in Axie Infinity and earn rewards based on the type of land you’ve selected.
- Earth2 - Earth2 is a geographically accurate digital grid where people can invest in virtual plots of land called tiles. Each tile holds a different value depending on the location. It can range from $4 to upwards of $50, depending on the in-game country. Just like real estate in the real world, these values can get affected by demand and earning potential over time. Earth2 operates on its own currency called the $E. However, it is currently not a registered cryptocurrency in the market right now, but the creators of Earth2 claim this will change soon through the introduction of their own token.
The Web3 space is always evolving and so is the Metaverse, so it is very important that you are constantly doing your own research into marketplaces to see how you can get the best bang for your buck, and what will be most fitting for what you want to use your land for. There is also a plethora of investors out there sharing their experiences with virtual land on Twitter and Youtube so, if you want to hear about their experiences, the information is available at your fingertips. Whether you're a skeptic or incredibly bullish, the Metaverse is far too big to stop anytime soon, so even if you aren't going to purchase virtual land any time soon, it would be wise to stay plugged into the space. An easy way to do that would be to follow our Twitter @ApedIn.