Real estate prices are soaring right now. Add high consumer demand to the mix, and it’s not looking good for buyers. So, it’s safe to say there’s a huge need for alternatives to physical land.
Many of us missed the Bitcoin train and didn’t quite understand the current NFT popularity. Now that the Metaverse is here, you don’t want to miss out on it.
With technology taking over the world, it’s a good question to ask how to buy land in the Metaverse and invest in virtual properties — something that no one would’ve imagined a couple of decades ago.
Remember, digital real estate investing is not as difficult as one might think. But for that, you need to first understand what the Metaverse is. Read on to find out!
Table of contents
- What is the Metaverse?
- How to Buy Land in the Metaverse?
- Is Digital Real Estate Investing Worth It?
- Metaverse Properties — The Future of Real Estate
What is the Metaverse?
If you think the Metaverse is different from the normal world, you have another thing coming. The only difference is that it is virtual. The Metaverse is a digital reality where you can do anything you’d normally do in the physical world. You can shop, play, interact with others, buy and sell.
To further explain this, let’s draw an analogy. I’m sure you frequently use social media platforms. You can even buy and sell items on social media, but it still isn’t vast. Imagine your life being completely digital – the Metaverse is just that, total virtual living.
To live in the Metaverse, you must first create an avatar. Once you’ve done this, you can mingle with other virtual avatars, enjoy live performances, and do business, to name a few things.
Many brands are now jumping on the Metaverse bandwagon. Samsung is opening metaverse exhibition centers, and Mcdonald’s is filing trademarks for virtual restaurants that will deliver food to the real world. On top of that, The Weeknd and Justin Bieber are a few of the first artists to hold a live performance in the Metaverse.
Given this, there are no questions about the Metaverse’s potential. So, what are you waiting for? Start your digital real estate investing journey and make the most of the technological advancements at your disposal.
How to Buy Land in the Metaverse?
You can purchase land in the Metaverse now that you know what it is. Just remember not to get too overwhelmed by the process; it’s quite similar to how NFT sales work. Follow the steps below to ensure that purchasing digital properties is a smooth sailing experience. So, without much further ado, let’s look at how to buy land in the Metaverse.
Select a Metaverse Platform
The first step toward digital real estate investing is selecting the right Metaverse platform. Decentraland and Sandbox are two of the most popular options where you can buy, sell, and market virtual properties.
These platforms have multiple parcels of land, which you can purchase as residential homes, offices, art museums, restaurants, etc.
Decntraland’s native currency is MANA, while that of Sandbox is SAND. Decentraland also works on Ethereum blockchain technology. So you can use ETH coins to buy land as well. You can even make NFT purchases on both Decentraland and Sandbox.
Set Up Your NFT or Cryptocurrency Wallet
Metaverse transactions require you to have cryptocurrencies. So, don’t forget to set up your digital wallet. It’ll keep your virtual money and all digital assets safe before you start investing in digital properties.
Remember, your crypto wallet must be compatible with the Metaverse platform. For example, MetaMask is best for Decentraland. Binance Chain Wallet is also a good option. We recommend using a wallet that integrates with your browser. This ensures a smooth experience.
Metaverse platforms explain which wallet is better and how to link the two together. So, make sure to read all instructions carefully before proceeding with anything.
Buy Cryptocurrency and Move it to Your Wallet
Once you’ve set up your wallet and linked it to the Metaverse, you need to buy cryptocurrencies. Look at what currency your platform uses. Is it MANA, ETH, or SAND?
Remember, the right currency is needed in order to complete transactions. Failure to do so will prevent you from buying virtual land. In other words, you’ll have to say goodbye to your digital real estate investing dreams unless you have the right currency.
You can simply buy currencies like $MANA, $SAND, $ETH, and others on exchanges like Binance, Coinbase or KuCoin. Just use a credit or debit card to buy the crypto and then transfer it to your digital wallet.
Choose Your First Piece of Virtual Real Estate
This is the last step to buying virtual real estate. And, it’s safe to say that it’s a pretty easy step. All you have to do is navigate around the Metaverse platform and choose the parcel of land you want. Then, simply head to the Metaverse’s marketplace and click on buy. It’s as easy as that.
The platform will confirm your transaction, and you’ll see the property listed as an NFT in your wallet. You can decide to keep your property, build something on it, or resell it.
You’ll be surprised to know that virtual land increases in value like physical land. So, even if you do plan to resell, there are high chances that you’ll gain healthy profits. Just don’t forget to follow the right directions given on your Metaverse platform.
Is Digital Real Estate Investing Worth It?
Now that you know how to buy land in the Metaverse, the next question is if it’s even worth it or not. There’s no doubt that digital real estate investing is the future. That said, it doesn’t rule out the fact that it comes with its fair share of risks.
So, you must always research before buying any digital assets. Look at the pros and cons of all Metaverse platforms and weigh out every outcome. The future is digital, and the Metaverse’s popularity cannot be disputed.
In all honesty, it could make social media go obsolete, becoming the only way we interact with each other online. So, it’s actually quite promising. But its worth will only be determined with time. Even though it’s currently trending, it might not be this way in the future, depending on a bearish market, among other factors.
Metaverse Properties — The Future of Real Estate
Digital real estate investing is a whole ecosystem. So, learning how to buy land in the Metaverse can be daunting. But remember, it’s not difficult as long as you don’t let yourself get snowed under these expensive investments.
Don’t forget to carefully execute the steps you read above when purchasing digital land. We hope you found this article helpful and feel encouraged to kickstart your own digital real estate investment journey. Good luck!