Here, we will be discussing how to buy virtual land in the metaverse today, become a real estate owner in the metaverse in 2022. The metaverse is coming, whether we like it or not. Buying virtual land could be the best way to get involved from the outset.
The idea of investing in a piece of land owned virtually would’ve sounded absurd a couple of years ago. Today, virtual real estate sells for hundreds of thousands of dollars of cold, hard cash (though converted into cryptocurrency).
The most expensive spots are near where lots of users congregate — for instance, someone recently paid $450,000 to be Snoop Dogg’s neighbor in a virtual world called the Sandbox.
What is NFT Land? NFT land is a purchasable plot of digital space in a metaverse project. The Non-Fungible Token (NFT) owner can use the land for various purposes or purely for speculation.
With everyone trying to experience this next big thing, even the real estate market has made its entry here. Besides playing games and talking to people, one can now actually buy a virtual piece of land in the Metaverse. If you’re wondering how to do so, you’re at the right place. Keep reading as I teach you how to buy virtual land in the Metaverse while taking the right precautions.
How to buy virtual land in the metaverse using Sandbox:
- Head on over to your Metaverse virtual land project. If you’re also using Sandbox, then use this link to head on over to the website.
- Click on the Sign In button to log yourself in.
- You will now be required to link your crypto-wallet. If you’re also using Metamask like us, click its icon.
- You will now need to authorize Sandbox access to your wallet. Click the Next button on the pop-up that appears.
- On the next screen, click the Connect button to continue.
- You will now proceed to enter your details for Sandbox. Enter your E-Mail address and nickname and press the Continue button.
- Another window will pop up asking for your wallet signature. Simply press Sign to continue.
- The last step is creating a password. Make sure it’s a strong one. Type out your password and press the Save button.
And you’re all done! You can confirm that you’re signed by looking at the top right of the website. The Sign-In will now have been replaced with your profile and SAND balance.
You will also need to buy SAND (Sandbox’s official currency) or ETH in order to buy virtual land. While we will not be covering that part in this how-to, it’s easy enough to do so. Simply choose a platform like Binance, create your account and buy and transfer the currency to your wallet.
Two reasons major reasons why people buy lands in the metaverse: bragging rights and ROI. There are quite a few virtual real estate projects launching in the metaverse right now. The concept is the same as buying an NFT: you own this digital asset, and since it exists on the blockchain, anyone can verify its authenticity. You can sell your virtual land later on once it appreciates, or you can decide to rent it out for parties or exclusive events.
You can also build a virtual house on it and give it up for rent or set up a digital art gallery and allow budding artists to showcase their artwork.
How to Buy Virtual Land in the Metaverse
Now, if you’re interested in buying virtual land in the metaverse, below is a detailed guide on how to buy virtual land in the metaverse today:
1. Get a Digital Crypto Wallet – MetaMask, Trust, Binance Chain Wallet
The first step is to get a digital crypto wallet. You can’t buy virtual land using fiat money, so you need first to get a wallet to buy and store your cryptocurrency. Ideally, the wallet you choose should integrate into your browser.
There are several options available to you, such as MetaMask or the Trust Wallet. You can also use the Binance Chain Wallet if you prefer. However, it’s best first to check whether the wallet supports the cryptocurrency that you will use to buy virtual land.
2. Select Your Virtual Metaverse Real Estate Platform
There are several virtual metaverse platforms that you can buy property on. The two most popular options include Decentraland and Sandbox. If you want to buy through a third party, then OpenSea is a great option.
OpenSea is a great idea for first-time buyers as it lets you shop around without constantly switching between platforms. You can compare prices, amenities, and assess the value based on the virtual neighborhood the plot is in.
If you want comprehensive information about where you’re buying your virtual property, it’s best to go with Sandbox or Decentraland. You’ll also get a better understanding of your neighbors this way. For this guide, we’ll be using Decentraland, though the steps are largely similar across all platforms.
3. Browse the Metaverse and Select a Parcel of Land
Now, you just have to browse through different pieces of land that are available and select the one you want to buy. You can see just how far your property is to more famous locations. Prices tend to increase for properties that are in close proximity to popular locations.
Once you select a piece of land that you want to buy, just click on it to see available information. On Decentraland, you can buy virtual real estate using either ETH or MANA. You can view the prices and place a bid, or buy outright. But, before you can buy, you have to connect your wallet to the platform.
4. Connect Your Cryptocurrency Wallet
To confirm your purchase, you need to connect your wallet to your account. Just click on Jump In and then sign up using your wallet.
Once you sign up and confirm your purchase, your virtual real estate will be sent to your wallet. You will become the official owner of that virtual property, and anyone can verify its authenticity on the blockchain.
It’s important to note that a gas fee is involved, so make sure you have a little bit extra than the amount mentioned on the screen. Or, if you want, you can also make a bid. This gives you some room for negotiation, as owners can decide whether to accept or reject it.
5. Confirm Your Purchase
The purchase will go through as long as you have sufficient funds in your wallet and the price is agreed upon. You can confirm your virtual real estate in your wallet. In case you’re using Trust Wallet, just go to Collectibles. For MetaMask, go to NFTs to get confirmation of your purchase.
Metaverse real estate is essentially an NFT. Owing to their meteoric rise, there are quite a few scams out there that you need to be wary of. It’s best to always buy from official, reputable platforms. Also, if a deal seems too good to be true, it probably is.
That’s pretty much everything you need to know about buying virtual land in the Metaverse. So, what are you planning on doing with your virtual real estate? Are you going to flip it for a profit, develop it as an experience, or something else? Let us know your thoughts in the comments.