The journey that has led us all the way to metaverse was initially started by a single blockchain entity known as Bitcoin. It was the first flagship cryptocurrency that brought us the very idea of decentralization, and it wasn’t abruptly taken in by investors and financial enterprises as it is being done today.
Today there are hundreds of cryptocurrencies out there, and people are just crazy about adopting decentralization and trying their best to stay ahead of the game, which has rapidly changed over the years. At first, it was only cryptocurrencies such as the likes of Bitcoin, Ether, and XRP, along with many others, but now non-fungible tokens, smart contracts, decentralized apps, and metaverse has also joined the party, and it might feel a bit too much at times but what can we do it in the future of modern finance.
Metaverse is a rather new concept that has taken the internet by storm; web 3.0 was already in discussion and how it was going to revolutionize the web and the internet as we know it, but with the inclusion of metaverse, the whole concept has just been expanded to its absolute limits. Metaverse is a concept that embarks on the very principles of virtual reality, where everything you interact with and try to explore is present in a digital interface. You can only access it via the internet and by bearing some kind of virtual reality goggles or some other tech of the sort.
You can do all sorts of things in metaverse as it is like the digital counterpart of our own world where we will live and interact with different aspects of it. There are tons to do in the metaverse, and while it is still in its early development phases, you can also buy land in the metaverse just like you buy a plot or some other property in the real world. An NFT metaverse land is nothing but virtual real estate that is backed up by a non-fungible token living on the blockchain.
At the end of the day, it will depend upon the platform that you’re using, but the owner of the land can use it for the sake of advertising, work, gaming, and also for socializing. You can use an NFT marketplace or a dedicated metaverse project for the sake of buying NFT metaverse land from other landowners. You would require some cryptocurrency that is acceptable to the owners, along with a digital wallet to purchase the land.
Once purchased and transferred to your name, this land can be sold to other users on various other platforms, and even renting mechanisms for the land will soon be available in the near future. Always use a trusted exchange for the sake of buying the NFT land in the metaverse, and before you do, make sure that you understand the associated project with the land and never let go of the financial risks that are involved in such a transaction.
What is Metaverse Land?
The metaverse virtual NFT land is a digital plot of sorts that can be purchased within a metaverse project. You can buy the land by getting in contact with a particular metaverse project that is currently dividing up the digital plots and making it available for purchase via non-fungible tokens. Once purchased, the land can be used for various purposes, or you can use it purely for the purpose of speculation. The payments for purchasing the digital land are made in cryptocurrency, but some projects out there are also accepting Fiat.
You might be thinking about what comes after purchasing the digital land within metaverse. Is it something that you can experience by visiting that? The answer is yes, you can, but you can only experience it virtually in a 3D environment that only allows you to look upon the land you have purchased and walk on it, but all of that happening strictly in a virtual sense. You might be wondering about the ownership or authenticity of the land purchased?
As the lands are purely non-fungible tokens, this thing is not an issue; as soon as you purchase, it will be transferred to your name, and you can claim ownership after that. If you want, you can also resell the plot and make a profit eventually as the market shifts, and prices for these properties go sky high.
Use Cases of Virtual Land
Now that you have acquired the land in the metaverse, the original question is what you are going to do with it? Do you want to buy as much land as you can afford so that you can sell it later? Do you want to speculate for the time being until more opportunities are made available to the investors? At the end of the day, it all comes down to what you want to do with the land that you have bought, but there are investors out there who would be using the land for its intended purpose.
The very metaverse project that you would choose will help you understand the options that you have with the land that you own or would buy in the future with the dedicated project. You can host events in spaces that you have bought, conferences, and even rent out the advertising space if your land has got enough traffic, just like a social media page or a website.
It almost blows one’s mind to know that the digital land is very much going to serve and act as the tangible land, and that is the future that everyone wants to have a piece of. There are companies out there who are now providing their clientele with the additional service of buying land on their behalf in the metaverse. Some of the non-fungible token games present out there are also helping people to acquire land in the metaverse, and by doing so, you get to have certain benefits within the game and save space for you in the metaverse.
How to Buy Virtual Land in the Metaverse?
You must be wondering about the real estate agents that you might have to meet for the sake of purchasing land in the metaverse, but you would be relieved to know that it doesn’t work like that. Have you ever bought an NFT before? If so, then the process of buying land in the metaverse is similar to that of owning an NFT. As soon as you buy it, pay for it in crypto, it will be linked to your name, and you will have complete ownership rights right then and there.
As stated earlier, you only require a potential wallet and some crypto to get started. But as it is a relatively newer concept and something that has not been available earlier, which is why it would pay you off handsomely to do your own research before getting into it and understanding the risks beforehand. Following is a brief setup that would allow you to purchase land in metaverse on your own.
- Pick a Metaverse Platform
Before buying metaverse property, you have to select a particular platform that you trust and find lucrative. The very reason you are after regarding the purchase of the land will influence the choice you would pick out of many options made available to you. You can conduct the whole thing either on sandbox or on Ethereum, but there are relatively many other options available to you which you must take into account before making a final decision.
- Set Up a Wallet
The next step after choosing a dedicated metaverse platform is setting up your wallet, which will provide you with access to cryptocurrencies that you can use later to purchase the land in question. You can either use a browser-based wallet or a mobile application for that same wallet present on your phone; it all comes down to your own preference.
But if you use a browser-based wallet, then you would eventually run into fewer problems, and the transition would be smooth. You can either go with MetaMask or Binance chain Wallet, as both are pretty solid options to consider for crypto wallets, and these are supported by various blockchains out there. Just make sure whatever wallet you choose to go with is compatible with the metaverse platform that you have chosen earlier for the sake of purchasing digital land.
- Connect Your Wallet to the Sandbox
Once you open the map on the sandbox platform, you will be able to see multiple plots that are available to place a bid on. You can interact with many of those using the sandbox marketplace, while others might be hosted on external blockchains, and you would have to access them through proper channels, as would be explained in the advertisement shown to you.
Before bidding on a digital space, you need to connect your wallet with the service, and depending on the type of metaverse platform you are using, the sign-in method is going to be a little different. For example, if you are using the sandbox marketplace, you would be asked to login into your wallet; as soon as you click on the login button, you will be asked to add your email address and create an account. Once you have done, that click continues, and now you have successfully signed up for an account.
Once you have made an account, you can now see your account balance along with the profile picture that you have chosen earlier, and now you can connect your wallet by going into the settings tab and choosing your wallet provider along with other information. You will be notified via email when the wallet that you wanted to connect with the service has actually been connected. Now you are ready to place bids on several digital spaces and explore your options in that regard.
The next step is now to fill up your wallet with some crypto that you will be using to purchase space within metaverse. Once you have purchased crypto from a dedicated crypto exchange, you would have to transfer it to your crypto wallet. To do so, simply copy the public address from your crypto wallet and use this as the withdrawal address; follow the procedure right to its very detail to make sure nothing is left out, and eventually, your funds will be transferred to your crypto wallet.
- Selection of Land
There are multiple filters available, using which you can sift through the intended plots or digital spaces that you are interested in. Most of the land within the sandbox platform has already been purchased, which means that you will be left with fewer options. But there are many other platforms, as explained earlier, so you can check those out to the sandbox map is not facilitating your practical needs. Make sure whatever plot you are bidding on is actually present in the sandbox map to make sure that the purchase you are going to make is a legitimate one.
Now that you have selected a plot that you really like and want to purchase, you can finally place your bid by clicking on the bid button, or you can buy it directly via Ether. Once you click the bid button, a popup will come up, and it will allow you to enter the amount for the bid; when you have done so, click on the place bid button. If the seller of the land rejects your bid or the sale is over, then the crypto for which you have made a bid will be returned to your wallet.
For the time being, it is going to remain in escrow, and you must know about it before going on to place a bid. Eventually, you will find someone who has actually accepted your bid, or if you find this activity a bit too tedious, then you can just go on and buy the land for the amount that has already been mentioned by the seller.
How to Sell Metaverse Land?
Just like the casual land that you buy in the tangible world, you can sell your metaverse NFT land to anyone you deem fit because you have the proper authority as well as the ownership to do so. There are usually two options that you can avail of when it comes to selling your NFT land. You can either stuff it back to the metaverse project from where you bought the land in the first place or listed it in another marketplace of your choosing. Talking about the sandbox, which was earlier chosen as an example here, only the third-party marketplaces can presently be used for sales.
But in the future, the landowners will be able to sell their properties right from the sandbox platform while giving away a 5% transaction fee for the said transition. It is still not out there but is being worked on as a separate update which will be rolled out as soon as it is made available. You must not feel limited in terms of the overall options that you have when it comes to selling your metaverse land because if the land is not getting sold on the marketplace from where you bought it, then you have the authority to list it on other platforms for a fair price and let someone else enjoy what you have enjoyed with the NFT land.
You might be a bit amazed to know that you can also rent out your land in metaverse just as you would a real tangible piece of property. To do so, you can list your land for rent and can interview possible candidates, coming up with a monthly price in mind so that others might be anticipated to know more about it. You can strike a deal with the intended party or someone who you deem fit, and then you can just rent out your space to them while they pay you every month in crypto the rental fee for the space they have taken from you.
Then strike in agreement for months or possibly years, depending on what tempts you the most and what works best with your current objectives and goals with the land in question. You must understand that renting your land to someone else is fairly risky because the transition is going to take place out of the standard blockchain procedure that the intended metaverse marketplace has.
Only the purchase that you make via a dedicated metaverse platform is backed up by a blockchain guarantee; the process of renting is still not completely supported by the blockchain environment where the selling of the land takes place. That is why only rent out to trusted people, someone you know and have an extensive agreement drafted in that regard. Make sure that you understand the risks that you might have to take for the sake of purchasing the land, renting it out, and other various transitions before you get on this road.