Property trading: how to buy virtual land in the metaverse?
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Have you learned enough about the metaverse to now be interested in buying virtual land on platforms like The Sandbox or Decentraland? Here are some essentials to know about the various ways to monetize Metaverse real estate.
Why to buy real estate in the metaverse?
The metaverse is the virtual replica of the physical world in which we are currently living. In this context, it allows its users to do exactly the same things that we do in our world. That is to say, playing games, getting dressed, walking, visiting unusual places, and even buying real estate. Because in order to evolve in an alternate universe, users will also need a roof. Hence the interest of buying/selling immaterial real estate. These goods are essential for the proper functioning of the metaverse.
Is immaterial real estate profitable?
Immaterial real estate offers several investment opportunities to metaverse users. It is a particularly profitable sector for experienced real estate traders, since transactions are mainly made in cryptocurrencies. Becoming the owner of land in the metaverse allows the user to build a construction that directly meets their needs: a gym, a recreation area or even a playground. There are so many virtual reality platforms that allow you to sell services or products to other users.
Where can I buy virtual land in the metaverse?
The most popular virtual land buying platforms on the metaverse are:
- The Sandbox – to build, buy and monetize gaming experiences.
- Cryptovoxels, the metaverse of the Ethereum blockchain.
- Decentraland – to explore a large digital space in a virtual 3D world.
- Worldwide Webb, the Pixel Art MMORPG metaverse game that provides utilities for the most popular NFT projects.
- Somnium Space, the virtual and digital world where users can create avatars, goods and fully customizable experiences.
How to become an owner in the metaverse?
1. Create a crypto wallet. The immaterial lands found in the metaverse can only be bought with crypto currencies. Each platform uses a dedicated currency: MANA for Decentraland, SAND for Sandbox, etc. The only way to store it is to create a digital wallet.
2. Choose a shopping platform
There are several ways to become an owner of an immaterial in the metaverse:
– buy a property directly on a dedicated platform (Sandbox, Decentraland, etc.),
– or use a third-party platform.
For a first investment, it is highly recommended to go through a third party platform. This allows you to quickly find a property that suits you, without having to switch from one platform to another. Some platforms offer goods at cheaper prices than others. Using a third-party platform will save you time in your search for the ideal property. Moreover, a third-party platform also allows you to get the equivalent of the displayed price in the real local currency.
3. Make a purchase offer and conclude the virtual contract. Buying intangible property is less tedious than buying physical land. In the metaverse, a simple click on the desired property allows you to finalize a property purchase. Some platforms allow you (as a bonus) to negotiate the displayed price, and to make an offer to buy. Of course, the landowner is free to accept or reject your offer. Once the virtual contract is established, the transaction is immediately recorded on your wallet. Then you get an exclusive NFT title to the property you just bought.
What are the limits of real estate investment in the metaverse?
Immaterial real estate is more easily accessible than physical real estate. But, it does not actually let you live on your property. It is an investment exclusively dedicated to the metaverse and to the virtual world. The profitability of virtual real estate also depends on several parameters: its location, the environment in which it is established, as well as the actual adoption of the platform over the long term. The return on investment is real, but relative, unless you are thinking of reselling your property immediately.
