Metaverse continues to attract users to its field. As everyone tries to experience this next big thing, even the real estate market has arrived. In addition to playing games and chatting with people, you can now buy a virtual plot on the Metaverse. If you are wondering how to do this, you are at the right place. Keep reading as I teach you how to buy virtual land from the Metaverse with the right precautions.
Buy Virtual Land in the Metaverse
While buying a virtual land from Metaverse is easy enough, there are still some things you need and tips to follow. However, if you already know the basics, use the table below to skip the process.
What Is Virtual Land in the Metaverse?
For those of you who don’t know about the land in the metaverse, it will be quickly demolished. The plot in the metaverse is basically part of a virtual property represented by a non-transferable sign. Every piece of land in the Metaverse is in a block chain, and its authenticity can be easily checked. Like land in the real world, virtual land is bought at a price that is mostly cryptocurrencies. These packages are also known as NFT lands and are available either for virtual real estate projects or can also be purchased from third party platforms such as OpenSE.
Users who purchase virtual or NFT land can build experiences on it, including games. One can even sell the virtual land for a profit and even rent it out for a cryptographic fee. NFT land has grown rapidly as the people of the Metaverse are the first to dive into this business. However, it is not just online people who have invested in it. Even companies are buying and moving plots of land in virtual real estate projects.
Reasons for Buying Virtual Land
Like real estate in the real world, the reason for buying virtual land from the Metaverse can vary. Although most people buy it for fun or profit.
Users who buy virtual land for fun often buy it and then create virtual experiences on it. Depending on the project he/she has invested in, the user can create different experiences and invest a wealth of digital assets in them. Even friends in the purchased NFT country can be invited and socialize and have fun with them.
However, there are some who buy virtual land to invest in the metaverse. The main reason for this is that the land of NFTs is decreasing. Metaverse users are increasingly buying packages for virtual projects, and increasing their prices. So a user who buys land in a metaverse can sell it at a reasonable profit. To understand how much profit can be made, you should know that the virtual land of Metaverse sales is sold for hundreds of thousands of dollars.
However, for those seeking a regular livelihood, this land can be rented to co-users or used for other purposes as well. So you can easily buy a place in virtual land and then rent it to users. Many also host special events in their country and then charge users for access. Regardless of your reasons for buying virtual land, you can still get your hands on one or two. Keep reading as I guide you through it.
Things you need to buy Virtual Land in Metaverse
Before we start buying the next big thing in the metaverse, let’s quickly discuss what we need to do to make it happen. Make sure you keep the following in mind before proceeding.
1. A Digital Crypto Wallet
Virtual lands in the Metaverse cannot be purchased in your traditional currency, such as the US Dollar. Instead, you need a digital wallet that stores your cryptocurrency. This currency can be used to buy what currency the virtual real estate project requires. For the best experience, make sure you get a digital wallet that can be integrated directly into your web browser.
You can explore digital wallets like Metamask (visit) and Binance Chain wallet (visit). Whichever cryptographic wallet you choose, make sure it supports the currency of the virtual project you plan to invest in. You can easily do this by going to the project website and finding out.
2. A Virtual Real Estate Platform
If you don’t already have a virtual land project in mind, you’ll also need a site that sells NFT land. Platforms like Decantraland and Sandbox sell virtual land through tokens like MANA and SAND. The area and amount of land will vary depending on the platform you choose. For example, the LAND piece of Decantraland is 16 m x 16 m.
However, you will face shortages almost everywhere, so if direct purchase is not possible, you can always check websites like OpenSea, an NFT marketplace that regularly sells to users who already have On Land. Be sure to choose a virtual ground platform that you like because you invest money directly in it. We will mention the sandbox in the next steps.
Tips Before Buying Virtual Land
While buying virtual land is easy enough, there are a few things that you need to keep in mind while going through the process.
1. Make sure the Metaverse land project is legal
Take the time to research any Metaverse ground project you master. Because virtual shopping is a significant use of money, falling into a fake NFT landlord can happen very quickly. A good regular legal, whether you have invested in a sector or not, are the people who have invested before you. If the general reception is positive, you’re good. If not, take the time to look for alternatives.
2. Be Careful with Your Digital Wallet
Digital cryptographic wallets are protected by a so-called “seed clause”. Simply put, a seed or secret phrase is a set of random words that allow you to use funds inside a digital wallet. The seed phrase associated with a digital wallet is very important because it allows direct access to the wallet.
Whatever you do, don’t share your secret wallet phrase with anyone. This includes any virtual country business or even a wallet business. If you do not, your cryptocurrency may have been stolen. Keep this in mind when buying virtual land in a metaverse.
How to Buy Virtual Land in the Metaverse?
Once you have created a digital wallet and selected a Metaverse virtual project, the process itself is very simple. We’ll show you pictures from the sandbox, but in other projects the steps will remain roughly the same. Follow the procedure below to learn how to buy virtual land from Metaverse.
1. Go to your Metaverse Virtual Land project. If you also use a sandbox, use this link to visit the website.
2. Click on the Sign In button to log yourself in.
Note: At the time of writing, NFT Lands on Sandbox was available. If you don’t see them when you read this, you can always check sandbox virtual country via OpenSea.
Now that you have your wallet and accounts ready, you can start buying virtual land. To do this, follow the instructions below:
1. Click the Market icon in the left sidebar. This will take you to the official Sandbox Marketplace.
2. Under NFT type, click on LANDS at the point of sale. If you don’t see it, scroll down until you find it.
3. You will now see a list of NFT areas provided by both the sandbox and other OpenSE users. Take your time and scroll down to see the list. When you’re done, click on the country you’re interested in to visit its page.
4. Now you will see the virtual land price in SAND format as well as all the properties included in this land. Once you’re sure this is what you want, click the Buy Now button to start the process.
5. Alternatively, you can click on the plot in OpenSE and you will be redirected to a website there. You will now see the price charged by the current owner. You can either press Buy Now to buy it for the price or create a custom offer to negotiate. Whatever you do, you are the master of the virtual earth in the metaverse. And before you say yes, we know virtual land is expensive, so make sure you want it before you buy it.
You will now be directed to OpenSea to complete your purchase. Like the sandbox, you also need to attach your wallet there. Once done, your cryptocurrency will be deducted and your land will be allotted to your account in NFT format. Congratulations on owning a virtual land in the Metaverse!