How To Buy Land In Metaverse And What It’s Like To Own It
Why Buy Metaverse Land?
From one amongst the top trends in 2022 – Metaverse and the concept and ideation behind it has taken the internet world by storm. From owning land to attending art exhibitions and music concerts to donning the best outfit for your metaverse avatar – the digital is inching closer to the real world each day. No wonder businesses and corporations are vying for their share of space and audience in the metaverse. But as an individual, when you keep hearing the exciting affairs concerning the metaverse, you must wonder how to buy land in the metaverse.
Digital real estate in the metaverse is growing at a fast pace owing to the rising interest and prices in the metaverse. For instance, financial giants such as JP Morgan and HSBC have bought their virtual plots in the metaverse. Many celebrities and corporations are soaking in the digital real-estate buy/sell drill. A Citigroup report found the metaverse opportunity to be worth $13 trillion by 2030. The metaverse opportunity is massive and will rise exponentially in the coming years. Many people realizing this, have become even more intent on exploring the question ‘How to buy land in metaverse?’
Let’s explore this question ourselves.
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How to Buy Land in Metaverse?
For us to explore the question ‘How to buy land in metaverse,’ we need to understand that buying land in the virtual physical world isn’t much different. We may purchase a big mansion on grassland, but we would love to live in a small apartment in the midst of the city. Coming back to the question of how to buy real estate in the metaverse, let’s put it in the form of a step-by-step guide:
1. The first thing you need to do is to sign up on virtual property marketplaces like Decentraland, Sandbox, or Axie Infinity. Make sure you have a crypto wallet with appropriate funds before you go on ‘property shopping’ in the metaverse. And while we say so, it is worth remembering that purchases on particular platforms can be made using limited cryptos incusing Ether and the native token of the platform.
2. Log into the platform of your choice and scout for pieces that meet your taste, budget, and other criteria. Next, compare the prices of each before you zero in on one.
3. Once the choice is made, it is always preferable to read more about the m and the terms and conditions that might be involved in the purchase.
4. Next, you must link your digital wallet to the platform account. Take note that you have ample funds to make the purchase.
5. When you complete the transaction, the piece of land gets stored as NFT in your linked wallet. At any time, you can access your land NFT and view it under the NFT tab. This was all you needed to know on how to buy land in metaverse. Let’s now explore the viability of such a purchase.
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Is Buying Metaverse Land Safe?
Every week we hear record multi-million dollars real estate deals being struck in the metaverse. While investing in a still-emerging sphere may seem a bit apprehensive, a move with caution and understanding can help you benefit from the deal. You may choose to buy the land anywhere, but all that matters is the location. The plots of land at the center of a metaverse city and those owned by celebrities are the most expensive. Also, each kind of metaverse has its own set of cultures, styles, and areas of focus. For instance, the Sandbox is a game-centric virtual space. The next thing you need to consider is how much should you plan to spend. Plots of metaverse land are cheaper in primary markets but difficult to get hold of. The vice-versa stands true for secondary markets.
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Benefits of Owning Metaverse Land
1. You can Earn Income While your Virtual Land Appreciates
An investor can buy land in the metaverse and sit back and see their land value appreciate with time. Although most metaverse investments haven’t had enough time to depict the growth properly, the momentum is definitely building up. For example, a piece of land in Decnetraland purchased for $111.52 in 2017 was sold for $13,703 in 2021!
2. Commercial Tenants are Easier to Find than you Might Imagine
You can also put up your land and properties for rent and enjoy an additional income from the same. Users can also create their own virtual malls, apartments, and offices and rent the same to the commercial players.
3. Input costs are low in comparison to real life
This advantage is pretty obvious as the cost of building a virtual property is negligent compared to a real-world structure. You don’t need to procure raw materials, tools, and equipment or set up a supply chain of workers. At the most, you may need a virtual structure designer to design the layout of your building.
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