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HOW TO BUY VIRTUAL LAND IN THE METAVERSE

By Najam Ahmed Published Jan 22, 2022
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The metaverse is coming, whether we like it or not. Buying virtual land could be
the best way to get involved from the outset. Here's how.



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).
As the metaverse looms upon us, investors and crypto enthusiasts are going all
in, and buying virtual real estate is the next big thing after digital artwork.

You'd be surprised to know that the virtual real estate market shares more than
a few similarities with its real-world counterpart, especially the factors
governing pricing. If you are interested in buying virtual real estate or are
still unsure about what it means, here's our comprehensive guide.




WHAT IS THE METAVERSE?

Simply put, the metaverse is the next generation of the internet. It's hard to
describe it accurately since there is no universally accepted definition. The
term was first coined in Snow Crash, a novel by Neal Stephenson, released in
1992. In the book, the metaverse was simply a virtual world inhabited by
real-world individuals who might not be in the same physical space as others
around them.

The concept was further elaborated upon in Ready Player One, a fantastic novel
that was turned into a blockbuster film. Think of the metaverse as a network of
3D simulated worlds connected using virtual and augmented reality technologies.
Essentially, instead of accessing the internet via a computer, the metaverse
will let you experience it.

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Related: What Is the Metaverse and How Will It Change Your Life?




WHY BUY VIRTUAL LAND IN THE METAVERSE?

Two reasons: 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 (that's a thing, yes) 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, here's how to
go about it.




1. GET A DIGITAL CRYPTO 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.

Related: What Is MetaMask? How to Get Started


2. SELECT YOUR 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 about your neighbors this way. For this guide, we'll be using
Decentraland, though the steps are largely similar across all platforms.

Related: How to Make an NFT, Then Sell It Online


3. BROWSE 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 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.




BEWARE OF NFT SCAMS

Metaverse real estate is essentially a 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.




The 5 Biggest NFT Scams and How to Avoid Them

The soaring popularity of NFTs brings a wealth of opportunities for investors
and, unfortunately, scammers. Be wary…

Read Next
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Related Topics
 * Technology Explained
 * Cryptocurrency
 * Blockchain
 * Virtual World
 * Virtual Reality

About The Author
Najam Ahmed (44 Articles Published)


Najam Ahmed is an experienced content marketer and copywriter with a focus on
SaaS offerings, startups, digital agencies, and ecommerce businesses. He’s
worked closely with founders and digital marketers over the past eight years to
produce articles, eBooks, newsletters, and guides. His interests include gaming,
traveling, and reading.

More From Najam Ahmed


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