Technology, to date, has revolutionized and become part of our daily lives, as has the discussed Metaverse followed by its many nuances.
By definition, in fact, we are talking about a concept (dating back to 1992 and related to the world of science) concerning a virtual reality shared in three dimensions via the Internet.
It is, therefore, a decidedly innovative and futuristic project, which has led science fiction and tech enthusiasts to exploit it, devoting themselves to the buying and selling and distribution of virtual land (called “land”).
In detail, we talk about virtual spaces that allow users to: create social groups, organize courses, rent them or even build construction companies.
According to experts, it is also a must to mention the famous platforms where land can be purchased: ‘Decentreland’ (about 150,000 plots) and ‘The Sandbox’ (almost 100,000 plots available).
The latter do not have a large amount of land plots, but the rate of demand is growing and new ones are becoming more and more frequent.
Let’s see, then, all the details about them.
Virtual lands in the metaverse: what to know before you start
The world of real estate in the metaverse is constantly expanding.
While previously it was only possible to use virtual coins, as of today we are talking about real money.
This change, in fact, has reinforced the concept of open space management of more land of building area.
Although the concept of the Metaverse is still fairly new, according to many experts, many users are showing increasing willingness to invest a good deal of money.
Reason being, it is essential to remember some salient points related to this topic so as to plunge into the world of virtual land without making mistakes.
Here, then, is what to know before you start.
Huge costs: it is well known how expensive real estate is.
In detail, some of the biggest investors (such as Microsoft and Facebook) are paying millions of dollars to buy virtual land in the metaverse.
Figures set to rise, should demand from tech enthusiasts increase.
The world of NFTs: According to recent research, the growth of the blockchain world has contributed to the emergence of new metaverses that inevitably bring in more customers. For this reason, it is crucial to remember the importance of non-fungible tokens (NFTs), properties that allow lots to be resold in the future.
NFT Wallet: Almost all the popular games in the metaverse where users prefer to buy virtual land are based on the Ethereum blockchain. One can, therefore, buy and resell using ETH and increase the price significantly. It is important to have a crypto wallet. However, it is not required in all platforms.
Virtual lands in the metaverse: where to buy them
Buying virtual land in the metaverse is not impossible, but it is an activity that requires perseverance and seriousness.
In fact, as a premise, please note that most sales platforms have a limited number of available parcels.
This entails: an inevitable increase in the digital economy.
The price and prestige of lots can vary depending on many factors: location, type of platform, and type of investment.
Let us, therefore, take a look at portals where it is possible to engage in the metaverse’s real estate market.
The Sandbox
The Sandbox platform presents virtual lands as LAND, which can also be purchased second-hand by taking advantage of some third-party NFT exchanges (Rarible for example).
It is important to note that these have been significantly more expensive than official sales.
The company in question aims to create a community-oriented portal where users can create and monetize items and games through blockchain.
The player, moreover, can register by various methods, but it is mandatory to have a cryptocurrency wallet to use in transactions.
Thanks to The Sandbox, you will be able to:
Buy LAND (certified elements on blockchain): you will choose land of all kinds, simple or premium, with additional elements if you want. Having a plot, you can charge visitors or users who want to rent it.
Create ASSETS (usable items such as real estate or objects): you will be able to make these with the VOX EDIT tool and coin them, then sell them. Rarity and characteristics of the item affect the price.
GAME MAKING: ability to create playful experiences with simple software and without possessing programming skills. In addition, creators will be able to sell such activities on the marketplace and in the form of NFTs.
Decentraland
The Decentraland platform is decentralized and based on ETH blockchain.
It contributes to the creation of a digital world that allows subscribers, creators and all kinds of users to inhabit the world they prefer, editable and with the ability to create content and experiences as they please.
According to data obtained, by the end of 2021 more than 1 million subscribers were joining the portal. A great achievement, a sign of steady growth.
Somnium Space
Somnium Space is a virtual reality metaverse, the goal of which is to allow users (equipped with avatars) to monetize their digital experiences in a few steps and immerse themselves in a totally alternative world where people from all over the world can play games, create a virtual society, and enjoy personalized events.
Among the most important features is the one concerning the structure.
In fact, the user will be able to choose from more than 500 designed assets and sounds and will be able to import models and sell them in the platform’s marketplace resulting in monetization from such creations.
Woldwide Webb (based on the principle of the previously mentioned platform)
Cryptovoxels
Cryptovoxels is a (well-constructed) virtual platform that enables a kind of buying and selling of virtual property by the user.
It is, moreover, a project that includes a settlement protocol concerning digital real estate transactions with possibilities for hyper-digitization of human relationships between creators.
How to buy land in the metaverse
Buying virtual land in the Metaverse requires simple but important steps (very similar to those required to buy NFT).
Among the steps is the one related to the importance of the property deed, which is necessary to certify the user’s right to that piece of digital land.
Then, after choosing the platform and opening a real estate wallet, it will be enough to connect the latter to the portal, choose the land of interest and proceed with the investment.
Please note that it is possible to buy cryptocurrencies supported by the platform from major cryptocurrency exchanges.
Conclusions
Buying virtual land in the metaverse is really a parallel reality to our own, but definitely innovative.
Nowadays, the metaverse is just a concept related to the idea of owning a lot where we can build a new experience, playful in some ways.
Whether such activity will bring positive feedback in the long run is unknown, as it is a really volatile and risky market.
Reason why, regardless of the choices, it is recommended to invest responsibly (online and otherwise).