Buying land in the metaverse is a great way to familiarize yourself with tomorrow’s technology. As we move towards web3, gaming, socializing, and even shopping habits are shifting towards a VR revolution. Read our latest feature to discover how to get started with purchasing digital land today.
Buying and selling land in the metaverse is big business. Metaverse real estate is virtual property—purchased with NFTs—built on top of a digital blockchain platform, often designed for gaming, socializing, and meeting other people online.
Neal Stephenson, author of the novel Snow Crash, first coined the term ‘metaverse’ in 1992. He imagined a virtual world where people could spend large amounts of time, much like what we’ve come to know as the internet.
As we move towards web3, many organisations are becoming aware of the potential of virtual realities. In fact, a recent study commissioned by McKinsey predicts that the metaverse could be worth as much as 5 trillion dollars by 2030. This is due to several major industry developments, as recent technological advances have allowed for both better graphics and more realistic physics in video games, combined with the ability to offer different sensory experiences.
Although still without a universally accepted definition, the metaverse is a blending of different virtual worlds. It’s a digital place where users can create virtual experiences and interact as avatars, for socializing, gaming, shopping, and even concerts.
Land in the metaverse is a valuable asset, and it can be used for many different purposes. You can host events, build mini games, or rent it out to companies to make a profit.
Without further ado, here’s our top tips on how to buy land in the metaverse.
Buying land in the metaverse is an investment that can yield big profits. However, the value of property is highly speculative and not without risk.
The cost of buying land in the metaverse depends on the platform and the blockchain that is used. The price of land depends on the amount of resources that are present in the land. Some land is scarce, so it is more expensive. Some of the most popular platforms available include Decentraland and The Sandbox—not to mention our very own MetaLOX.
Metaverse real estate can be purchased through brokers or property managers. You’ll need a digital wallet to use this service and likely have to register an account. When ready, you can identify and purchase any available virtual properties you like the look of.
When considering how to buy land in the metaverse, you’ll need to create a digital wallet and complete the transaction using cryptocurrency. This is a relatively safe way to invest in digital real estate. Of course, you’ll need to take into account the price of whichever digital asset you decide to use in addition to the cost of metaverse land, as coin values can rise and fall.
You can purchase and sell land in the metaverse using cryptocurrencies, such as Ethereum, or non-fungible token (NFTs). NFTs are valued for virtual spaces, allow easy ownership verification, and can also be traded for fiat currency. NFTs are a great way of securing the ownership of your property, and will allow you to resell it or rent it out. NFTs can be purchased through a secondary market, as well as through the metaverse project's marketplace.
Marketplaces will differ from metaverse to metaverse. The Decentraland platform remains one of the most popular options, as it's a community-based platform that supports many crypto wallets. The platform also uses MetaMask, a browser-based hot wallet, which offers a smooth and secure experience when completing transactions.
Some people buy digital land to rent it out, while some speculators purchase virtual land to flip it for profit. Others simply invest for fun. You too can also purchase virtual land to run a service, sell merchandise, or even host events.
Our final how to buy land in the metaverse tip is the simple task of completing your purchase.
Buying land in the metaverse can be a good investment. You can rent it out to companies for a profit, host social events, and use it to play games.
The platform you choose to use can have a huge impact on the cost of your metaverse land. In addition, you should also do some research to find a metaverse that only offers best value, but will completely suit your needs. Although there’s no cross-functional features on offer, you’re also free to use more than one platform at the same time. Now you know exactly how to buy land in the metaverse, why not check out the likes of Somnium Space, Aavegotchi, or Voxels, too?
At LOX Network, we’ve developed a custom-built hybrid blockchain that’s powering the world’s first global decentralized mobile device blacklist.
Now, our hybrid blockchain technology is transforming what it means to be a metaverse through MetaLOX—our very own metaverse that integrates NFTs, Game-Fi, and De-Fi, pushing the limits of AR, MR, VR, and XR to the maximum
We’re bringing users an immersive virtual experience like no other. Join our community for the latest news and updates on all things MetaLOX.