The Metaverse became a hotly debated topic in 2021. With the renaming of Facebook to Meta, the topic entered the mainstream. Furthermore, more and more Metaverse tokens gained attention on the market. In a metaverse, you can even buy digital plots. How does it work?
In this article we explain how you can buy land in the Metaverse and how this market could develop in the future.
With the metaverse, we are talking about a digital space in which the users of the metaverse can interact with each other. The word is a combination of “meta” (beyond) and “universe”. The term is used to describe the concept of a future form of the Internet consisting of shared 3D spaces.
With the metaverse, we are not just talking about a single place. There can be several metaverses that make up the new digital world. The digital spaces can also exist on the basis of the blockchain. So there are digital worlds like Decentraland or The Sandbox, which are completely decentralized.
You can buy a plot of land in the metaverse as digital land. The digital land is a non-fungible token (NFT). These are non-exchangeable tokens based on the blockchain. This makes NFTs unique. The digital land, which you can buy as a plot of land in the metaverse, is also unique.
Virtual land can perform various tasks in a metaverse. In many metaverses, the plot is just simple virtual land on which virtual real estate can be built. With games in the metaverse, you often receive advantages in the form of items, experience points and participation in auctions.
With the buying and selling of digital plots you can earn money in the metaverse and offer these plots as well as real plots for rent. The functions of the plots differed from metaverse to metaverse.
As already mentioned, virtual land in the metaverse is NFTs. These are unique and not reproducible. The ownership relationships in the digital space have been clearly clarified by NFTs. An acquired property in the metaverse is clearly attributable to the owner and cannot be withdrawn from the owner.
The space in Metaverses is limited overall. Damit, virtual land in a metaverse is becoming more and more valuable over time. Therefore, an investment in a plot of land is considered an interesting investment for the future. Due to the principle of supply and demand, it can be foreseen that in the future the digital properties will become more and more valuable.
More and more companies are also going to the metaverse to buy a plot of land there, where they can open shops in the future. In this way, these companies will be able to offer their products in the metaverse in the future and represent a real presence in the digital world.
For the individual, games in the metaverse are even more interesting. Virtual land is the basis for being able to participate fully in the game. The players can earn passive income with the property by renting or raw materials. This attracts more investors.
If you want to go to the metaverse yourself and want to buy a plot of land (virtual land), we will give you a Instruction:
Find a marketplace for virtual land
The first step to the virtual land is to choose a marketplace where you can purchase the land. Most of the metaverses are based on the Ethereum blockchain. The NFTs based on Ethereum can be purchased on numerous well-known NFT trading platforms such as OpenSea. Other possibilities are classic crypto exchanges such as Binance, Coinbase or Kraken.
The right platform on which the property is to be bought will show you the respective metaverse or game. For the most part, these platforms have the trading platforms as partners and indicate where to acquire their plots.
Selection of the virtual property
Each Metaverse offers a different number of digital properties. These differ in many ways, such as size and rarity. You can often have a list of the different properties displayed on the trading platforms.
Connecting a wallet to a stock exchange
To buy a digital property in the metaverse, you need cryptocurrencies with which you can pay for the property. So you should connect your own wallet to the trading platform so that you can pay with the tokens of your wallet.
You should inform yourself with which cryptocurrency the respective virtual country can pay. Most often this should work with the ether. A popular wallet for Ethereum, which you can also use as a browser extension, is MetaMask.
Land for sale
After connecting your wallet to the exchange, you can now go to the property and complete the purchase with your cryptocurrencies.
The virtual plots in the metaverse are usually very expensive. The prices often start at several thousand euros or just 1 or more ether. Many investors speculate on the price increase over time. However, these speculations are often associated with a high risk and can lead to high losses.
This can happen if the property itself becomes less valuable. However, even a bear market of cryptocurrencies can lead to the fact that you can lose a lot of money, at least in the present. Here you have to be patient and trust that the crypto market will rise again.
Furthermore, metaverses are still relatively new and investments in them are always associated with risks. You should make sure that you do not perceive a dubious offer and are deceived by it. Therefore, a purchase on established and well-known platforms such as OpenSea is particularly suitable for land plots.
