The metaverse, which is driven by cryptocurrencies, is undeniably the most alluring magnet for metavere virtual real estate investors. The prospect of virtual lands comes as a shock to a significant number of individuals. It is possible, though, that individuals familiar with games such as Clash of Clans, The Sims, and Farmville will not find it all that unusual.
This article will provide an in-depth guide to metaverse virtual real estate.
A brief description of metaverse land
Within the framework of the Metaverse project, a digital location that can be purchased is referred to as a Non-Fungible Token (NFT) land or a Metaverse land.
The Metaverse project splits its map and offers it in single or multiple land deals into smaller portions. The holder of an NFT can acquire virtual land using cryptos; however, specific Metaverse projects will also welcome fiat currencies as a form of payment.
The owner can explore a three-dimensional environment provided by the Metaverse land. Since these lands are NFTs, it is simple to establish their legitimacy and ownership thanks to the fact that they are stored on a blockchain network.
Additionally, the virtual landowner can sell their property via either a third-party exchange or the platform provided by the Metaverse project.
What’s the point of buying land in metaverse virtual real estate?
Users are provided with a space to make online connections via the utilization of metaverse real estate. Playing games and interacting with other people can both be done on an individual’s digital land.
Creators can monetize the content of their property by either selling their NFTs or charging for access to it.
Brands can market their services, host virtual product debuts, and deliver one-of-a-kind customer experiences using their virtual properties.
These digitized tracts of land provide a fruitful investment option for those interested in real estate. In the same way that they are in the actual world, properties in the metaverse may be developed, flipped, or leased. Real estate in the metaverse has several potential applications.
Real estate market statistics in the metaverse
- In 2021, Sandbox LAND increased by 15,000%. It also had the highest trading volume in the same year, with a total of $350 million for 65,000 virtual land purchases.
- According to a research estimate, the metaverse market is expected to be worth $828.95 billion in 2028.
- In major metaverse platforms, the average price of a parcel has risen from $1,265 to $12,684.
- Approximately 25,000 different crypto wallets are now contributing to acquisitions in Metaverse real estate.
How to acquire land in metaverse virtual real estate?
The vast majority of statistics on metaverse virtual real estate seem positive. According to them, the first “settlers” on virtual platforms will make a fortune. Some planets are still in the beginning phases of their development. You may need to go beyond the numbers to get a picture of the situation.
Buying an NFT and buying a property in the metaverse are similar processes. On the other hand, your deed of ownership on a blockchain is a unique bit of code that no one else has. This code validates that you are the owner of that digital parcel of land or that you have rights to it.
To launch your portfolio of metaverse virtual real estate, you need access to your digital crypto wallet. Before registering for a new wallet, you should investigate the platforms that support the different cryptocurrencies in use for transactions. Following that, you will need to visit the portal for virtual metaverse and register for an account there. Next, connect your digital wallet to the site to buy land and assets. Choose a piece of land and purchase it.
Land in the Metaverse may be acquired the same way as buying real-world property via real estate agents and property managers. On the other hand, in contrast to the actual world, brokers in the metaverse are not required to have licences and are not bound by any regulations. As a consequence, you should ensure that the businesses you deal with have a good reputation.
Selling your land in the metaverse
You may sell the land you own in the Metaverse in one of two ways. You can sell via either the marketplace that the Metaverse project provides or a secondary marketplace.
If you want to put your virtual land up for sale on OpenSea, go to your profile on OpenSea and choose the “Sell” option on your NFT. You will have the opportunity to place fixed pricing.
How do you rent land?
A few initiatives, such as The Sandbox, provide virtual landowners the ability to rent out their properties. However, to rent out your virtual property to another person, you first need to agree with that person. Ownership of the NFT should never be transferred to the tenant.
Cryptocurrencies and the metaverse are frequently perceived as exciting, fast-money opportunities. Still, it is essential to remember that investing in projects for their value, ecosystems, market caps, and macro growth is necessary.
One of the most important things to remember while navigating this area is to use caution and always act after gathering relevant information. First and foremost, it is essential to do thorough research on the industry and make an accurate assessment of the volatile nature of this expanding area.