How to Buy Digital Real Estate in the Metaverse?
As the Digital Real Estate in the metaverse continues to accelerate, users may be curious how you can get in on the activity.
The term “metaverse” refers to a group of online media-created interactive worlds complete with virtual recreation and business owners. The two largest metaverse platforms, the Sandbox, and Decentraland, each have a limited number of plots of “land,” but both have stated that they will never create more.
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What exactly is a Digital Plot?
Before investing in digital real estate on any platform, you should first understand a digital plot.
Plots of “land” on most platforms are symbolized by X and Y coordinates on a map encompassing the entire metaverse world. Each story is converted into an NFT, which is then sold to a consumer either directly by the platform or through a secondary marketplace, the most popular of which is OpenSea. When you purchase a plot through an NFT, your transaction is recorded on the blockchain of the platform in question, and you become the rightful proprietor of that plot of land within the metaverse.
More importantly, investing in the metaverse is a good investment.
If the metaverse continues to grow in popularity, the value of properties on platforms may rise. However, the price of land may fall if fewer people interact with a specific forum or if the price of a particular cryptocurrency drops.
What exactly is the Metaverse?
The Metaverse, which combines augmented truth (AR), virtual worlds (VR), and video, is a step forward to digitalizing the real world. Users can work, play, and stay connected with family and friends in the virtual world through their digital avatars. There is plenty to do in the metaverse, from retaining a conference to traveling around the virtual world.
However, real estate appears to be capturing the attention of investors. The amount of property exchanges in the metaverse has already been making news, with multimillion-dollar deals breaking records twice a month.
To purchase property in the virtual world, you must first register with a metaverse platform such as Decentraland, The Sandbox, or Axie Infinity, among others. All you need to transact in the metaverse is a well-funded digital wallet. You can convert your dollars to cryptocurrencies such as ether or native currencies of the metaverse you’re dealing in, such as MANA or Sandbox, and keep them in your digital wallet.
You can buy, rent, flip, or even sell properties in the digital world with the help of the metaverse’s nearly complete ecosystem, and ownership is via non-fungible tokens (NFTs) title.
Getting Ready to Buy Land
Before you buy land, you must first create a cryptocurrency wallet. MetaMask is a wallet that is commonly used to purchase land and is acknowledged by the Sandbox, Decentraland, and OpenSea. To get started with a MetaMask wallet, you must first download the app to your phone or use the Google Chrome browser extension. After downloading MetaMask (or the other type of crypto wallet), you will be prompted to create passcodes and will most likely be given a secret phrase that you will use to confirm your identity later. You can use your newly created crypto wallet to open an account on the Sandbox or Decentraland. Remember to investigate a given metaverse framework before investing in it.
You’ll need to swap US dollars (or whatever currency you’re using) for a cryptocurrency once you’ve obtained a wallet. To complete the purchase, MetaMask will direct you to the cryptocurrency exchanges Wyre or Transak.
How to Buy Real Estate in the Metaverse? A Step-by-Step Guide
Sign-in to a Real Estate Global Market
Sign in to a real estate global market within metaverse, including such as Decentraland, Axie Infinity, or Sandbox.
Examine the Available Plots
Examine the various available plots of land and compare their prices.
Learn more about the Land
Once you’ve decided on the digital plot of land you want to buy, click on it to learn more about it. It’s essential to keep in mind that a specific metaverse property platform will only allow you to make a buy from their platform if you use their approved cryptocurrency. Decentraland, for instance, only allows users to buy and sell characteristics using MANA, a cryptocurrency developed by Decentraland.
Connect your Digital Wallet to your Account
The next step is to connect your digital wallet to your account on the property platform. You’ll first need to obtain a compatible digital wallet to do so. Metamask is the most popular digital wallet on the market right now. It works with nearly every property framework in the metaverse.
Fund your Digital Wallet
It is critical to fund your digital wallet with a virtual currency consistent with your chosen digital property framework. After you’ve selected the land and financed your linked mobile wallets, all you have to do is click the ‘buy’ button. You can easily buy the same through various exchanges and securely store the cryptos in your digital wallet.
Purchase your Digital Land
When you finish the transaction, the digital land you purchased is stored in the form of NFTs in your linked digital wallet. You could indeed view your newly acquired land in your digital wallet by going to the ‘NFTs’ tab.
Things to know before Purchasing Property in the Metaverse
Unlike investing in the real estate market, where your acquired physical land truly exists, digital land in the metaverse would become non-existent if the platform from which you purchased the land fails and goes offline. Another thing to keep in mind is the volatility of the cryptocurrencies used to conduct business in the metaverse’s real estate market. Because the value of the digital currency fluctuates, the value of the property you own in the metaverse varies correspondingly.
Furthermore, because investing in digital real estate is a relatively new asset class, many aspects remain unexplored. Investing in the metaverse’s digital real estate market is highly speculative, and it is recommended that you thoroughly research the pros and cons before making any investments.
Looking for the Ideal Property
Once you have cryptocurrency in your wallet, you can start looking for properties on various platforms. The Sandbox, as well as Decentraland both, sell the land straight, however, the Sandbox does so in waves, the much latest of which would be on December 2. These waves frequently sell out in seconds due to high demand, according to Ryan Baue, co-founder of MetaMetrics Solutions.
They were doing them every week earlier this year. There may be a month between waves, but they enter the market through those primary channels.
Your best bet could be to purchase land on a secondhand market, such as OpenSea. Searching for the Sandbox on OpenSea or guiding to the Decentraland page on OpenSea will yield a plethora of parcels for sale.
If you’re buying land on a secondary marketplace, Chad Diefenderfer, cofounder of MetaMetrics Solutions, recommends looking for verified sellers. Verified land in the Sandbox and Decentraland will be marked with a blue checkmark by the offering on OpenSea, and it is the most secure option for purchasing real estate.
Anyone can create a bogus OpenSea, Sandbox, or Decentraland contract. So just double-check what you’ve been doing.
Be warned: Finding land exactly wherever you want to buy it within a metaverse platform may be difficult. Businesses such as NFT Property Group, MetaMetrics Solutions, and Metaverse Group can provide you with a real estate consultant to assist you in searching for plots in specific locations or locating the best value plots in the Sandbox or Decentraland. You can also hire a metaverse broker or consultant to assist you in your search. If you prefer to buy land on your own, the secondary marketplace WeMeta provides a simple interface. It’s always a good idea to shop around and do your homework before purchasing because there’s no restriction to what folks can ask when they enumerate these for sale.