How To Buy Land in Metaverse 10 Useful Tips
Buying virtual land in the metaverse is not as difficult as it might appear. You’re already just a few clicks from being a digital property owner.
The Metaverse trend will continue to influence social platforms, the IT industry, and the arts for decades. The Co-Founder of AdLunam, Olivier Acuna, believes that metaverse land will already be more profitable than traditional land by 2022. This is not surprising since Metaverse property is in such high demand. One year ago, a standard plot of land in Decentraland cost USD 1000, but now the price reaches USD 13,000.
So, is this another opportunity to purchase the newest and hottest digital assets before they go mainstream? Is it the same as purchasing Bitcoin ten years ago or NFTs two years ago? Could it be better to keep your distance from what may turn out to be an over-hyped bubble that is about to collapse? Discover the answer by reading on!
In the Metaverse, What is the Land?
Basically, Metaverse is a 3D Virtual world where users can interact in an immersive way with each other, AI-powered objects, and virtual assets. Similarly, metaverse real estate is digital land in a virtual world. Here, an investor owns a piece of virtual land where people can trade NFTs, socialize and play games.
Metaverse Land consists of programmable virtual reality spaces that allow people to attend meetings, sell NFTs, socialize, attend virtual concerts, and perform a wide range of virtual activities. It is expected that the metaverse push will lead to further growth in virtual real estate in the future.
Tips To Consider Before Buying Metaverse Land
Research the platform carefully and examine its fundamentals before deciding to purchase land in Metaverse. Just as with any other investment, it is always advisable to follow best practices when buying NFT land. While purchasing Metaverse land, make sure to use the official project link or a reputable third-party marketplace. Additionally, don’t forget that buying a property is not the only option; renting out virtual land can also be an option in the future.
Useful Tips: How Do I Buy Metaverse Land?
Despite the risks associated with investing in metaverse land parcels, capitalizing on the hype of virtual real estate can be overwhelming. Many of you are looking for information on “How do I buy virtual land?” to become part of the latest trend. Purchasing land in the virtual world may seem daunting at first as there are specific terms and processes involved, but it is a simple process, and in just a few steps, you can purchase land in the metaverse. You can purchase Metaverse virtual land in two ways:
- Buying from the NFT Marketplace
- Directly buying from their respective metaverse platform
Additionally, purchasing NFT lands follows the same process as buying any other NFT. All you need is a wallet and cryptocurrency. As with any investment, always do your research before taking an opportunity.
Step 1: Choose a Metaverse Platform
Before purchasing a Metaverse property, you must select a Metaverse platform. Your reasons for buying a property will influence the project you choose. Suppose you are buying your digital land on XANA, then here are the steps you need to follow to make a successful purchase.
Step 2: Set Up Your Crypto Wallet
It would be best to create a wallet that gives you access to your cryptocurrencies. Depending on your preference, you can use mobile or browser-based wallets. However, using a browser-based wallet is usually less of an issue. MetaMask or Binance Chain wallets are excellent options as they support multiple blockchains, but always ensure your wallet keeps NFT land’s blockchain. When you set up your wallet, you are given a set of words called a seed phrase.
Step 3: Connect your wallet to XANA’s native marketplace
Go to your desired marketplace and connect your crypto wallet. We use the XANALIA marketplace, but you can use any other available marketplace. Note that XANA is built on the Ethereum blockchain, so you must connect your wallet to the Ethereum mainnet. Please note that if you need to deal with blockchain, you will need to confirm all actions and transactions from your wallet. Verifying connectivity from your wallet to the XANALIA Marketplace would be best. The XANA map shows lots of virtual land parcels you can bid on. Some can be purchasable directly from the XANALIA marketplace.
Step 4: Browse & Select a Metaverse Land
The following process is researching and choosing the desired metaverse Land. Looking at a XANA map, you’ll see many parcels for sale. Mouse over to see owner and price. The seller offers a sale price for the digital land parcel, but you can bid on any amount. The downside to participating in auctions is that it usually takes months (depending on the seller) to see if you win.
Step 5: Purchase the Desired Parcel
Once you have chosen your desired parcel, click the “Buy” button to complete the purchase process. Assuming you have crypto in your digital wallet, you need to confirm the transaction from your wallet. Here’s how to buy virtual lands in XANA.
Once the real estate transaction is confirmed and executed, you will see the NFT in your digital wallet. You will also be registered as the new owner of the property. From here, you can decide whether to keep your property for a while, build something, or relist and resell — hopefully profitable. It’s that simple.
Step 6: Confirm Your Purchase
The transaction will proceed as long as you have sufficient funds in your wallet and the price has been agreed upon. Your wallet provides you with the option to confirm your virtual real estate purchase.
Beware of Scams
Real estate in the Metaverse is basically an NFT. Purchasing Metaverse land NFTs from official, reputable platforms is always advisable. Moreover, if a deal appears too good to be true, it most likely is. Due to their meteoric rise, there are quite a few scams that you should be aware of.
Metaverse Land: Why Should I Buy It?
Metaverse platforms offer virtual land parcels in the form of non-fungible tokens. Interestingly, NFTs offer unique ownership of metaverse real estate and security. As in the real world, the buyer of a piece of land may resell it, lease it out or build virtual properties and experiences on it. Following the transfer of ownership of an NFT related to a virtual land parcel, the buyer receives complete ownership rights to the virtual land parcel.
In a nutshell, you should seek out the cheapest land in the Metaverse right now for two major reasons. The first reason is that you can construct something using the virtual piece of real estate in the Metaverse. A virtual land parcel can serve as an effective tool for expressing your personality on an open platform. Depending on your preferences, it will allow you to create a house for your digital avatar or a workspace from which to work within the Metaverse.
Another compelling reason to examine metaverse real estate investment prospects is due to its popularity. Many investors are investing in Metaverse real estate under the assumption that they will be able to achieve high prices in the future. Virtual land presents a promising investment opportunity, especially since its average price has increased almost 10 times in the past year.
What Are the Benefits of Buying Metaverse Land?
The project you choose will determine what you can do with your land. While some investors might just speculate, others might use the land for its intended purpose. Many spaces host events and conferences and even rent advertising space when they get enough traffic. Many platforms, including XANA, have integrated their land into their services. You will likely receive in-game benefits when you purchase a plot in an NFT game.
How Safe Is It to Buy Metaverse Land?
Understanding that every investment you consider involves a certain amount of risk and reward is essential. While metaverse land (and the lack of tangible assets) might seem like a mindboggling concept to some, the potential of virtual worlds, as well as adjacent technologies such as augmented reality and virtual reality, and artificial intelligence, cannot be denied. It’ll be interesting to see whether the Metaverse is another speculative investment filled with overpriced digital properties or if virtual worlds are the next big thing.
Metaverse Investments: How They Work?
Investors in the Metaverse generally have a simple and easy way to invest. The top metaverse platforms allow you to set up a cryptocurrency wallet and purchase metaverse tokens. Additionally, investors may purchase in-game NFTs and virtual land parcels to place their stakes on specific metaverse platforms.
Despite its promising growth potential, the Metaverse is still in its infancy. As a result, investors should carefully consider every aspect of their investments in the Metaverse before committing their valuable assets to them. However, metaverse investors may also find indirect investing methods, such as exchange-traded funds and metaverse company stocks.
How To Sell Land In The Metaverse?
A virtual land sale is a simple process with no complications. In order to sell NFT real estate, users can simply visit their profile and click the “Sell NFT” button on the desired NFT that they want to sell. Here, they’ll be able to create a fixed price or time auction. There are several NFT marketplaces that offer NFT properties for sale, including XANA, OpenSea, and many more.
How To Rent Out Metaverse Land?
XANA currently does not offer the land rent feature; you can only buy virtual land and then sell it to another user. A few projects, such as The Sandbox, will allow landowners to rent their property to third parties. If you decide to rent the land to someone, you will need to come to a private agreement, which makes the process fairly risky. During the rental period, it is imperative that you do not transfer ownership of your NFT to the tenant. We recommend waiting until an official, secure rental system is in place before renting.
In light of the growing hype surrounding the Metaverse, there are favorable prospects for metaverse real estate. You can buy virtual real estate on any metaverse platform of your choice with just a few simple steps. Moreover, virtual parcels of land can also serve as a medium for expressing identity in the Metaverse. Thank you for reading this guide, and we hope that you are able to learn something from it and will start your virtual land purchasing NFT soon.