The Metaverse continues to entice users into its realm. With everyone trying to experience this next big thing, even the real estate market has made its entry here. Besides playing games and talking to people, one can now actually buy a virtual piece of land in the Metaverse. If you’re wondering how to do so, you’re at the right place. Keep reading as I teach you how to buy virtual land in the Metaverse while taking the right precautions.
Buy Virtual Land in the Metaverse
While buying virtual land in the Metaverse is easy enough, there are still some things you need and tips you should follow. However, if you already know the basics, then use the table below to skip to the process itself.
What Is Virtual Land in the Metaverse?
For those of you who aren’t aware of what land in the Metaverse is, let’s break it down quickly. A parcel of Land in the Metaverse is basically a piece of virtual real estate that is represented by a Non-Fungible-Token. Each parcel of land in the Metaverse is on the blockchain and hence can be verified for authenticity easily. Like land in the real world, virtual land is purchased for a price that is mostly cryptocurrency. Also known as NFT Land, these parcels are either available in virtual real estate projects or can even be bought on third-party platforms like OpenSea.
Users who buy virtual or NFT land can then build experiences on top of it including games. One can even sell virtual land for a profit and even rent it out for a crypto payoff. NFT land has been steadily gaining momentum as people in the Metaverse are diving headfirst into this business. However, it’s not just folks online that have invested in this. Even companies are buying patches of land in virtual real estate projects and are getting on the bandwagon.
Reasons for Buying Virtual Land
Like real estate in the real world, your reasons for buying virtual land in the Metaverse may differ. However, most people buy it for either entertainment or profit.
Users buying virtual land for entertainment often purchase it and then build virtual experiences on top of it. Depending on which project they have invested in, a user can create different experiences and place a plethora of digital assets on them. One can even invite friends onto the bought NFT land and socialize and have fun with them.
However, there are also people who buy virtual land in the Metaverse for investment. A big reason for this is that NFT land is becoming scarce. Metaverse users are quickly buying up parcels in virtual projects and that is causing their prices to increase even further. So a user buying up land in the Metaverse can then sell it for a tidy profit. To understand just how much profit one can make you should know that virtual lands in the Metaverse are being sold for hundreds of thousands of dollars.
However, for those seeking a regular income, this land can even be rented out to fellow users or even used for other purposes. So you can easily buy a slot of virtual land and then rent it out to users. Many people also host exclusive events on their land and then charge users for admission. No matter your reasons for buying up virtual land, you can still get your hands on a piece or two. Keep reading as I walk you through it.
Things You Will Need to Buy Virtual Land in the Metaverse
Before we begin buying up the next big thing in the Metaverse, let’s quickly discuss what we need to do so. Make sure you have the following things before proceeding.
1. A Digital Crypto Wallet
Virtual land in the Metaverse cannot be bought with your traditional currency like the U.S Dollar. Instead, you will need a digital wallet that will store your cryptocurrency. This currency can then be used to purchase whatever currency the virtual real estate project will require. For the best possible experience, make sure to get a digital wallet that can directly integrate into your web browser.
You can check out digital wallets like MetaMask (visit) and Binance Chain Wallet (visit). However, no matter which crypto wallet you go for, make sure it supports the currency of the virtual project you plan on investing in. You can easily do that by visiting the project’s website and finding out.
2. A Virtual Real Estate Platform
Unless you already have a virtual land project in mind, you will also need a place that is selling NFT land. Platforms like Decantraland and Sandbox sell virtual lands through tokens like MANA and SAND respectively. The area and amount of land will vary based on which platform you choose. A piece of LAND on Decantraland for instance measures 16 meters by 16 meters.
However, you will encounter scarcity almost everywhere so if direct buying isn’t possible, you can always check out websites like OpenSea, an NFT marketplace where sales are regularly held by users who already own land. Make sure to pick a virtual land platform that you like since you will directly be investing money in it. We will be referring to the Sandbox in the next few steps.
Tips Before Buying Virtual Land
While the process of buying virtual land is easy enough, there are some things you should keep in mind while going through the process.
1. Make Sure the Metaverse Land Project Is Legitimate
Whatever Metaverse land project you end up choosing, take some time to do some research on it. Since the purchase of virtual land involves dealing with real money, it can be all too easy to fall for a fake NFT land scam. A good way to find out if the area you’re investing in is legit or not is to search for people who have invested before you. If overall reception is positive, you’re good to go. If not, then take time to search for alternatives.
2. Be Careful with Your Digital Wallet
Digital crypto wallets are secured with something called a ‘Seed Phrase‘. Put simply, a seed or secret phrase is a set of random words that let you gain access to the funds inside the digital wallet. The seed phrase associated with any digital wallet is extremely important as one can get direct access to the wallet with it.
Whatever you do, do not share your secret wallet phrase with anybody. This includes any virtual land company or even the wallet company itself. Failing to do so can put your cryptocurrency at risk of being stolen. Keep this in mind while you transact for virtual land in the Metaverse.
How to Buy Virtual Land in the Metaverse?
Once you have set up a digital wallet and chosen a Metaverse virtual project, the process itself is quite simple. We will be showing you images from Sandbox but the steps will more or less remain the same for other projects. Follow the process below to learn how to purchase virtual land in the Metaverse.
1. Head on over to your Metaverse virtual land project. If you’re also using Sandbox, then use this link to head on over to the website.
2. Click on the Sign In button to log yourself in.
3. You will now be required to link your crypto-wallet. If you’re also using Metamask like us, click its icon.
4. You will now need to authorize Sandbox access to your wallet. Click the Next button on the pop-up that appears.
5. On the next screen, click the Connect button to continue.
6. You will now proceed to enter your details for Sandbox. Enter your E-Mail address and nickname and press the Continue button.
7. Another window will pop up asking for your wallet signature. Simply press Sign to continue.
8. The last step is creating a password. Make sure it’s a strong one. Type out your password and press the Save button.
And you’re all done! You can confirm that you’re signed by looking at the top right of the website. The Sign-In will now have been replaced with your profile and SAND balance.
You will also need to buy SAND (Sandbox’s official currency) or ETH in order to buy virtual land. While we will not be covering that part in this how-to, it’s easy enough to do so. Simply choose a platform like Binance, create your account and buy and transfer the currency to your wallet.
Scoping out Virtual Land and Buying It
Note: At the time of writing this article, NFT Lands on Sandbox were available. If you don’t see them while reading this, you can always check out virtual land on Sandbox by going through OpenSea.
Now that your wallet and account are ready to go, let’s begin actually buying the virtual land. Simply follow the steps below to do so:
1. Click on the Market Icon on the left sidebar. This will lead you to Sandbox’s official marketplace.
2. On the marketplace, click on LANDS under NFT type. If you don’t see it, simply scroll down until you find it.
3. You will now see the list of NFT Lands provided by both Sandbox and other users on OpenSea. Take your time and scroll down to check out the list. Once done, click on the Land you’re interested in to be led to its page.
4. You will now see the virtual land’s price in SAND along with any assets that are included in this land. Once convinced that this is the one you want, click on the Buy Now button to begin the process.
5. Alternatively, you can click on a parcel of land on Opensea and you’ll be redirected to the website there. You will now see the price the current owner is charging. You can either press Buy Now to buy it at its price or Make a custom offer to negotiate. Whatever you end up doing, you’ll be the owner of virtual land in the Metaverse. And before you say it, yes we know that virtual land is expensive so be sure about the one you want before buying it.
You will now be redirected to OpenSea to complete your purchase. As in Sandbox, you will need to connect your wallet there too. Once done, your crypto money will be deducted and your land will be allotted to your account in the form of an NFT. Congratulations on owning virtual land in the Metaverse!
Own Virtual Land in the Metaverse
That’s pretty much everything you need to know about buying virtual land in the Metaverse. So, what are you planning on doing with your virtual real estate? Are you going to flip it for a profit, develop it as an experience, or something else? Let us know your thoughts in the comments.