Real estate has always been expensive, a tough reality for many people. Some of the highest-priced ones are not even located on Earth or do not exist in the real world. Digital real estate is one of the most non-stop increasing business investments in the Metaverse.
Most of this “boom” was caused by celebrities and investors paying millions to get a piece of virtual Land on different platforms. However, crypto enthusiasts, tech followers, and thousands of users also started to follow this trend, making it the success it is today.
Understanding Metaverse Land
The virtual worlds of the Metaverse are known for being split or divided into different territories or areas, each including plots of Land for people to use. These lands are not only purchasable but also can be traded or exchanged for fiat, cryptocurrency, or even non-fungible tokens.
Inside these places, users can create whatever they want: new experiences, enjoy games, socialize, host party events, and many more.
Since the Land is part of NFTs, the ownership of each one of these digital assets can be easily proven, meaning all transactions are equally public records.
How to Acquire Land
Buying, selling, or trading land follows the same principles as non-fungible token sales. Most platforms require a desktop device to access and acquire Land, where users can get a snapshot of the available land characteristics. This includes location, area, prices, potential, and transaction history.
Once the users choose the preferred Land they would like to buy, looking in the marketplace for it or looking at third-place official markets like OpenSea and Binance NFT is the next step. Once done, users will have to go through three simple steps to acquire Land:
Opening a Digital Crypto Wallet
Almost every Metaverse virtual world requires users to have their digital crypto wallet. This is required for any transaction, as well as for holding digital assets and virtual money. The wallet chosen entirely depends on the Metaverse platform that the member chooses to use.
For the best possible experience, experts recommend using a digital wallet that allows users to integrate it into web browsers. Top wallets like MetaMask and Binance Wallet Chain are some of these examples.
No matter what crypto wallet is chosen, it’s necessary to make sure it can support the currency of the virtual project in which it intends to invest.
Having enough cryptocurrency is mandatory to complete any transaction in the virtual world. Most currencies are very easy to get and can be used almost anywhere. Popular ones like $MANA, $SAND, and $ETH are the most requested.
Platforms like Binance, Coinbase, and KuCoin are the safest places to acquire cryptocurrency.
Selecting a Metaverse
Unless there’s a project in the Land to acquire Land in a specific Metaverse, users will have to start looking for options and compare to know which one is the best. Among the top platforms, Decentraland and The Sandbox stand out as the best available options, with many opportunities.
The amount of Land varies from Metaverse to Metaverse, meaning checking these small details and characteristics is vital before fully committing.
Confirming a Purchase
Once the desired Land is chosen, and the user has the necessary amount of cryptocurrency to buy the Land, the confirmation phase begins. To confirm the buy, heading to the Metaverse’s marketplace (or a third-party platform) is necessary.
After the sale is confirmed and the transaction is done, users should see its NFT in their digital wallet. This also includes confirming them as the owner of that acquired Land. After that, players can build on it, re-list and sell it again for profit, or hold it until they want to.
Ways to Find Purchasable Land
It’s very important to know that virtual worlds have a limited amount of parcels available, meaning that there’s no infinite amount of Land to buy. This is made to boost scarcity and healthy economic competitiveness.
For example, Decentraland has its Land divided into 90,601 plots called LANDS. Many are available, and each offers different characteristics: advertising, business, parties, services, and events.
As for how to find purchasable Land in the current market, these are some of the most successful places to get a good plot:
A lot of LAND is available to buy in The Sandbox’s official marketplace and in many other second-hand places or third-party NFT exchanges like OpenSea. However, it’s important to remark that these places have been traditionally more expensive than the official site.
Ranking as one of the smallest Metaverses to get Land with only 3,026 parcels, CryptoVoxels can be bought through OpenSea in exchange for UST or ETH. Unlike other virtual worlds, this one keeps expanding and currently features even more plots.
With its rank as one of the top places to get Land, Decentraland has some of the most expensive plots, valued in millions. Much of its allure is related to the high-profile platform, with many influencers, celebrities, and companies that decide to partner with Decentraland.
Launched in 2018, Somnium Space earnt its name in the virtual world among those looking to know how to buy Land in the Metaverse due to its offerings. Its heavy focus on video games and NFT offers a lot of diversity, with more than 5,000 parcels available for users to acquire.
How Can Designers Improve These Lands?
Those with no knowledge of modeling or design that acquire a plot of Land in the Metaverse will notice that there’s no way to buy something easily. That’s where professional designers come in to buy any building, asset, or foundation the clients want.
Teams like Exolve are extremely capable of realizing these types of tasks. From ground-breaking architecture to open-world environments, creators can materialize anything in the Metaverse through landscape designs of any kind.
Creating these worlds with professional expertise also means having deep knowledge of 3D software, design, and modeling. This way, they can ensure that every user will feel the detail and immersion that Metaverse provides, making them return for more.
Among the most famous creations, the Exolve teams have shaped entire fantasy worlds, real-life-like counterparts, and many buildings. Collaborations with Nikeland, The Sandbox, and Zara are also some of the Metaverse, and NFTs designers have participated in.
Are There Any Risks When Buying Land?
When learning to buy Land in the Metaverse, it’s important to remember that risks can happen, just like in any other place when acquiring something. For example, many scams and fake sites try to sell non-existent plots to users, making them lose their money.
Like buying crypto and NFTs, digital real estate doesn’t have any government agency, bank, or institution to go to when trying to recover lost money. This is why proper learning and guidance can make a difference before doing a catastrophic decision.
Even if these risks are avoided, users need to know that some technical considerations can come to mind, such as sales conducted by NFTs. Making sure that personal information is encrypted and backed up properly in case of data loss or theft can save someone from a scam.
Many people look to know how to buy Land in the Metaverse due to its rising popularity and chances of making huge profits. Unfortunately, this trend doesn’t seem to stop anytime soon, with certain parcels increasing in price to millions.
At the same time, the arrival of many celebrities has helped to raise and boost the popularity of platforms like Decentraland and The Sandbox, two of the most preferred places to build. Hiring a creative design team to do these jobs is vital to create a good real estate property.