Metaverse is a unique concept that was recently introduced to us. It’s a mix of virtual, augmented, and physical reality. In simple words, Metaverse is a concept that blurs the line between your online and real-life interactions.
It’s a virtual universe that lets you replicate yourself on a virtual platform by creating your avatar. In the virtual universe, you can have your neighborhood, currency, park, clubs, assets, and more.
It might come as a surprise to some, but the real estate market has also made its way into the Metaverse, allowing you to purchase properties there. That means you can now buy virtual land by spending money.
The Concept of Virtual Land in the Metaverse
Metaverse land acquisition works the same as real-world real estate, but the dealing is done virtually. A piece of land in the Metaverse is represented by NFT or Non-Fungible Token.
The concept is almost the same as buying an NFT – you purchase a digital asset and sell them at any price you choose. Users should also know that NFTs were secured by Ethereum Blockchain; thus, anyone can verify their authenticity.
When purchasing virtual land in the Metaverse, users would need a digital wallet and crypto to purchase the land. We will discuss how to purchase land in the later part of the article.
Why Buy Land in the Metaverse?
If you are staying active on social networking sites, you might have seen many headlines talking about the number of property deals in the metaverse. Almost immediately after the concept of virtual real estate was introduced, many users were seen making million-dollar deals on virtual properties.
Now you might wonder what could be the reason behind anyone buying a virtual land on Metaverse. Well, virtual land is most often purchased for profit or to gain experience, whereas some buy it just for entertainment purposes.
Many users consider virtual land as an investment process. As Metaverse and virtual property are new concepts, users are trying to get hold of the best deals as early as possible. After purchasing land, users can sell it later at a higher price or rent the land for exclusive events or parties.
Things needed to purchase a Virtual Land in Metaverse
You would need a few things to purchase virtual land or NFT land. The first thing you would need is a Crypto Wallet, which will store your cryptocurrencies.
The first step is to find out what currency the virtual land accepts, and then you convert your dollars into cryptocurrency and store them in your cryptocurrency wallet.
The next thing you’ll need is a platform that will be used for buying NFT lands. Sandbox is a great choice. If you are looking for a third-party option to compare price, amenities, and assess the value based on virtual neighborhood, then OpenSea might be the best choice.
How to Buy Virtual Land in the Metaverse?
Whether you’re considering buying virtual land or you just want to see how much NFT Lands cost, the simple guide below will help you.
1. If you are using Sandbox, open this link and click on the Sign-in button as shown below.
2. For signing in, you need to link your crypto-wallet. Here we have used Metamask to guide you through the process.
3. Now, on the Choose your wallet screen, click on the Metamask.
4. The Chrome extension of MetaMask will pop-up. You need to select your account and click on the Next button.
5. On the permission screen, click on the Connect button again.
6. On the Signature request, click on the Sign button.
How to Find Lands on Sandbox
The next step includes finding lands on the Sandbox. Here’s a step-by-step guide on how to find lands on Sandbox.
1. Once you have signed up to Sandbox, you need to open the website and click on the Market icon as shown below.
2. Now, under the NFT Type, click on the Lands as shown below.
3. On the next screen, you will be able to see the NFT Lands offered by Sandbox and other users. You need to scroll through the list to find more land.
4. You need to click on the virtual land you are interested in. On the next screen, click on the ‘Buy Now’ button as shown below.
5. On the next screen, you will see the price of the virtual land that the owner has set. If you are interested, you can click on the Buy Now button. Or else, use the ‘Make Offer’ to negotiate the price.
So, with the concept of Metaverse, you can buy, rent, flip, or even sell properties. Many users have already dived into the NFT Lands for investment purposes. What’s your take on NFT Lands? Let us know in the comment box below.