Home Tech How to Buy Land in The Metaverse + 7 Buying Platforms

How to Buy Land in The Metaverse [2022] + 7 Buying Platforms

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As the price of land in the metaverse continues to rise, most people are curious about the best way to invest in it. For specifics on how to achieve this goal, stay tuned.

The term “Metaverse” refers to a virtual world where people can engage in mundane activities like those found in the real world, such as shopping, playing, watching media, buying, and selling. The metaverse is hosted on remote servers.

In contrast to social media confined to text, images, and video, metaverse has everything related to digital existence. You spend your days as an avatar in the metaverse, where you can socialize with other digital beings, experience live performances, shop for virtual goods, and more.

Products have started to take this thing seriously. Others, such as McDonald’s, are filing trademarks for online eateries that would deliver meals anywhere on the planet.

Moreover, there is a lot of risk with the foremost corporations of the metaverse and crypto currencies.

However, we will stick to a single point of emphasis:

Investments in the Metaverse

Allow me to start with a disclaimer: Metaverse investments carry a high risk.

However, there is always a degree of risk involved with investing.

Nothing has changed since Bitcoin first appeared a decade ago. When presented as a possible investment opportunity, computer coins were often viewed with skepticism.

The joke is, arguably, on them now that Bitcoin’s value has risen.

Pieces of metaverse real estate can reenact these events. The last few years, at the very least, bear this out.

Take, for example, the following purchase and sale details for a piece of real estate in Decentraland that was recently featured on Opensea:

Token details: 187155… First Sale Second Sale Third Sale
Transaction Amount: $4,684.46 $9,687.84 $11,272.12
Date: June 20, 2021 April 7, 2022 April 10, 2022

 

Evidently, the initial transaction resulted in a profit for the owner of more than 100 percent in a period of less than a year. The second one brought in about 16% in profits in only three trading days.

Nonetheless, there may be special cases. So, here’s an alternative:

Token details: 51042… First Sale Second Sale Third Sale Fourth Sale
Transaction Amount: $832.46 $14,184.93 $12,320.53 $12,669.77
Date: April 12, 2019 January 10, 2022 April 4, 2022 April 9, 2022

 

I’m not trying to be ambiguous here. Not encouraging a mad rush to buy up plots of virtual real estate is not the goal here. The third sale could result in a loss, while the fourth could yield a modest profit. The first investor made a whopping 1,600% profit in just three years from the sale of this parcel.

Similarly, while the majority of deals do generate profits for their investors, roughly the same number of deals also incur losses.

It is also helpful to realise that the rules of supply and demand apply to investments in the metaverse. For instance, if you invest in a piece of real estate in a metaverse world and no one comes to see it, you could lose everything. On the other hand, it can accelerate your path to financial success.

However, we do not offer financial advice. Instead, the topic of this article is investment (buying land) in the metaverse, should you be so inclined.

Methods of Investment in the Metaverse

Land in the Metaverse is theoretically non-transferable assets.

Your acquired NFT will always be stored on the blockchain that corresponds to the metaverse in question. Each’s early connected history is available for perusal.

Here are the five actions required to buy land in any metaverse:

  • Select the Virtual World
  • Pick Your Plot of Land
  • Create Relevant Crypto Payment
  • Make Your Purchase
  • Verify Your Blockchain Transactions

Let’s break down the steps outlined for one piece of real estate in Decentraland:

Opensea, a popular NFT exchange, has this item for sale. The cost is 2.99 ETH, hence a wallet that can store that currency is required. If using hot wallets is fine with you, Metamask is a great choice.

(Hot Wallets are a type of digital wallet that can be downloaded for free and installed on your personal computer. When compared to hardware wallets that only interact during transactions, they are more vulnerable to cyber threats).

The wallet then has to be funded with the sum of the transaction plus any applicable fees. The Trust Wallet and the Coinbase Wallet, for example, each have their own built-in exchanges. You can also buy it on any exchange and have it sent directly to your wallet.

When you click the Buy Now button, you’ll be asked to connect your payment method to the marketplace. Add funds to your Metaverse account and start buying land today.

The further steps of the process will be determined by the availability of a suitable financial instrument. You will be OK if you can just follow the on-screen prompts, though.

Due to the transaction cost and the network conditions, the transaction will be completed in due time. When all is said and done, the relevant blockchain can verify the legitimacy of the transaction and the identity of its owner.

Top 7 Methods to Buy Land in Metaverse

I hope you’re comfortable with the fundamentals, because now we’ll go over the many options for buying land in the metaverse.

1. Opensea

Opensea is an exchange that facilitates commerce between worlds in different metaverses. So that you can buy property in a number of other alternate realities. Choose your preferred virtual setting and parcel size, then complete the purchase.

You should also click the redirect sign to double-check the details on the official metaverse marketplace before making a purchase. You can view the land for sale on the official metaverse marketplace, opensea.

By centralizing everything on a single web page, Opensea streamlines the procedure.

It also allows users to buy cryptocurrency directly with a credit card, eliminating the need to use an exchange to do so.

2. Decentraland

The metaverse project Decentraland has received widespread acclaim. The country’s native cryptocurrency, MANA, is widely regarded as the best in the metaverse. Registration for a Metamask wallet and the purchase of MANA are both possible in Decentraland.

You can buy, sell, and trade MANA on all your favorite exchanges, including Coinbase, Binance, Huobi, and the rest. As a result, you’ll want to make a purchase of MANA on one of these exchanges before sending it to Metamask. In addition, you’ll need ETH for the associated transaction costs.

After finding a piece of land you want, you can finally make an offer on it by clicking the appropriate button. Through the bidding process, you can submit an offer to the owner for any amount you deem fit within a specified time frame.

3. Sandbox

When it comes to buying land in a metaverse, The Sandbox is second best option to Decentraland. Sandbox supports multiple signup mechanisms, such as Metamask, Coinbase, and Bitski. In addition, you can sign up for a Vinyl wallet account with one of your social media profiles.

The Sandbox’s method of buying land is similar to that of Decentraland. For the same reason, buying anything will require both ETH and the local money, SAND.

Once Sandbox has been added to your cryptocurrency wallet, you may then browse the LANDS sections on the MARKET page and make your purchase. Pressing the Buy Now button and logging into your wallet are the final steps in the process.

4. Somnium Space

Opensea runs the storefront in the new metaverse Somnium Space. The vast majority of its well-established rivals, however, are not VR-ready. You’ll need to link it up with Metamask and pay for the shipment with Ether (ETH).

5. CryptoVoxels

Metamask, Coinbase, Torus Wallet, and Wallet Connect registrations are all supported. Through the links provided for each package, customers may either buy the product on the official website or learn more about it through Opensea.

6. Upland

Land in the up-and-coming metaverse of Upland doesn’t cost tens of thousands of dollars just yet. Each of these homes has its own physical location, making this unique.

One key distinction is that a bitcoin wallet is not needed to begin the signup process. Rather, you’ll need to register with a valid email address and a password before you can gain access.

When you register in Upland, the government gives you 4,550 UPX. In addition, a Visitor visa that is valid for seven days will grant you such status. You can easily renew your visa online prior to its expiration date plus one day. Your UPX will be refunded and you will have to start over if you don’t comply.

Buying property in Upland requires a greater social standing if you’re not already an Uplander. This represents the ownership of 10,000 UPX, which may be purchased on the site with money sent from a PayPal account or with cryptocurrencies.

Once you get there, all you have to do is use the maps, click on the house, and follow the on-screen instructions. In addition, the blockchain stores all Uplanders’ assets, making them unchangeable.

7. ERTHA

The landmass of Earth has been divided into hexads and put up for sale on the life-simulation metaverse, ERTHA. As far as infrastructure and location go, each ERTHA plot hosted on Binance Smart Chain is one of a kind.

What we have mentioned so far is analogous to buying property in this metaverse. To get started, click the ADD TO CART button next to the preferred hexagon. After deciding the currency you’d like to use (BNB, USDT, etc.), you can launch the Metamask and complete the exchange.

Another option is to copy the payment address, transfer the money, and then wait for confirmation.

Conclusion

Though this was a short list, there are still many other possibilities for purchasing land in the metaverse. To reiterate, the volatility of cryptocurrencies and the project’s success rate make metaverse investments riskier.

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