Buying virtual land in the metaverse is a unique experience. It’s not like buying an apartment or a space in the physical world. Your own piece of virtual land is a unique space for you that you can own on the blockchain platform forever. Virtual land is also very useful.
You can rent your parcel to other companies to advertise on it, to artists to showcase their digital work, or you can sell it later for profit. If you’re interested in buying virtual land in the metaverse and you don’t know how to proceed, continue to read the article to find out more.
1. Get a digital crypto wallet
You can’t buy virtual land in the metaverse without cryptocurrencies. Make sure you have enough cryptocurrencies in your digital wallet. You can use Meta Mask, Trust Wallet or Binance chain wallet to deposit your bitcoins. If you plan on using other cryptocurrencies like ETH or Shiba Inu, make sure the wallet you’re opening supports your cryptocurrency.
2. Select your real-estate platform
Open an account on Open Sea, a platform for users to buy digital land on. Here you can compare prices between properties, browse different parcels and see which one is suitable for you. Prices are higher for properties close to popular locations. Once you find a piece of land to buy, click on it to see available information. If you decide to buy on Decentraland, you’d need to use Ethereum or MANA as cryptocurrencies.
3. Connect your wallet
Connect your wallet to your account. Click on ‘Jump in’ and sign up and confirm the purchase. Your virtual real estate will be sent to your wallet. You will then become the official owner of the property, thus, anyone can verify its autenticity on the blockchain.
4. Confirm your purchase
You can confirm your real estate parcel in your wallet. If you use Trustwallet, go to ‘Collectibles’ to confirm. If you’re on Metamask, go to NFTs to get confirmation of your purchase.
OK, now that you know how to buy virtual land on the metaverse, you might wonder: why? Why would anyone want to buy virtual land? What’s in it for you?
First, virtual land on the blackchain platform is a huge asset. Not only that you could sell this piece of land and make thousands of dollars. But you could actually rent it out to companies or artists for a price and have passive income coming in monthly. You could also use your virtual real estate to promote your online business or rent it out to start ups to promote their own business and services.
Don’t underestimate the value of owning virtual real estate. Now that NFTs have become more popular, turning from internet memes into expensive online assets, more and more businesses opt for the virtual world to showcase their products. These businesses know that if you’re not online, you don’t exist. Thus, they’ll need you to sell them land in order to fill their real-estate propriety with their marketing products.
Without you and your online parcel, their business will suffer.
Have you bought virtual land on the metaverse? Let me know how was the experience for you in the comment section.
Marlena Bontas is a freelance writer with a passion for writing, technology and the cryptocurrency market. She has an MA in Psychology from the University of Helsinki and is currently living in Ireland.
Write her at @MarlenaEeva on Twitter.