By Larry Wright
Virtual lands are quite an extraordinary and ridiculous concept that is the opposite of real estate. In contrast to the physical properties, a virtual land in a metaverse is depicted by an NFT and has several uses. Undoubtedly, investing in properties is secure compared to virtual lands, but the value surges with each day and opportunities are up for grabs. NFT lands are convenient to manage, too, with their multiple purposes. An owner of a metaverse land can utilize it for different objectives from gaming to promotion of a brand etc.
The virtual real estate industry is at its first stages. A lot of work still needs to be done, but the future is looking bright already. Buying or owning an NFT land has similar requirements as buying crypto coins. Hence, virtual land can only be possessed through crypto tokens. Signing up for a crypto wallet is necessary to approach the latter stages of owning a property in the Metaverse. There is also the query regarding the platforms from where the virtual properties can be bought? NFT marketplaces are swarming with owners intending to sell their lands to potential buyers. Also, there are entire projects with the land selling agenda for curious people to invest in metaverse properties.
As the concept and application of virtual lands are in their initial stages, the criteria of renting require a bit more time. Once the ideology of renting kick starts, it will be a massive bump for NFT landowners, and that is why owning a metaverse land is a great investment opportunity.
As the market of cryptocurrencies, your investing in metaverse properties can be risky. The volatile nature of the market creates an unstable atmosphere compared to the traditional real estate business. A new industry or business always suffers due to scams and frauds. The same is the case with metaverse lands. If you are investing in a virtual property, there are some things that you need to look out for. The most Prominent caution is the legitimacy of the exchange you are dealing through. Secondly, do not forget to figure out the sideline projects related to the NFT properties. Lastly, always give a reminder to yourself of the monetary risk that is associated with the land.
The idea of NFT metaverse lands has taken crypto traders by storm. Passionate followers of the crypto news have high hopes for the virtual lands’ development, and the exciting attributes related to the industry are pretty splendid. The demand and value of virtual properties are surging each day, with new investors trusting the potential of NFT lands. The returns from owning said properties can be huge. Hence, without further ado, let us delve into the details of buying a virtual property.
Introduction to Metaverse Land
The Metaverse land model is revolutionizing the NFT market and industry. A virtual land is a digital property that exists on the blockchain. Non-fungible tokens entitle the area available for bidding on the NFT marketplace map. Metaverse lands’ selling project operates via distributing substitutes of the whole land to offer ownerships. Crypto tokens are a preferable and convenient mode to buy virtual lands, but like in crypto exchanges, fiat currencies can also be used for the same purpose.
To better understand what it is like to own a virtual land, imagine three-dimensional digital space on a computer screen. That particular map under your ownership can be advertising your brand or website, and people can visit it just like in Facebook ads. The difference is that this is your property; hence you will get paid without any cuts taken by a mediator platform. You can also create and transform the land into a virtual gaming experience with friends. The list of things that can be done with the NFT land is endless.
One of the great features of owning a virtual land is the absence and lack of required paperwork. Crypto enthusiasts can invest in a land with minimal data sharing, and an external party’s less or no involvement makes the process more convenient. Moreover, the information associated with the dealing is saved and sealed forever in the blockchain network, and the details are quickly discoverable as evidence whenever demanded.
As easy it is to buy a metaverse land, the selling process is easy too. If you purchased an NFT land and decided to flip it for profit, you can visit the same NFT marketplace to sell the property from where you owned it. The NFT lands have a whole ecosystem entertaining the investors.
Multiple Uses of a Virtual Land
The plot or property you will buy in the Metaverse will give you benefits relating to the project you bought it under. If it’s an in-game property, you can reap advantages or add-ons in that specific game. If it’s a “commercial” space with a lot of traffic, you can benefit from the advertising or promotional returns. Although, many owners stick with the traditional flipping tactic to profit from bought plots in the Metaverse. Hence, you will need to consider the project or plan of the virtual property, especially when you want to benefit from its intended purpose as a digital space.
Buying Virtual Land in the Metaverse
If you are an NFT buyer, the process of buying will be straightforward for you to understand. Nonetheless, the following steps will ensure that you invest safely in virtual land even if you are starting. A crypto wallet ownership funded with crypto coins is a must. Even with the potential and exceptional demand of the NFT land, ensure that you have enough prior knowledge of the project before proceeding.
Select a Platform
When you are entering the field of virtual real estate, choosing a metaverse platform is the primary step that determines the future path for your investment. Many famous and popular investment spaces are present digitally all over the internet. The first step is crucial, and it can be landed successfully by having some priorities regarding the metaverse project plot. Sandbox, Roblox, and Decentraland are the prominent names in the Metaverse offering NFT land investment opportunities. Many investors do not opt for Roblox as it is not decentralized like the Sandbox or Decentraland. The absence of a mediator or supervisor makes the platform user-friendly and comfortable in dealings. Ethereum is usually used when carrying out NFT marketplace deals of virtual lands.
Signing Up for a Crypto Wallet
You cannot possibly buy a metaverse property without your crypto wallet. A crypto wallet is the only means to purchase virtual land. Hence, you must have a crypto wallet. If you have never invested in cryptocurrencies and, therefore, never registered for a wallet, this step will guide you.
A crypto wallet can be registered for either on a mobile or desktop, convenient for the user. There are numerous crypto wallets on the web, but it is crucial to know which NFT marketplace you decide to buy property from, as different wallets support limited platforms. Hence, you need to ensure that the wallet is applicable for the NFT platform you have chosen. The renowned names like Binance Chain Wallet and MetaMask are mainly used as crypto wallets.
The crypto wallet platform you sign up for will entitle you with a seed phrase as a safety or recovery measure. The seed phrase acts as a code of words that comes in handy when reviving your wallet account and holdings. That is, the seed phrase is sacred and should be stored in a secure place on your computer.
Crypto Wallet and NFT Marketplace
Let us take Sandbox NFT marketplace as a guiding example here. After deciding on and locking a crypto wallet account, you must connect it with your desired NFT platform to pursue virtual plot investment. On Sandbox specifically, a map display of plots is available. As a potential investor, you should bid on the functional properties on the map. Remember that not all of the properties can be bid on through the platform simply. Certain areas require an external exchange involvement to proceed with bidding.
A direct offering or bidding process on the NFT virtual real estate platform is quite simply contrary to other routes. But as is established earlier, the connection of your crypto wallet to the Sandbox here is necessary to make any investment possible. First things first, set your crypto wallet to the currency or blockchain applicable in the Sandbox. Ethereum is a popular and convenient choice as it is primarily used in many projects of NFT properties. The next step would be to sign-in on the Sandbox platform.
Upon clicking “sign in,” the display will give you some options to connect your wallet to Sandbox. There will be an Email option and social platforms’ option like Facebook or Twitter. But as in this guide, you have already set up a crypto wallet account. You can choose the last web 3.0 option of MetaMask. The following dialogue box will confirm the account you are willing to connect to and proceed you to the next step.
The Sandbox will demand your email address and an optional password for the seclusion of account and security measures. It is crucial and advisable that you set up a password for a more secure experience as an investor. The following display will be a signature request to finish and complete the whole connection process. Lastly, a profile icon will appear on the top bar of the NFT platform to ensure that you have successfully connected your crypto wallet with the NFT marketplace.
Funding Crypto Wallet
To buy a metaverse land on the Sandbox, you will require Ethereum coins in your crypto wallet. SAND is another token that can also be used, but ETH is a preferable option because of its multi-project applicability. Hence, to purchase land in the Sandbox, you will need to hold some ETH in your crypto wallet. They are readily available on Binance or any other exchange. USDT is the fiat required to buy ETH coins, and Credit or debit cards can be used for this purpose.
For readers unaware of the cryptocurrencies’ transferring process from crypto exchange to crypto wallet, do not worry. We have got you covered. You will need to copy the address given to you on your crypto wallet and paste it as it is on the withdrawal space. Now that you have enough ETH tokens in your crypto wallet, you will now head to the Sandbox to buy virtual land.
Selecting and Buying a Property
The Sandbox has a model of an NFT platform where plots are available for either bidding or fixed payment. As the demands for virtual schemes are incredibly high, it will be rare for a property is known to be bid on. For the ease of the user, Sandbox has devised a filter featured search engine that will help you target your desired plots. For example, if you are looking to only bid on the land, you will be shown precisely those areas.
It does not mean that you can only buy NFT metaverse land via bidding or offers only. You can pay a fixed Ethereum amount for an area, but the payment process will continue through the OpenSea platform. There is also a filter of premium properties just under the “For sale” filter for investors intending to put high stakes on the Metaverse properties.
If you are an investor to bid on some properties, you should read this paragraph thoroughly. Select a plot you wish to bid on. A small pop-up will appear demanding how much you intend to offer. The amount of ETH coins you will put in will be withdrawn from your wallet upon confirmation on your end. If you fail to land the property and another bidder gets the opportunity, your offered crypto coins will be revived and returned to your crypto wallet. If, fortunately, you have the chance to purchase the virtual plot, your ETH will be permanently transferred to the Sandbox project, and the property will be yours to utilize in any way you wish.
As mentioned previously, contrary to the bidding route, you can also pay a fixed amount of crypto for the desired property. This option will take you to OpenSea to carry out the rest of the transaction. Some investors refer OpenSea even for bidding purposes instead of the Sandbox. Nonetheless, all the ways of buying the metaverse properties have been discussed, and it is pretty simple once you invest.
Selling Metaverse Land
We have discussed in detail how one can buy land in the Metaverse. As many investors tend to flip the plots of land for profit, you might as well know how you can sell land as well. Unfortunately, the Sandbox does not entertain owners who intend to sell their properties on the platform. The selling mechanism is carried out in an external exchange for now. Although, the future of selling metaverse land will be more accessible as the NFT marketplace will cover sellers with fixed gas charges.
Conclusion
The process of selling or buying land in the Metaverse might seem complicated in theory, but it gets easier as you pursue the concept in reality. Just like cryptocurrency, the world of virtual real estate is evolving each day. However, the nature of cryptocurrencies and NFTs incorporate their impacts on the NFT marketplaces, and the volatility makes it risky than actual real estate investment options.
Each day, the development that relates to the metaverse real estate displays it as an exceptional and excellent investment opportunity that will be saturated quickly. Although, a new investor needs to consider the risks associated with the chance. The renting and flipping options have made profits for many and such stories motivate people with extra cash in hand.
There are a few tips that are effective in this field of investment. The NFT marketplace is the place that will impact your financial, real estate decisions heavily. Hence, make sure you choose a legit platform for your virtual properties’ expenditure. Researching the project before carrying out the transaction is one of the most crucial steps that can not be ignored if you want to succeed.
Digital properties have revolutionized the real estate industry and how people see it. Metaverse lands provide people with the opportunity to go big and immerse in the atmosphere of the virtual world creatively. The properties bought are being used for advertising purposes and socializing events. Such land might be used for virtual concerts or events in the coming days. Hence, early investors will be enjoying frequent returns from beneficial properties in the Metaverse forever.
In conclusion, digital real estate is a mesmerizing concept flooded with investors and enthusiasts. Although, it can be fatal for you if you jump in the pool without preparation. A thorough read of this guide might give you a general idea of what potential this industry holds. Still, proper research on your end is necessary for a fool-proof and successful adventure of investment in digital properties.