It’s a bit of nonsense to invest in an area of land that is owned online would’ve seemed absurd just a few years ago. Nowadays the virtual real estate market is selling in the hundreds of thousands in cold hard cash (though it is converted in cryptocurrency). The metaverse is upon us, crypto enthusiasts are rushing to invest, and purchasing virtual real property is the next major trend following digital art.
It’s likely to be surprising that the virtual property market shares more than few things in common with its real-world counterpart, specifically the factors that determine pricing. If you’re thinking of purchasing virtual real estate but are unsure of what it all means, read our complete guide.
What Is the Metaverse?
In simple terms, the metaverse represents the next evolution of technology which is the Internet. It’s difficult to define it precisely since there’s no standard definition that is universally accepted. The term first came into use within Snow Crash, a novel written by Neal Stephenson, released in 1992. In the novel, the metaverse was an imaginary world that was populated by real-world people who may not be living in an identical physical location as other people within them.
The idea was further elaborated on the idea further Ready Player One, an epic novel that was later made into a blockbuster feature. The metaverse is an interconnected network comprised of 3D virtual worlds that are connected by the technology of augmented and virtual reality. In essence, rather than accessing the internet through computers, the metaverse lets you explore it.
Why Buy Virtual Land in the Metaverse?
Two reasons to be proud of: bragging rights and the potential for ROI. There are many virtual real estate ventures being launched in the metaverse right moment. The idea is the same you would purchase an NFT that is, you are the owner of this digital asset and because it is on the blockchain and is accessible to anyone, anybody can confirm its authenticity. You can also sell your virtual land when it is worth more or you could choose to let it out (that’s an option indeed) for private parties or occasions.
1. Get a Digital Crypto Wallet
First, obtain an online cryptocurrency wallet. You cannot purchase virtual land with fiat money therefore you’ll need to acquire a wallet that will purchase and store your crypto. The wallet you select should be integrated with your browser.
There are many alternatives to choose from including MetaMask and the Trust Wallet. There is also The Binance Chain Wallet if you prefer. But, first, you need to verify that it supports the cryptocurrency you’ll purchase virtual land.
2. Select Your Real Estate Platform
There are many virtual metaverse platforms you can purchase property on. The two most well-known options are Decentraland and Sandbox. If you’re looking to buy from a third party and want to use a third party, OpenSea is an excellent choice.
OpenSea is a fantastic idea for those who are just starting out because it allows you to shop without having to switch between different platforms. It lets you compare prices, and features, and evaluate what is worth it by examining the virtual area the plot is located in.
If you’re looking for complete information about the location, you’re buying the virtual home, you should choose Sandbox and Decentraland. Additionally, you’ll gain an understanding of your neighbors by doing this. In this tutorial, we’ll use Decentraland however the steps are similar for all platforms.
3. Browse and Select a Parcel of Land
The next step is to look through the various pieces of land available and choose the one you’d like to purchase. It is possible to determine how close your property is to more well-known areas. Prices will rise for homes that are situated close to famous places.
After you’ve selected the parcel of land you wish to purchase Click on it to view the available information. On Decentraland you can purchase virtual real estate with the cryptocurrency ETH or MANA. You can look up the costs and make a bid or purchase the property for yourself. Before you purchase, you must connect your bank account to the website.
4. Connect Your Wallet
To verify your purchase, you’ll need to connect your wallet with your account. Click on Jump In, and then register with your wallet.
When you sign up and confirm the transaction, your digital property will be transferred to your account. You become the official owner of this virtual property and anyone is able to verify its authenticity on the blockchain.
It’s important to know that there’s a gas cost required, so be sure you have a bit more than the amount listed at the top of the page. If you’d like to make an offer. This allows you to have an opportunity to negotiate since the owners have the option of deciding whether they will accept or decline the bid.
5. Confirm Your Purchase
The transaction will be completed in the event that you have enough funds in your bank account and the purchase price is agreed on. You can verify the virtual property in your wallet. If it’s Trust Wallet, just go to Collectibles. For MetaMask you can go to NFTs for confirmation of the purchase.
Beware of Scams
Metaverse property is in essence an NFT. Due to their rapid growth, however, there are many scams that you must be cautious about. Always purchase through reputable, official platforms. Also, if an offer appears too appealing to be true then it most likely is.
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