How to Purchase Virtual Real Estate in the Metaverse
Whether we like it or not, the metaverse is coming. Purchasing virtual land may be the best method to get started right away. Here's how to do it.
A couple of years ago, the thought of investing in a piece of land that was essentially owned would have seemed ludicrous. Virtual real estate nowadays sells for hundreds of thousands of dollars in cash (though converted into cryptocurrency). Investors and crypto fans are going all in as the metaverse approaches, and buying virtual real estate is the next big thing after digital artwork.
You might be shocked to learn that the virtual real estate market has a lot in common with its real-world equivalent, particularly when it comes to pricing aspects. If you're thinking in buying virtual real estate but aren't sure what it implies, check out our complete guide.
Why Should You Purchase Virtual Land in the Metaverse?
There are two reasons for this: bragging rights and return on investment. Several virtual real estate projects are now launching in the metaverse. The premise is similar to that of purchasing an NFT: you own this digital asset, and because it is stored on the blockchain, anyone can check its legitimacy. You can subsequently sell your virtual land if it grows in value, or you can rent it out (yeah, that's a thing) for parties or special events.
You may also use it to create a virtual property and rent it out, or you can use it to create a digital art gallery where emerging artists can show off their work.
What are some of the applications of NFT virtual land?
While some investors may only be interested in making a profit, others may want to use the land for its intended purpose. What you can accomplish with your land depends on the project you choose. If the property receives enough traffic, it is usual for spaces to host events, conferences, and even rent advertising space. Some businesses, such as PwC, have incorporated their land into their services. It's likely that if you buy land from an NFT game, you'll get in-game benefits from the plot.
In the metaverse, how do you buy land?
Acquiring NFT land is similar to purchasing any other NFT. To get started, all you need is a wallet and some cryptocurrency. Make careful you do your own homework before taking any risks, just like you would with any other investment.
Step 1: Pick a metaverse platform to work with.
You must first choose a metaverse platform before purchasing metaverse property. Your motivations for purchasing the land will have an impact on the project you choose, which we shall discuss later in our tips section. For this course, we'll utilise The Sandbox on Ethereum as an example, but Decentraland is another popular alternative.
Step 2: Get your wallet ready.
You'll need to establish a wallet that allows you to access your cryptocurrency. Depending on your preferences, you can use a mobile wallet or a browser-based wallet. Using a browser-based wallet, on the other hand, will usually result in less issues.
Both MetaMask and Binance Chain Wallet are good choices because they support different blockchains, but make sure the wallet you pick supports the NFT land blockchain.
You'll get a string of words known as your seed phrase when you set up your wallet. Keep it safe because this is how you'll be able to get your wallet back if you lose it. It's ideal to keep it somewhere that's always online.
Step 3: Connect your wallet to Sandbox
You may see tracts of land available to bid on on The Sandbox's map. Some of them can be done directly through The Sandbox marketplace, while others must be done through third-party exchanges like OpenSea. To keep things simple, let's look at one we can bid on through The SandBox.
You must connect your wallet before you can bid on anything. Click [Sign In] in the top right corner of The Sandbox map. Make sure your wallet is set to the same blockchain as the project, which is Ethereum in this example.
After that, select [MetaMask].
MetaMask will prompt you to connect in a pop-up window. [Next] should be selected.
To continue linking your wallet, click the [Connect] button.
You'll be prompted to enter an email address and a nickname in the Sandbox. To finish setting up your account, click [Continue]. If you want to utilise the SandBox editor, you can also freely supply a password.
To finish your account, click [Sign] on the MetaMask signature request.
You'll see your account amount and profile picture in the top right corner of the website once you've successfully connected.
Step 4: Go to Binance and buy SAND or ETH, then transfer it to your wallet.
You'll need either SAND or Ether (ETH) in your wallet to buy or bid on land. Buying ETH will almost certainly be more beneficial, as most people will be able to use it. Only ETH is accepted at the Sandbox land sales. With your Binance account, you may buy SAND or ETH with a credit or debit card. See our How to Buy Cryptocurrency page for additional information on how to do this.
You'll need to transfer your cryptocurrency to your crypto wallet once you've purchased it. Make a copy of your crypto wallet's public address and use it as your withdrawal address. For detailed instructions, see our How to Withdraw from Binance tutorial.
Step 5: Choose a piece of LAND.
With the options below, you can quickly sift through available land in The Sandbox to bid on or buy. The majority of The Sandbox property has already been purchased, thus you'll usually only discover land on OpenSea. You can still bid on these auctions using The Sandbox map. Because OpenSea links are embedded in the UI, the SandBox map is also the best way to ensure that you've purchased a genuine NFT plot.
After you've found some land you wish to buy, you can either place an offer by clicking the [Bid] button or buy it for a fixed price by clicking the ETH amount. Let's have a look at how to make a bid by clicking [Bid].
A pop-up window will appear, allowing you to make an offer. Before finalising the transaction with your wallet, enter the bid amount and click [Place Bid]. The cryptocurrency will be returned to your wallet if the seller rejects your bid or the transaction closes.
You'll be transported to OpenSea to complete the transaction if you click on the fixed pricing. Before you can buy the land, you'll need to link your wallet to the marketplace. If you don't want to use The Sandbox, you can make an offer through OpenSea.