How to Buy Land in Metaverse?
Metaverse is the advanced digital world based on technologies such as virtual reality, augmented reality, 3D realistic avatars, and more realistic virtual experiences. And It will change digital experiences in the future. It connects humans from all over the globe to connect for digital concerts, conferences, virtual trips, etc. It provides a realistic virtual experience to connect with friends, relatives, etc.
Furthermore, in this digital era, people can do a variety of things on the metaverse platform including owning virtual real estate, playing games, working, and meeting other people.
Metaverse has enormous potential to make money online. According to current industry estimates, the revenue from virtual gaming (VR) could reach $400 billion USD by the year 2025, and the estimated value of the metaverse could reach $1 trillion USD.
Users can earn some extra cash online through metaverse technology. According to Statista Survey, the popular monetization sources include play-to-earn games (60%), virtual property (39%), data monetization (37%), and other investments (36%).
The Metaverse is the most trending technology of the future world. It has the potential to revolutionize the future world completely. And the predicted future is not far away from today. Even the most high-tech company Facebook has changed its name to Meta. Facebook CEO Mark Zuckerburg declared that the company is going to launch the metaverse in the next 5 years. After Facebook changed its name, the metaverse became the trend in the market. Big tech companies are investing a lot of money to create the NFT and metaverse world.
What is Metaverse technology?
Metaverse technology is a 3D virtual world that combines highly advanced technologies such as virtual reality, augmented reality, and 3D world. It gives the user a virtual environment where people can create their avatars and through these avatars, all the meetings happen in the virtual buildings.
The term “Metaverse” was first coined by the world-famous author, “Neal Stephenson” who was the author of the sci-fi novel “Snow Crash” in the year 1992.
The concept of metaverse technology is now somehow a hypothetical technology. However, some fortune 500 companies are working to develop this advanced technology.
The metaverse concept has many definitions because every organization defines it in its specific way. However, the core concept of the virtual world remains the same in all the respective definitions.
According to Facebook CEO Mark Zuckerburg, the metaverse is described as “a virtual reality construct intended to supplant the internet, merge virtual life with real life and create endless new playgrounds for everyone — you’re going to be able to do almost anything you can imagine.”
When was Metaverse first originated?
The term Metaverse was first coined in the popular science fiction novel “Snow Crash” written by Science fiction writer “Neal Stephenson” in the year 1992.
In the novel “Snow Crash”, The metaverse is described as the virtual reality environment connected through the internet and accessible from any device such as a smartphone or computer with an active internet connection.
The metaverse has immense opportunities for socializing with people, learning new skills, and exploring your passion. In fact, Minecraft is a metaverse gaming platform that provides immense opportunities to socialize with people virtually. But Before We directly go to How to Buy Land in Metaverse, we all need to know what is Real Estate.
Virtual real estate property has seen a massive boom because metaverse investors rush for digital land and find metaverse plots like decentraland, Axie Infinity, and the Sandbox. There are several opportunities ready for making money through real estate in the metaverse:
Read estate Flipping
The purchasing of virtual land at cheaper prices and reselling of virtual land or digital properties for a higher price is called virtual real estate flipping.
Real estate brokering
With the increasing demand for virtual land, there is a need for virtual real estate brokers who can connect buyers and sellers, or simply give out advice as real estate brokers and earn a commission.
Similar to the real world, you can rent out digital properties for making money easily. The virtual property can also be used for advertising, especially for high-traffic areas.
Real estate management
Real estate management is another good way to make money through the metaverse platform. You can become a real estate manager and manages users’ properties, including virtual venues like concert halls and piece of land being used.
Real estate designing
Real estate designing is a very lucrative business as conceptualizing and bringing to life plots of land. The need for specialized 3D designers will soon become one of the most demanded jobs in the virtual world.
How to Buy Land in Metaverse?
So in this article, we will talk step-by-step about how to buy land in Metaverse through the process of buying virtual estates from the Decentraland. To accomplish the mission, you all need to understand the following steps regarding purchasing the land in Metaverse:-
- Step 1 is Selecting a Metaverse Platform
- Step 2 is Setting up your own NFT or any of the cryptocurrencies in your Wallet.
- Step 3 is you need to connect your wallet to the Decentraland.
- Step 4 is Buying Ethereum Cryptocurrency via Binance and moving your Buying Currency into the Cryptocurrency wallet.
- Step 5 is to Choose your first piece of Virtual Real Estate in the Decentraland.
Select A Metaverse Platform
As Choosing a Metaverse Platform is essential for buying Land in the Metaverse Virtual World. Choosing the Metaverse Platform is the first step that you need to take for investing your money in virtual real estate in the Metaverse. As your true purpose is to purchase land in the Metaverse, you need to decide which Metaverse Platform you wanted to choose and what eventually do when you purchase your Virtual Land.
As According to the Experts the best platform that is good for buying Virtual Land is Decentraland. So in this article, I have listed some other Metaverse Platforms that are available for buying Virtual Real Estate.
Decentraland is a Virtual World in which you can buy land and make your virtual real estate. It was launched in 2017 and created by the Argentinians Ari Meilich and Esteban Ordino. Its main development was sated in 2015. The main motto of the Decentraland in the metaverse is role-playing in the Metaverse. After the development is complete it will become the fastest-growing Virtual World in Metaverse. In the Decentraland you have the right or freedom to create the best scenes or any application that you wanted to add. Not only this, you can explore the whole virtual world and explore other users and the best way to trade with other users. And you can buy or sell your Virtual Property with huge benefits and earn lots of profits.
The Sandbox Game was released in 2015. The main plot of the game is to perfectly to set up the Metaverse. With time and skill, the developer has enhanced the game quality and the game experience. Sandbox offers you more than just a game experience to sandbox users. The Sandbox is not only for gaming, you can also do various things on the sandbox platforms.
A sandbox is a virtual world, in which you can do several activities. Like you can visit the NFT museums, dance clubs, etc.
As the Sandbox Holds the Highest Number of parcels which is popularly known as the LAND amongst the four platforms, with a total of one hundred and sixty thousand. As the price of one piece of land in the Sandbox is estimated at $11,000 upwards per parcel. You will get the quality of the property to sell for between $20,000 and $30,000 per parcel.
Somnium Space is a digital universe it provides their user with an immense dynamic virtual reality experience. This Metaverse Project is made upon the Ethereum Blockchain Technology. Somnium Space is a Virtual place in which a user can interact and buy land parcels. And they can fully customize their land with buildings and houses and trade in the assets. It is a place where users can explore other players’ creativity and visit restaurants or museums.
Somnium Space has 3D modeling Softwares Applications in which you can easily create or construct your land parcels. So this Software Application is also called Somnium Space Builder.
In the Somnium Space, you are able to import things like Avatars and earn with your virtual Land through these platforms. As the Virtual Assets are represented by the tokens and the purchase that are recorded on either the SOloana or the ETH blockchain. As in Somnium Space, the parcel goes on an average of $11,500.
So those who are interested in acquiring the limited parcels, so you will purchase smaller plots for between $2,000 and $4,000.
Set up Your Wallet
If you wanted to purchase the Land in the Metaverse. You need to create your Crypto Virtual Wallet for purchasing the assets that are required to get the Virtual Land. If you wanted to get the Wallet, the best wallet that is available for getting the land on any of the platforms is MetaMask.
As MetaMask is a Crypto wallet that helps you to store virtual currency here. If you are using a Desktop computer, so you can download Metamask from the Google Chrome Extensions. Or if you are using Mobile Phones, especially Android SMartphones you can download them from the Google Play Store. Or if you are an iOS user, So the MetaMask is not available right now. But before filling out your all details, make sure that the MetaMask is downloaded from the official Chrome Extension and Mobile App by visiting from MetaMask’s Website.
Setup Your MetaMask Account
If you want to purchase the Metaverse Virtual Land, you need to Register the MetaMask and Set up your Crypto Wallet from the Google Chrome extension or the Mobile App from Playstore.
- You may refer your Wallet to the Wallet Support Page for references. But To make sure that your seed phrase is safe and take note of your wallet address.
- You can check your seed by clicking on the Phrase Option. After clicking, you will see a12 words of Seed Phrase. These 12 Seed of Phrases will help you to locate your wallet. You need to save your phrase in a safe place and Click on the “I’ve Copied it Somewhere Safe”.
Congratulations you have successfully created your MetaMask Account and your wallet is fully Set up.
Link Your Crypto Wallet To the Decentraland
After getting the successful creation of MetaMaks Wallet in your chrome extension on your browser, now you are able to link your Wallet to the Decentraland by following some of the steps:-
- To connect you need to Navigate the Decentraland, and click on the Account which is in the top-right corner.
- Now Select the ETH wallet and click on the BUY Option
- After that Follow the steps that you add as your payment.
- However, paste your MetaMask Address with the amount that you would like to transfer.
Buy Ethereum Via Binance and Move to Your Crypto Wallet
After you set up your wallet successfully linked with the Decentraland, now you have your own currency like MANA and ETH in your Crypto Wallet. Which will help you to buy virtual Real Estate or bid for land in the Decentraland.
To Buy that You can either use the purchasing or buy the Ethereum to MANA. Which is suitable to trade in the Binance. With the help of your Binance Account, you can credit or Debit your MANA and ETH and transfer it to your Metamask Wallet.
To Purchase the MANA or ETH on Binance:-
- Deposit your Money into the Binance Account.
- It is very unlikely that there is an exchange of Crypto where you can easily trade your USD Currency to the MANA at this time. So you need to acquire your cryptocurrency that has been listed in your currency in a pair with the MANA or even the ETH.
- The trade must be going on the native tokens. And these tokens will be used in the Decentraland.
- Once you have logged in, click on the link which will say the Markets or Exchange.
- After that Search for the currency that you want to pair and use as a MANA/ETH.
- In the BUY Section, choose the quantity of MANA and the ETH that you need to complete the transaction.
- But Before completing the process read all the Information about the Price and the Fees Carefully.
- Now you are able to make a Purchase.
Choose Your Virtual Assets
To Choose your Virtual Assets, you only need to navigate the Decentraland Marketplace. Once you reach there, you can open the market and go for the section labeled “Land” and look for the piece of Property that you would like to purchase.
Now Follow the direction of the game and get through the transactions. Once you have identified an asset. Now you would like to begin the process of acquiring it.
Now the transaction is done and after that it only takes a quick peek at your wallet to see a new Virtual Property that is listed in your wallet.