If 2021 was marked by the explosion of NFTs (Non-Fungible Tokens), 2022 could represent the final takeoff of the metaverse. If you don’t want to be left out, we explain everything you need to know to buy land in the metaverse and all the money you need to do it.
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In the metaverse you are not buying a physical real estate, but rather you are acquiring a digital asset, just like NFTs. For this reason, it is an investment that represents risks, since it is a speculative value. Still, if you’re serious about taking the risk, this is all you need to buy a piece of land in the metaverse.
What exactly do you buy in the metaverse?
A metaverse piece of land is a digital asset. However, its characteristics and dimensions will depend on the digital universe you choose. In this space, you can do whatever you want, such as build houses, buildings, offer services or even use it for advertising purposes.
In most metaverses, the smallest plot is equal to a 1×1 plot relative to the total available space. In this way, this is equivalent to about 96 square meters in The Sandbox and about 16 square meters in Decentraland, according to an analysis of fortune.
How much is land worth in the metaverse?
It is estimated that on average the land can cost from $13,000 dollars. However, the price will depend on factors similar to those in the real world: the chosen metaverse, the location in this universe, the size of the lot, the existing structures and services, as well as the demand.
In fact, in November 2021, the Republic Realm company, which invests in virtual real estate, bought a lot from Atari SA for $4.3 million dollars in The Sandbox, the highest amount ever paid for a virtual land.
How to buy land in the metaverse
Preliminary step: what elements do you need
- A digital wallet (with ether).
- An account in the chosen metaverse.
- Tokens or cryptocurrencies of the chosen metaverse.
Step 1 – Set up a digital wallet
If you don’t have a digital wallet yet, you’ll need to set one up to make your purchase. You must consider that you can only operate with the currency of the metaverse that you have chosen: mana for Decentraland and or sand in The Sandbox.
However, most metaverses or NFT platforms are compatible with ether, so the most recommended option is to have a digital wallet with this cryptocurrency, since it will allow you to make the purchase.
This wallet will also be the backup where it will be registered that you are the owner of the land, so you must carefully protect your credentials.
Step 2: Choose your metaverse
You must take into account there is not a single metaverse, but rather multiple virtual universes competing with each other. For the same reason, you need to choose where you want to buy.
Decentraland and The Sandbox are the most popular alternatives, but for that reason they are the most expensive. You can find land for the equivalent of around $10,000, although some purchases have exceeded several million dollars.
If you choose this path, you will be able to know directly the sector in which you are buying, who your neighbors will be, how real estate development is progressing and what the resale prospects are. However, it can be tedious to scroll through all the available options.
In addition to Decentraland and The Sandbox, other metaverses considered promising are Somnium Space, Axie Infinity, Mirandus, Star Atlas and Illuvium, despite the fact that some of them still work under the logic of virtual reality games.
Another option is to do it through NFT platforms, which act as brokers for metaverse real estate. Two safe sites are OpenSea or NonFungible.com. In them you can explore land in different virtual universes, and compare their prices in global cryptocurrencies or real currencies.
Step 3: Negotiate and finalize the purchase
Once you have decided which virtual land you want to buy, some platforms allow you to make offers to the owner before finalizing the transaction.
When you are decided, you just need to press the buy button on the chosen platform. Here it is important that you keep in mind that there is no going back or possibility of repenting: the transaction takes less than a minute and the land will be yours.