The metaverse is becoming the next biggest thing to happen in the tech world, with more innovations springing up and also diversification into the sales of lands.
Since the advent of the Metaverse, it has rallied its way up into the hearts of many tech enthusiasts and non-tech enthusiasts alike. Not just that, the Metaverse has also metamorphosed into several sectors including the real estate sector, which has made it possible for individuals to own virtual lands in the Metaverse.
Owning land in the Metaverse isn’t such a big deal as several smart investors already own virtual real estate. At this point, the next question that pops up in your mind is if you can get free land in the Metaverse. The answer to this question is yes, you can get free land in the Metaverse but usually comes as a royalty given by some websites as a reward.
Hence, you might not always get free land in the Metaverse if you do not qualify for rewards.
We’re swiftly approaching the metaverse, a linked, permanent virtual environment where we’ll live digital and actual lives. We’ll work, play, mingle, and learn in these venues. Anything we can accomplish in the actual world will have a “digital twin” in the metaverse. This involves investing and generating money, and much as in the real world, property investment is popular.
Metaverse real estate is booming. Snoop Dog and multinational firms including PwC, JP Morgan, HSBC, and Samsung have acquired virtual estate. Early starters are rich, at least on paper. Less than a year ago, the smallest piece of land on Decentraland or the Sandbox cost less than $1,000. $13,000.
This article has been written to specifically show you how to own a land in the Metaverse and it would also explore some of the online marketplaces where you can get lands.
What is Metaverse land?
While we’re going to explain what a Metaverse land is, we would briefly take a look at what Metaverse is.
The metaverse is a network of digital, virtual worlds that coexist with our own reality. People can prove that they own their digital assets in the metaverse. This creates a networked society where, for the first time ever, digital items can be rare and therefore valuable.
It’s the next step in the development of the internet. This concept is hard to explain since there is no one definition that everyone agrees on.
However, the word “Metaverse” came from Snow Crash, a book written by Neal Stephenson in 1992. In this book, the Metaverse is a virtual world where real people live, even if they are not in the same place.
Metaverse land
Metaverse land may also be referred to as Non-fungible token (NFT) land. In a metaverse project, NFT land is a buyable parcel of digital space. The owner of a Non-Fungible Token (NFT) might utilize the land for a variety of purposes or for pure speculation.
A metaverse project’s map is typically divided into smaller regions and sold as a single or numerous land offer. The most common method of payment is bitcoin, however, some projects also take money.
When a place is acquired, it usually comes with a 3D virtual tour for the owner and guests to enjoy. Since the lands are non-fungible tokens, proving ownership and validity of these digital assets is simple. The owner of the land can sell it on the secondary market or through the metaverse project ecosystem.
Should you own land in the Metaverse?
Yes, you should own land in the Metaverse. There are two significant advantages of owning property in the Metaverse. These include: bragging rights and return on investment.
Several virtual real estate developments are now starting in the metaverse. The premise is identical to purchasing an NFT: you hold this digital asset, and anybody can verify its legitimacy since it exists on the blockchain. You may sell your virtual land after its value has increased, or you can rent it out (yep, this is a thing) for parties or special events.
These two advantages will further be narrowed down to two different motives. Similar to purchasing land in the real world, there are two primary motivations to purchase land in the metaverse.
The first is usually the safest, as you want to utilize it for something, such as constructing a home or company location. When we speak of “dwelling” in the metaverse, we refer to having a location to call home, where you might display your things and perhaps entertain guests.
It is comparable to owning a personal website in the early days of the Internet before everyone migrated to social media. Individuals will utilize their “homes” in the Metaverse to express themselves online or to store their collections of rare digital treasures.
This is certainly the least dangerous reason for wanting to buy metaverse land, as it is probable that you will obtain what you desire from your purchase!
The second motive is an investment; but, like with any investment, there is no assurance its value will increase. The average price of metaverse real estate has increased by a factor of 10 over the past year, indicating that the market is presently experiencing a gold rush.
Many individuals purchase digital property today because they anticipate it will be significantly more valuable in the future when an increasing number of people desire to participate. Some are even buying to rent, as a robust rental market is developing.
Where can you get Metaverse land?
There are several NFT marketplaces where you can get Metaverse land. Here are some of the top NFT marketplaces where you can buy land.
- Opensea
- Rarible
- SuperRare
- Sandbox marketplace
- Axie marketplace
1. Opensea
OpenSea tops our list as the world’s first and largest web3 marketplace for non-fungible tokens (NFTs) and crypto collectibles, as well as the most popular NFT marketplace.
Devin Finzer and Alex Atallah created it in 2017 as an American online marketplace for non-fungible tokens with its headquarters in New York City.
On the OpenSea market, you may buy and sell lands, as well as browse, make, purchase, sell, and auction NFTs.
OpenSea factually dominates the NFT sales market, offering a variety of digital assets on its platform, and it is free to register and browse through its extensive collection. Moreover, it promotes artists and creators and includes an easy-to-use approach for establishing your own NFT (known as “minting”).
The marketplace supports around 150 distinct payment tokens, hence the name of the platform is apt. OpenSea is an excellent starting point for an introduction to the NFT ecosystem.
2. Rarible
Rarible is a platform that runs on Ethereum that enables the production, sale, and acquisition of ownership rights to digital works of art through the use of tokens that cannot be converted into other forms (NFTs).
NFTs are one-of-a-kind crypto assets that are used to represent one-of-a-kind goods like collectibles and works of art. NFTs can only be used to represent these types of items.
Rarible takes use of two different NFT token standards: ERC-721, which makes it possible to create one-of-a-kind goods just once, and ERC-1155, which makes it possible to create numerous editions of the same object.
Since Rarible is linked with OpenSea, another marketplace for NFTs, this means that you can view and manage your NFTs on OpenSea, in addition to selling them on OpenSea for ETH or RARI. Moreover, since OpenSea is integrated with Rarible, you may also sell your NFTs on OpenSea.
3. SuperRare
SuperRare is a marketplace where you can buy and sell one-of-a-kind, limited-edition digital artworks. Each piece of art is generated by a network artist and tokenized as a crypto-collectible digital commodity that you can own and trade.
You may think of SuperRare as a cross between Instagram and Christies. On the internet, there’s a new way to connect with art, culture, and collecting!
Each piece of art on SuperRare is a digital collectible, a digital item that is encrypted and monitored on the blockchain. That’s just a fancy way of stating they’re provably rare objects that may be acquired and traded, similar to cryptocurrencies such as ether and bitcoin.
4. Sandbox marketplace
The Sandbox Marketplace is a non-fungible token (NFT) marketplace that was released in April 2021. It allows players to exchange in-game assets (ASSETS) using SAND, which is the native cryptocurrency of The Sandbox.
The obtained ASSETS may then be combined into LAND via the use of Game Maker to build games that are one of a kind. These non-game objects (NFTs) may take the form of beings, structures, wearables, and a variety of other things, and they can all be used inside The Sandbox.
As was previously noted, The Sandbox’s ecosystem makes use of a variety of different tokens for users to utilize in order to connect with the platform. These tokens include SAND, LAND, and ASSETS.
5. Axie marketplace
Axie Infinity was launched in 2018 by Sky Mavis. Players may gather and breed a digital pet dubbed ‘Axie’ in this blockchain-based game.
ERC-721 non-fungible token AXS (NFT). Each digital pet is unique. Start playing with 3 Axie NFTs from the Axie Marketplace. You also need a Metamask Ether wallet and a Ronin wallet.
Battle, breeding, land, and market are Axie Infinity’s key characteristics. Combat is a turn-based card game in which each side has 3 Axies. Each Axie NFT has varied attributes and gaming responsibilities.
Each Axie is separated into an animal, aquatic, plant, moon, star, reptile, insect, bird, or nut group. You may breed and sell Axies.
Each NFT Axie may only be bred 7 times in Axie Infinity to control price inflation. You’ll also need a Smooth Love Potion (SLP), an ERC-20 token, to breed your Axie. You may earn and sell SLP in the metaverse (DEXs).
How to own a land in the Metaverse
To own land in the metaverse, you must either be gifted with it or buy it. This article, on the other hand, explains how to buy land in the metaverse.
Buying NFT land is similar to purchasing any other NFT. To get started, all you need is a wallet and some bitcoin. Make careful you conduct your own homework before taking any risks, just like you would with any other investment.
Make sure you go through the following steps before buying:
- Select a metaverse platform to work with
- Create a crypto wallet
- Connect your wallet to the Sandbox marketplace
- Go to Binance and buy SAND or ETH, then transfer it to your wallet
- Choose a parcel of LAND
Step 1: Select a metaverse platform to work with
Choosing a metaverse platform is a prerequisite to investing in any real estate inside the metaverse. Your motivations for purchasing the property will have an effect on the project that you decide to undertake, which will be discussed further on in our section devoted to tips.
For the sake of this lesson, we will serve as an example using The Sandbox on Ethereum; nevertheless, Decentraland is also a popular choice.
Step 2: Create a crypto wallet
You must have a cryptocurrency wallet in order to access your cryptocurrencies before acquiring a metaverse property.
The wallet should, ideally, be integrated into your browser. It is simpler and more convenient to use a web-based wallet. However, if you like, you may use a cell phone. You may choose between MetaMask and Binance Chain Wallet as compatible wallets.
You will be given a string of words known as your seed phrase when you sign up for your wallet. Keep it in a secure location where only you have access to it. The best thing to do is write them down and store them in a safe place.
Step 3: Connect your wallet to the Sandbox marketplace
On the map of The Sandbox, you will find individual parcels of land that are up for auction. Some of them may be done directly via the marketplace of The Sandbox, whilst others are housed on other exchanges such as OpenSea.
Let’s keep things simple and look at one that we can bid on via The SandBox. It is necessary to link your wallet before you can place any bids on anything.
To sign in to The Sandbox, click the “Sign In” button in the upper right corner of the map. Verify that your cryptocurrency wallet is configured to use the same blockchain as the project, which in this instance is Ethereum.
- 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 complete setting up your account, click [Continue]. If you want to utilize the SandBox editor, you may 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 upper right corner of the page after you’ve successfully connected.
Step 4: Go to Binance and buy SAND or ETH, then transfer it to your wallet
You must have either SAND or Ether (ETH) in your wallet in order to acquire land or place a bid on it. Investing in Ethereum is anticipated to be more beneficial as most of The Sandbox exclusively accepts ETH for the purchase of land.
Using the Binance account you already have, you may use a credit card or debit card to buy SAND or ETH.
When you have completed the purchase of your cryptocurrency, you will need to move it to the cryptocurrency wallet that you have created. Make a copy of the public address found in your cryptocurrency wallet, and use this address whenever you make a withdrawal. Please refer to our tutorial on How to Withdraw from Binance for more instructions.
Step 5: Choose a parcel 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 acquired, thus you’ll generally only discover land on OpenSea.
You may still bid on these auctions using The Sandbox map. Because OpenSea connections are incorporated in the UI, the SandBox map is also the best method to ensure that you’ve purchased a genuine NFT plot.
After you’ve found some land you wish to buy, you can either put an offer by clicking the [Bid] button or buy it for a set 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 finalizing the transaction with your wallet, enter the bid amount and click [Place Bid]. The cryptocurrency will be refunded to your wallet if the seller rejects your offer or the transaction closes.
You’ll be transported to OpenSea to complete the purchase if you click on the set pricing. Before you can buy the land, you’ll need to link your wallet to the marketplace. If you don’t want to utilize The Sandbox, you may make an offer via OpenSea.
Conclusion
In the world of cryptocurrencies, the digital real estate ecosystem has become a huge hit. As you can see, buying and selling land isn’t too hard. But at the prices they are now, it is sometimes more expensive than investing in real estate. If you decide to buy NFT metaverse land, think about the risks and use safe crypto practices.
