Undeniably, the concept of real estate is an old one. However, with technology, it has evolved a lot over time. But, no matter how it has changed, one thing remains the same; the importance of real estate. With the Metaverse, the importance of real estate has been further enhanced. In other words, the real estate market in the Metaverse is going to be a whole new ballgame. So, what is Metaverse real estate and how can you buy virtual real estate in the Metaverse? Read on to find out.
How to Buy Virtual Real Estate in the Metaverse?
As said earlier, there is only a limited number of plots of land in the Metaverse. The price of plots varies depending on the location of the plot. The more desirable a location is, the higher the price, like in the real world. Here is how to buy virtual real estate in the Metaverse:
- Set up your account and walletFirst, you need to create an account and connect a wallet to it. Your purchased LAND will be stored on this secured wallet.
- Buy native tokenOnce you have setup your wallet, you will need the native token of the Metaverse. You can purchase it from any exchange that sells it.
- Choose your real estateLog in to your Metaverse account (Sandbox, Decentraland) and go to the marketplace and choose the piece of plot you like to purchase.
- Buy the real estateAfter you have chosen which parcel to buy, simply click on it to see the details such as price of a parcel, the owner’s name, availability, and its coordinates. Click on the “Buy” button and finish the transaction with your wallet.
What is Metaverse Real Estate?
In the real world, real estate means land that is used for commercial and residential purposes. This means that real estate is not only land but also the buildings that are built on it along with its natural resources such as crops, minerals or water.
On the other hand, in the Metaverse, real estate is a digital asset; it has no physical existence. It is also known as virtual real estate. Like real-world real estate, Metaverse real estate consists of a piece of land and buildings or assets on it. These lands and assets are represented on the blockchain as NFTs, giving the person who holds them complete ownership.
Each Metaverse is made up of a limited number of plots of land with a fixed dimension. Metaverse real estate has intrinsic value to it, as well as the potential for future appreciation. You can sell, trade, and even rent it. If you want to buy Metaverse real estate, you will need to pay a certain amount of native Metaverse coin of the platform in order to do so.
To buy property in the Metaverse, the first thing you will need to do is choose which platform you are going to use. As of now, the Metaverses where you can buy real estate are Decentraland, Somnium Space, the Sandbox, and Upland. However, the two most common Metaverse platforms for buying real estate in the Metaverse is the Sandbox and Decentraland. You can find out the best Metaverse out of the two here.
There you have it, folks! It is that simple! You can now own a property in the Metaverse.