A few years ago, investing in virtual land and real estate sounded absurd. Today’s tale is somewhat different. You can already acquire metaverse land slots in digital worlds such as Decentraland (MANA), and with the metaverse on the horizon, investors are flocking in.
The metaverse is a virtual land that exists as a virtual portion of the virtual world. In the metaverse, it is commonly referred to as “land.” You can transfer ownership of the land to other individuals through a process. It can also be traded for other products, such as digital crypto collectibles (NFTs).
The continent may be discovered online in a network of virtual worlds known by IT insiders as the metaverse. Plot prices have risen by up to 500% in recent months as a result of Facebook’s announcement that it was going all-in on virtual reality, and the company even changed its name to Meta Platforms.
According to recent research by crypto asset management Grayscale, the digital world might soon become a $1 trillion enterprise. Kiguel’s firm recently spent roughly $2.5 million on a plot of property in Decentraland, one of the numerous prominent metaverse worlds.
What is Virtual Land in Metaverse?
In the Metaverse, Virtual Land is a type of virtual property akin to bitcoin. The term “metaverse Land” refers to Virtual Reality (VR) places, also known as “simulations,” that are being produced by developers to be sold. They have developed methods for creating virtual worlds that you can use for various purposes, such as entertainment or work.
Because it is neither centralised nor uncontrolled, purchasing and selling Metaverse Land is quite similar to buying and selling bitcoin.
The metaverse’s virtual domains may be utilised for several purposes, including real estate. They are an asset that people may buy and sell, and they have unique traits and features that make them better than regular real estate.
Scarcity is one of these characteristics. While certain digital components can be copied, the virtual world has just a few virtual destinations.
Why are Investors Buying Virtual Lands In Metaverse?
Real estate is one of the most popular asset classes globally, and it now exists in the digital domain as well.
Metaverse land is intangible territory that exists in virtual worlds. It is sold in plots, just like real land, and may be purchased using the money of the specific property. There are now various virtual worlds where you may buy virtual real estate. Decentraland is possibly the most well-known of them.
Virtual estate in the budding metaverse is fetching hundreds of thousands of dollars.
A plot of property in Decentraland sold for more than USD 900,000 in June of this year. That is only one example. Given the rising interest in the metaverse, the potential ROI (return on investment) on Metaverse Land appears appealing to crypto-savvy investors.
Second, investors may utilise their virtual pieces of land to generate income: if you own a virtual piece of land, you can hold private events or parties and charge people who wish to attend.
For example, American artist Snoop Dogg staged an exclusive party on The Sandbox’s non-fungible token (NFT) platform to restore his real-life estate. Attendees needed an NFT, which served as a pass and granted entrance to the event.
Third, investors may earn a consistent income from their virtual lands. For example, you might use NFTs to construct a virtual house on your virtual property and rent it out for a monthly payment. Create an NFT art gallery and rent out space to aspiring crypto artists to display their work in the metaverse.
How to Buy Virtual Land in the Metaverse?
Decentraland is a blockchain-powered virtual reality network that allows users to buy land, play games, organise events, and engage with one another in a variety of ways.
It is the largest virtual universe in the NFT realm, with its own tokens – MANA and LAND. On Decentraland, each piece of LAND measures 16 metres by 16 metres and is represented by an NFT. The number of plots of land available on Decentraland is restricted to 90,000, contributing to scarcity. Anyone on Decentraland can buy, rent, or sell land via OpenSea, an NFT marketplace, or Decentraland’s official Marketplace.
Now that you know what Decentraland is, proceed to the steps below to discover how to buy land in Decentraland directly from its Marketplace.
1. Go to Decentraland Marketplace:
To begin, go to Decentraland’s Marketplace and login in or join up if you haven’t already.
After you’ve logged in, go to ‘Parcels and Estates.’ Then, choose ‘View All.’
2. Select A Parcel of Land:
The next step is to go over the various land parcels and choose your favourite parcel. The benefit of purchasing land in Decentraland straight from the marketplace is that you can observe the surrounding areas and the accessibility to renowned sites.
Once you’ve chosen a plot of Metaverse land, click on it to learn more about it. The price of the land in MANA, availability, and the owner’s name are all displayed here.
To complete the purchase, use the ‘Buy’ button.
3. Link your Wallet to Decentraland Marketplace:
To make the purchase, ensure that your wallet is linked to your account since the land will be sent to your wallet as an NFT after the transaction is completed and successful.
You can obtain a wallet if you don’t already have one by installing MetaMask or Trust Wallet. Remember that you’ll need enough MANA or Ethereum (ETH) in your selected wallet to make the purchase.
In addition, you’ll need some more tokens to cover the gas price.
4. Confirm your Metaverse Land:
You may confirm your LAND on your wallet after the transaction is completed.
If you use Trust Wallet, you can confirm this in the MetaMask wallet under the ‘Collectibles’ and ‘NFTs’ tabs.
What are the Use Cases of Metaverse Land?
The term “metaverse” refers to a vast notion. The following are the important sectors where thousands of VR developers from all over the world are already working, such as gaming, working environments, tourism, education, and so on.
- Games:
Metaverse technology was originally used in computer games, which is not unexpected given that it lets players communicate with other participants in a single virtual interoperable environment.
Projects such as The Sandbox, Axie Infinity, Sorare, and many others are already in operation. Axie Infinity, for example, has over 350,000 daily active users. The aim of the game is to acquire “Smooth Love Potions” (SLPs). SLPs function similarly to cryptocurrencies, which may be purchased and traded on a cryptocurrency exchange. Top players may make 1,500 SLP per day ($435) on their “Axies,” albeit the SLP to the dollar exchange rate is always fluctuating.
- Tourism:
Virtual reality has already garnered a lot of popularity in the industry. For example, Thomas Cook introduced the Virtual Reality Holiday ‘Try Before You Fly’ service with the aid of visualise, which allowed potential travellers to see holiday spots in virtual reality. After using this service, the user might select whether or not they want to go on an actual vacation. The end product was beautiful. For example, following a 5-minute virtual reality excursion, the number of scheduled tours in New York doubled.
- Education:
With the advent of the metaverse school and virtual learning environment, individuals from the most remote corners of the planet will be able to obtain a quality education in settings that are perfectly suited for the absorption of new information and experience. Microsoft, for example, has launched Mesh, a mixed reality platform where students, instructors, and staff may engage using 3D avatars. They will be able to participate in an immersive classroom or view avatars in a standard video conference using Microsoft HoloLens.
Concluding Thoughts
So far, the virtual real estate market has only known one direction: up. Virtual real estate might become a very profitable asset class, especially for early investors, due to Facebook’s push into the metaverse and Web 3.0-focused investors’ interest in all things metaverse.
There has been a lot of conjecture and hoopla about how blockchain technology would influence our lives since the advent of blockchain technology and bitcoin. True, we’ve seen some promising blockchain and cryptocurrency uses, such as Bitcoin.
With NFTs, the future of digital real estate seems bright. The tomorrow of digital real estate has never been brighter.
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