We are in another technology stream and the metaverse is doing the most.
The metaverse is becoming enticing to the public and everyone wants to have a taste of the virtual space.
Before we know how and why to buy land in metaverse, lets understand the metaverse and land in the metaverse.
What is metaverse?
Briefly, the metaverse is a virtual land or space made through technology for gaming and other lucrative purposes. The metaverse posses to be of good economic and technological value, that is why almost every institution is venturing into the metaverse even the entertainment industries. The metaverse has always existed but it gained more ground after facebook rebranded its name to meta. Since then the metaverse has been making rounds online.
The date people are still trying and researching to know the full potential of the metaverse, so they can incline their jobs or brands to the metaverse.
You can as well read the previous metaverse article here.
What is a metaverse land?
The metaverse virtual land is not too different from our normal lands, only that it online(virtual) and and represented by an NFT(non fungible tokens).
A plot of land in the metaverse is just a virtual real estate often expressed as an Non fungible token.
The NFT representation of virtual lands makes it to be built on blockchain and easily verified and original(authentic).
Any metaverse virtual land is on a blockchain and ownership is secured through the blockchain.
Just like normal real estate in the real world, the metaverse lands are also sold and bought, not with fiat but cryptocurrencies. That is why we can call a metaverse land NFT lands.
You can easily find a virtual land on virtual real estates platforms or third party platforms like the world’s largest NFT market place, OpenSea.
A virtual land owner can easily build on the lands, play games, lend the land for crypto rewards, and sell for mouth watering profits.
The metaverse will go mainstream soon and no one wants to be left behind this immersive space. Individuals are not the only one investing in the metaverse but also companies and industries.
Why should I buy land in metaverse, any advantages?
Just like the real word real estate business, the metaverse real estate is also rewarding. Maybe through entertainment or through profit making.
We know that people find different value from a particular platform or business. Some people can purchase virtual land to build houses and various projects on it for fun sake or other reasons while some can use the virtual lands as a socializing platforms, where they can have virtual visitors and events.
Other people use virtual lands for investment reasons, due to the fact that Metaverse lands are becoming scarce because of high demands. As metaverse projects continue to evolve, virtual lands will be bought and scarcity rate will be high. So it will lucrative for a virtual land owner to sell his plot or plots for a mouth watering price. The latest virtual land was sold for almost several thousand dollars while bought far below the selling price.
If you are looking for daily income, you can rent your virtual land to get crypto rewards or you could lease your land for projects purposes.
The project owners who you leased your land to will pay you for any project being carried out on the land if you don’t fancy selling everything.
If you wish to own a virtual land follow the following procedures.
What you need to buy land in metaverse
Buying the land is not as hard as you think, just follow the processes.
- A crypto wallet– A virtual land is not in the real world, so you can’t buy with fiat currencies. You will need cryptocurrencies to purchase virtual lands. So having a crypto wallet will allow you store the purchased crypto and get ready for the next process. Ensure to get the Cryptocurrency needed for the virtual land purchase. For example if the land can be purchased with Ethereum, then you must send Ethereum to your crypto wallet. Also ensure to use a wallet that permits browser protocols(DAPPS) for easy buying and selling. Wallets like trustwallet and metamask are good for this.
- A virtual land real estate market place– Now you have the funds now, you need to know the right place to purchase the virtual land of your choice. If you already have a virtual land project you can buy from the project owners but if you don’t, you can buy from market places like Sandbox and Decentraland. Sandbox sell lands through their crypto token called SAND, which means you have to own SAND in your crypto wallet for purchasing the virtual land. Decentraland sell lands through their token called MANNA. So you will own manna coin to purchase from them. The area or measurement of virtual land varies for each Virtual land platforms. For example, The virtual land measurement for Decentraland is 16 meters by 16 meters. Due to land scarcity, you might have difficulties in purchasing from these markets mentioned above. In such scenario, you can visit NFT market places like OpenSea, where virtual land owners take their lands daily for sales and profit making. You have to buy a land that you love, since you are not just buying for fun but for investment.
Buying a virtual land is not the problem but what virtual land project will be profitable to me?
What to look out for before purchasing a metaverse virtual land
Every metaverse project will not be long profitable. How will you know a better Metaverse project to invest in is what we are going to discuss below.
- How legitimate is the Project Owners or Project– Before you invest in metaverse project you have to determine the legitimacy of the project. Virtual land purchase involves real funds so it will depressing to fall for scam NFT lands or Fake virtual land scams. To avoid all this you need to check the previous project they have done before. For example if their previous project was successful, the probability that the new project will moon will be higher than the one with a bad previous report. Also their network(community) and partners(supporters) will tell you a lot. Jumping on an NFT land because of bigger followers or larger community will not always be profitable. Because some NFT scams had the highest community on discord or any other network.
- Your Crypto Wallet security– Whatever purchase you carry out will always relate back to your crypto wallet. Therefore you need to keep your wallet safe. How is that achievable?, NEVER give out your 12 key phrase to anyone. Note that anyone who asks you of your 12keyphrase or private key is a scammer. Earlier we said ‘treat everyone online as a scammer unless proven otherwise’. Also avoid airdrops. Not all airdrops are profitable, some are coded with malwares to expose your keys and wallet details for hack and fraudulent activities.
Conclusion
All businesses are risky and virtual real estate is not exempted. The metaverse is going mainstream sooner than we think. It is advisable to link up with the trending technologies and experience a new virtual effect. Owning a metaverse virtual land is not far from that.