In recent years, the idea of Metaverse has become a trend in the whole world and in our own country, Iran. In its simplest form, Metaverse is a combination of virtual reality and augmented reality with the real life of humans. For this reason, buying items and land in Metaverse is also very popular.
Fans of this field believe that in the future, people will spend many hours in this virtual world; Therefore, in the coming years, virtual objects and lands will take the place of physical assets. Now, if we are going to spend most of our time in such a world in the future, we will undoubtedly need a place to live. So the first step to enter the metaverse is to buy land or a place to live.
Read more: What is Metaverse? All about living in the digital world
In this article, we will examine what buying land in Metaverse looks like and what points you should follow. Stay with us.
Note that the topics discussed in this article should not be considered as financial or investment advice.
Methods of buying land in Metaverse
Buying land in Metaverse has three general methods that includes:
- Talk to the stock broker
- Find a lender
- Buying land using digital currency
Talk to Metaverse real estate broker
Metaverse has its own real estate market and lenders and brokers. Although the digital real estate industry is nascent, brokers like brothers Tal and Oren Alexander have established themselves well. They were engaged in buying and selling real estate in New York before the Metaverse got hot; But now they have expanded their services to Metaverse as well.
Find a lender
The second option for buying land is to find a low-interest loan from Metaversi. The subject of lending in the Metaverse has recently been raised, and currently, there are only a few companies that provide facilities for the purchase of land in the Metaverse.
Terra Zero is a marketplace provider that lends money to buy land on metaverse platforms such as Decentraland, Somnium, The Sandbox, and Solana Portals.
Terra Zero lends users to buy or rent virtual land without buildings or prefabricated structures that are suitable as ready-made environments for events or gaming.
Buying land using digital currency
This is the most direct method of buying land in Metaverse and is more suitable for small and cheap purchases. To buy, you must first visit the Metaversi market where you want to buy land. Then consider the location and design of the land you want and compare the prices and finally prepare a list of suitable options.
In the next step, connect the digital currency wallet compatible with the metaverse of your choice and use the digital currency that this virtual world supports to buy or rent assets.
Note that the steps of buying directly or buying with a loan are similar to each other, and the only difference is that if you bought land with a loan, the NFT ownership of your land will be at the disposal of the lender or real estate broker until the loan is fully repaid. Of course, during this period, you are supposed to manage the property and develop it.
Why should we buy land in Metaverse?
According to the ardent supporters of this field, the main reason for buying land in the virtual world is exactly the same reason as we buy real estate in the real world; It means independence and the beginning of a new life. However, there are other reasons as well.
Security is one of these reasons. When we talk about living in the metaverse, it means that we have to have a place to call home; A place where we can show our belongings to others and hang out with our friends. This is very similar to having a personal web page in the early days of the Internet. Home in Metaverse will be a concept for online display of each person’s life or an exhibition of unique digital objects.
Another reason why this virtual world is very important for users is the issue of investment. At this point, things seem a little confusing; Because like any other investment, there is no guarantee that the value of what you bought will increase.
However, when it comes to real estate in the metaverse, it’s like we’re in the middle of another gold rush. It is interesting to know that the average prices in Metaverse have increased about 10 times from last year to today.
Some people buy digital land; Because they believe that in the future the prices will grow a lot and they can sell it at a higher price. Of course, some people also buy land to rent it and earn money in this way.
Tips before buying land in Metaverse Must know
Buying land in Metaverse has some tips and considerations that you should follow. for example:
- High Ethereum fees
- investment risk
- Possibility of fraud
And cases like this are some examples of these points.
Most of the popular Metaverse games where users can buy land and property are built on the Ethereum blockchain, and since most of the goods in the Metaverse are traded in the form of non-currency tokens (NFT); Therefore, having Ether (ETH) can make most purchases easily.
Although the presence of multiple metaverse titles on a blockchain is considered an advantage, this positive feature has caused the price of a blockchain such as Ethereum to increase dramatically. Of course, we must also point out that it is not necessary to have Ether on all platforms and some of them have provided different methods for payment and purchase to users.
Read more: What is Blockchain? Simple explanation with example + video
Another point is that if you plan to invest in Metaverse, you should know that the profitability of your property or land depends on the location and growth around it, and at the same time the reception of users. It should not be forgotten that there is always a possibility that by buying land or property in Metaverse, you will not get a profit in the end and you will have to sell it to return the investment.
According to the 2022 Blind Social Network survey, only 13% of digital currency tech professionals have bought virtual real estate in the Metaverse.
Despite these statistics and potential risks, it must be admitted that this field is becoming an important part of investors’ portfolios and cannot be easily overlooked. However, in order to own land or a house in Metaverse, you first need to have a digital currency wallet; A tool that you can use to purchase land or property in Metaverse.
Another important thing to consider is the certainty of the project you want to invest in. Since we are dealing with a huge amount of money in this space, the presence of fraudsters is not far from expected. So before taking any action, do your research and talk to people who have invested in these projects.
Introducing popular metaverses
Currently, there are only a few Metaverse games where you can buy land. Most of the games are sold out; Therefore, if you are looking for land, you should go to the secondary market for buying and selling non-land tokens. Some of these popular metaverses are:
- Trivers
- Cryptovoxels
- world wide web
- Samnium Space
- Sandbox
- Discentral
Trivers
Treeverse can be considered a metaverse experience with a pixel (square) and 2D appearance, which was created by Loopify, a prominent collector and influencer in the NFT field.
This game is an open-world multiplayer fantasy role-playing game (MMORPG) where users can kill different monsters, craft weapons and participate in various battles.
Triverse has several different sets of NFTs. In the meantime, users who are looking to buy or rent or build a house can realize their dreams by purchasing Founders Plot and become a part of the Metaverse world. Trivers to obtain
Crypto Voxels
Cryptovoxels is a virtual world that takes place in the streets of a city called Origin City. In this big city, the streets belong to a group called The Corporation, and the users own the land around the streets of this city.
Owners can build on or add features to their lots. In this metaverse game, players can build structures with blocks called Voxels, which are very similar to the blocks of the Minecraft game.
world wide web
Worldwide Webb is a metaverse multiplayer role-playing game using pixel art. (Pixel Art) In the World Wide Web, non-game tokens can be used for in-game avatars, animals, virtual properties, objects, and game stages.
Virtual lands in the World Wide Web are under the control of users, and they can use these lands as a place to hold social events and show and keep pets and play games.
At the same time, the World Wide Web allows users to import their personalized smart contracts into this world and sell the works of art they create in this virtual world.
Samnium Space
Somnium Space is a virtual and open-world world that uses its own economic mechanism and currency, and users can walk in this big world with a mobile phone or computer and using virtual reality headsets.
Users in Samnium Space can create avatars and properties and fully personalized experiences. The development team of this metaverse world has decided to provide users with the ability to perceive smell in addition to virtual reality headsets from masks equipped with olfactory sensors.
Sandbox
The Sandbox is a virtual world where players can create gaming experiences and share or sell them.
Sandbox blockchain gaming platform includes three products: 1. VoxEdit, where users create 3D objects and present them as animations; 2. Marketplace where users upload and sell their created NFTs; 3. Game Maker, which allows users and players to create 3D games for free.
Discentral
Decentraland is a 3D virtual world and provides users with facilities such as a wide digital space and the possibility of buying land. The interesting thing about Dicentraland is that you can access this game with or without a wallet; But if you want to buy Metaverse wearables, you will need a cryptocurrency wallet like Metamask.
One of the important features of Dicentraland is that after buying the land, you can develop it using Dicentraland’s special editor or by importing 3D models from external software.
Buying land in Dicentraland and Sandbox metaverses
After introducing some popular metaverse worlds, now it’s time to buy land or property in metaverse. Currently, the most attractive and popular Metaverse platforms for buying or renting real estate are Sandbox and Dicentraland. For both, you must first download and install the Metamask wallet Google Chrome extension.
Then, you need to buy sand tokens (SAND) for sandbox lands and mana tokens (MANA) for decentral land properties and deposit them into your wallet. Needless to say, Sand and Mana tokens are both Ethereum-based currencies. When you have sufficient amounts of the indicated currencies in your Metamask wallet, the process of buying virtual properties will be available to you.
Sandbox
Fortunately, there are almost cheap pieces of land in the sandbox. Maybe these lands are located in not so famous areas and no branches of virtual restaurants and delicatessens can be found for long distances; But the possibility that the value of these lands will increase over time is very high.
Currently, the cheapest virtual property in the sandbox costs about 10,000 dollars; So, if you’d like to own a piece of sandbox land before anyone takes over, you can buy your first piece of land in the Metaverse using the tutorial below.
1. Go to the Sandbox website.
2. Click on the Market option.
3. In the left panel at the bottom, find the NFT Type option and then click on the Lands section.
4. In this section, you can choose filters such as cheapest, oldest, newest and most expensive. Here, we chose the cheapest one.
5. Select the land you want and click on the Buy option to buy.
6. When you click on the Buy option, the OpenSea token market will open and you will be directed to the list of selected purchases. At this point, connect your Metamask wallet to the website by clicking on the wallet icon.
7. Be sure to pay attention to the highest price offered; Because to satisfy the seller, your price must be higher than other prices. To submit a price offer, click Make Offer.
8. Then enter your order amount in SAND token. Make sure you have enough SAND tokens in your Metamask wallet. If the balance of your wallet is not enough, you will be faced with the warning of not having enough balance (Not Enough SAND to Make Offer).
9. Choose the validity period of the price offer from 3, 7 and 30 days. Note that this is the default time and you can set the desired time manually. After this step, click on the Make Offer option.
10. Metamask wallet will appear on the screen and you need to click on Sign in option to confirm.
11. After you have done all the steps correctly, you have to wait for the land developer to accept your purchase offer. If the land owner agrees to your offer, you will be notified of the purchase process via email.
Discentral
While Sandbox has mostly attracted rappers and DJs, Dicentralland has become more of a place for tech brands like Samsung. The Korean company announced in January that it had bought a property in Dicentraland.
The property that Samsung purchased and developed is simulated like the company’s New York branch store, and users can tour it virtually.
As we mentioned, you must have enough MANA tokens in your Metamask wallet to buy in Dicentraland, in the next step first:
1. Go to the Dicentraland website.
2. Then find Trade option and click on Start Browsing.
3. Then click on Sign in.
4. Select the Metamask wallet. By selecting this option, you allow the website to check the amount of mana in your wallet. If you encounter the Could Not Connect to Wallet Error, click on the Metamask icon in Google Chrome and click Next and then Connect.
5. At the top left, click on the Land option.
6. You will be redirected to the page where the map of Dicentraland is located. You will see all the items for sale in light blue.
7. Click on a piece whose price and location are suitable for you.
8. Click on the Buy option and follow the displayed instructions.
Just as in the real world the location of the property or land is very important, in the metaverse there are similar conditions. For example, ownership of plots of land around fields (green areas) and blue areas in Decentraland is more valuable than suburban areas, and there is more competition for these areas.
In the meantime, it is not bad to point out two negative points about Dicentraland and Sandbox. The first downside to Dicentralland is that prices around the purple and green areas are often more expensive than elsewhere on the map; For this reason, users who have a small budget cannot own land in important areas of Dicentralland.
Another negative thing to consider about Sandbox and Dicentralland is that, unlike the PolkaCity metaverse world, landowners in these two virtual worlds cannot earn passive income from their land and only by increasing its price and buying and selling it. make a profit; A problem that some users may not like.
Risks of buying land in Metaverse
An important question that may concern your mind is whether buying land in Metaverse is considered a safe investment? This question is especially important when you want to invest huge money in Metaverse.
In general, buying digital land, like buying digital currency or NFT, is considered a risky investment. And it is always associated with risks.
This market does not follow certain rules; That is, any problem that arises in the meantime, there is no legal authority to handle and compensate you.
Probably, now this question has been raised in your mind, what could be the problem? For example, there is a risk that the land seller is a fraud and you will not get anything after completing the purchase process; What’s the worst that could happen to a buyer?
You should note that even if your money is not stolen, you should pay attention to some technical points to create more security and reduce the risk. Security and proper storage of assets are very important in transactions made with digital currency and other tokens.
Another topic being rare Is. We know that in the real world, resources and residential land are limited, and at the same time, population growth is also on the rise. Creators in the digital world have also limited the number of lands; But the important question is, if the number of applicants increases greatly, what will prevent the creation of more pieces of Earth in the Metaverse?
Developers can easily build millions of new plots. In fact, the builders have created a kind of artificial and false limitation and scarcity for the lands; But how long will this continue? If the number of developed lands is to increase, what will be the value of owning land in other metaverses and what will happen to the price of these assets?
Conclusion
In this article, we pointed out the points that you should know about before entering Metaverse and at the same time we reviewed some prominent Metaverse projects. Now, knowing the risks and various tips about some Metaverse platforms, you can make a better decision about entering the Metaverse world.
Currently, many people are asking what the future holds for the Metaverse and where this exciting field will go in the coming years. Although it is almost impossible to predict the future of a subject, it can be assumed that if the metaverse, like other areas of blockchain and digital currencies, is met with widespread public acceptance, it will have a bright future, and if this happens, the concept of metaverse will certainly change from what it is today. We are dealing, it will go beyond.
What experiences do you have in the field of metaverse? Have you ever had the experience of buying land in Metaverse? Share your experiences of this new and modern world with us.
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