How to Purchase Land in the Metaverse
If you are not familiar with the Metaverse, read Part One first then come back to this article!
The digital age has arrived! As if the influx of social platforms and sprint into the world of VR wasn’t enough, here comes the next level of the web!
In Part one, we learned in a nutshell what the Metaverse was and a bit of what you can do within it. There are plenty of real-world benefits from owning and participating in the Metaverse such as brand awareness, offering your real-world goods, owning real estate, and more. So, now that you know what you have the potential to do, how do you do it exactly?
Start Off with the Basics
Much like buying tangible land or anything with a physical form, you need a few things first – like money. The money that you wish to use to purchase land in the Metaverse, doesn’t come straight from your bank account like when you pay a bill or purchase something online.
You first must go to the platform where you want to purchase the land from and convert your U.S dollars into cryptocurrencies used by that platform. For example, you want to purchase land in the Sandbox. You will have to use that platforms currency which is called SAND to purchase anything. Another popular platform for land purchase is Decentraland, which uses MANA as their form of cryptocurrency. Getting your hands on SAND or MANA is the first step to purchase digital land from the Sandbox or Decentraland.
So, you have your monies converted and you have your MANA ready to go but wait. You will need a place to store that money. This is where it gets different… You must first have a digital wallet that can house your cryptocurrency. There are many places you can get a digital wallet, but the most popular are Metamask and Binanace.
- Metamask actually has an App you can connect to and also a browser extension to easy manage your crypto from any computer.
- Bianance has an actual website where you can connect and manage your crypto and other accounts. They also have an Academy where you can learn about crypto, the blockchain, and how to use it all. Super helpful stuff for a beginner! You will find other articles from stock market terminology to more fun articles on the platform as well.
Shop Around the Digital Market
After you have your crypto converted, stored, and have your digital land platform of choice in your sights, it’s time to shop around. You can purchase land right from the platforms, or you can use a sort of resale digital brokerage to find your land. OpenSea is one of those such places. OpenSea houses a plethora of NFTs for sale and the stock is rotating. By typing land in the search box at the top, and selecting the status you want to search under, your land options will appear. Depending on your search criteria, you may have to bid on plots of land or you can buy now. You can use this site to help narrow down where you want to buy if you are still waffling about where.
Digital Real Estate in the Future
The future of the Metaverse is up in the air and it will be for some time. If the concept of buying digital land, to build digital homes on for self-promotion from corporation to local artisans will depend on the people within it. The Metaverse is transparent, it’s interactive, and there is hope that it will eventually become the new norm for social interaction on the web.
The Metaverse is branded to everyone, all of us deserve a place in it. With current prices for NFTs, that may not be the case. Metaverse prices are just as high as the current housing market, with land prices beginning as high as a physical new construction home and some NFTs are going in the price range of the 500K's. Speak with a financial advisor if the journey into the Metaverse is right for you. Ownership within the Metaverse is an investment and needs to be thought over well prior to plunging cash in.
If you enjoyed this blog content, make sure to check out ERA Liberty’s other blog articles on allwvhomes.com. We blog about all things real estate, local eats, and happenings in and around our community.
For all your home buying or selling needs, ERA Liberty Realty is always there for you! With two local offices to help you no matter where you are, our agents are knowledgeable of the area and the housing trends happening within them. Reach out to us today to get your journey started in West Virginia, Virginia, Maryland, or Washington DC! We also have rental agents and agents that property manage for clients.
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