Virtual land in the budding Metaverse has sold for hundreds, even millions of dollars. The idea of owning a piece of virtual land, which seemed impossible just a few years ago, is slowly becoming a reality. The Metaverse’s heat cannot be disputed, even though it is still in its infancy. Purchasing virtual land may be the most cost-effective way to enter the Metaverse.
1. Why are investors competing to buy Virtual Land?
Virtual land has the potential to bring huge profits. The convenience of turning the land upside down (the way they do with real estate) and a steady bull market have allowed many people to make thousands of dollars quickly.
1.2. Opportunity to earn extra income
If you buy digital land, you can organize events and charge people who want to attend. For example, American rapper Snoop Dogg threw an exclusive party on The Sandbox’s non-fungible token (NFT) platform to recreate his real-life mansion. Attendees need to have an NFT, which acts as a ticket and grants them access to the event.
1.3. New property
Decentraland sold a virtual property for $2.43 million. Digital real estate has established itself as a legitimate asset class. The value of virtual land increases exponentially and is an attractive investment opportunity.
2. How to buy virtual land on Metaverse?
One of the reasons virtual land investment is so popular is that the buying and selling transactions are very simple and transparent. However, not everyone knows those who have just entered this market. Here are the steps to buying virtual land on Metaverse.
2.1. Set up a digital wallet
You cannot buy virtual land with fiat currency. So as a first step, you need a digital crypto wallet to purchase and store your cryptocurrency. Today, some of the most popular and trusted wallets are the Metamask wallet and the Trust Wallet. You can also use the Binance Chain Wallet if you wish. You need to check if the wallet supports the cryptocurrency you will use to buy virtual land.
2.2. Choose a real estate platform
The two most popular real estate platforms today are Decentraland and Sandbox. Also, OpenSea is a good option if you want to buy through a third party.
OpenSea is a great idea for first-time buyers as it allows you to shop without constantly switching between platforms. To choose a real estate platform, you need to compare the prices, utilities, and potential of the plots of land you plan to buy.
2.3. Browse and select a parcel of land
After choosing the platform on which you will purchase the land, you simply need to look at the plots and make your decision. The price of Land NFTs at favorable locations will be much higher than the common ground.
Once you have selected the land you want to buy, you need to click on the land to see the information.
2.4. Connect wallet to real estate platform
You need to connect the wallet to your account to confirm the purchase. You need to click Jump in and register with your wallet.
After you register and confirm your purchase, your virtual real estate will be sent to your wallet. You will become the official owner of that virtual asset and anyone can verify its authenticity on the blockchain.
2.5. Successful transaction confirmation
The purchase will take place as long as you have enough funds in your wallet and the price is agreed upon. You can claim your virtual real estate in your wallet. In case you are using Trust Wallet, go to Collections. For MetaMask, visit NFTs to receive confirmation of your purchase.
Above are the basic steps to make a Land NFT purchase on Metaverse. To evaluate the value and investment potential of the land you will spend money on, you need to know and evaluate the project potential.