How to buy real estate in the metaverse
One could argue that we’re heading into the age of metaverse, and whether you agree or not, there’s no doubt that metaverse has been getting a lot of mainstream attention lately. Megastars like Snoop Dogg and global multinationals including Samsung, JP Morgan, PwC, and HSBC have snapped up metaverse real estate. And you can also join in; buying land in the metaverse is simple. And there are no limits to what you can do with your metaverse real estate – you can lease, develop it, or hold it as an investment.
Throughout this guide, we’ll explain what metaverse real estate is, how to buy and sell real estate in the metaverse, and how to find a real estate agent for buying.
What is metaverse real estate?
To fully understand what metaverse real estate is, let’s first discuss what the metaverse is. In its simplest form, the metaverse is a parallel digital world that allows real-world users to build and interact with entire virtual ecosystems. It simulates real-world experiences in a virtual environment by combining all aspects of online gaming, social media, blockchain, augmented reality (AR), and virtual reality (VR).
Metaverse real estate is parcels of digital spaces in these virtual worlds. Technically, they are NFTs representing ownership of digital spaces within the metaverse.
Generally, the metaverse concept tends to vary depending on what the project offers. Metaverse projects like Sandbox and Decentraland fuse the aspects of blockchain gaming and cryptoeconomy. For example, you can buy a piece of metaverse real estate and develop it however you want.
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Why buy metaverse real estate?
Just like prime real estate in the real world, metaverse real estate can be of economic use. As we mentioned, you can develop your virtual real estate any way you want – convert it into advertising space, a storefront, or lease it. You can also hold it as an investment. For example, a standard 10×10 meters plot on Decentraland was about $25 in 2017; now, the cheapest land is more than $2500. However, it’s worth noting that this could be a risky investment.
How to buy real estate in the metaverse
Buying metaverse real estate is a simple and convenient process, which you can do from the comfort of your couch. Here are three quick steps on how to buy digital real estate in the metaverse.
Step 1: Choose a metaverse platform
There are several marketplaces where you can buy metaverse real estate. However, it’s advisable to only buy virtual land from well-established metaverse platforms like Decentraland or Sandbox. And for purposes of this guide, we’ll use Decentraland to show how to buy real estate in the metaverse. Note that the process of buying is fairly similar on most platforms.
Go to the Decentraland Marketplace, click on the ‘Lands’ tab and explore the parcels of land available for sale. Here’s an aerial view of Decentraland.
Step 2: Connect your crypto wallet
Buying digital real estate is like buying land in the real world; only that instead of using fiat, transactions are exclusively in crypto. Most metaverse platforms accept ETH and their native tokens. Decentraland’s native token is MANA.
You’ll need a Web 3.0 wallet like MetaMask and fund it with ETH or MANA. Note that you can also register on Decentraland using your email.
Step 3: Identify the metaverse real estate to buy
The Decentraland metaverse is divided into 90,601 parcels of land of varying sizes. The light green spots show private parcels that are up for sale.
Once you’ve identified a parcel you want, click on it to review its properties. You have to choose to bid for it or buy it straight away.
Once your transaction is complete, you’ll receive an NFT in your Web 3.0 wallet, representing your ownership.
Note that you can also buy metaverse real estate from third-party marketplaces like OpenSea or through a broker.
How to find a real estate agent for buying
Alternatively, if you do not want to go through the process of buying metaverse real estate by yourself, you could use the help of a metaverse real estate agent. Ideally, these real estate agents don’t just advise you on how to buy and sell real estate in the metaverse; they also offer ancillary services. These services include finding renters to lease your property, develop it, or even offer you a mortgage.
Typically, you can find them on social media platforms for professionals like LinkedIn. Note that there are no licensing requirements for metaverse agents. The best way to find a real estate agent to guide you on how to buy digital real estate in the metaverse is to review their track record.
Gone are the days when participating in the metaverse was a preserve for the tech nerd or blockchain enthusiasts. This has been a comprehensive guide on how to buy land and real estate in the metaverse. Ideally, you can buy metaverse real estate directly from the metaverse marketplace or third-party NFT marketplaces. You can also engage the services of real estate agents to guide you on how to buy and sell real estate in the metaverse.