How To Buy Virtual Land In The Metaverse Decentraland Guide

A trending question in the world of technology is how to buy virtual land in the Metaverse? Is Metaverse land the same as buying real land? We find out more in this article.

Not so long ago, the concept of doing much less of anything in the realm of the virtual world sounded preposterous. The furthest anyone came to the realm was VR (Virtual Reality) and the use of such through related devices. 

But today, the landscape has shifted and anyone can buy any virtual estate in the digital realm. Virtual worlds like DecentralandMANA – and Sandbox – SAND – are available for interested parties to interact and transact within, and with the recent hype of the metaverse right around the corner, eyeballs are pouring in. 

To go any further would be futile if it isn’t understood what the metaverse is. 

Delving Into The Metaverse

There are many definitions and understandings of the coined word by Neal Stephenson in his 1992 novel Snow Crash, but one easy to understand concept of the metaverse is that it combines augmented reality (AR), virtual reality (VR), and a word called extended reality to provide a platform where human beings can interact, play, work, and almost live digitally.

The term surged and gained sudden popularity when Facebook announced it would rebrand itself as Meta, signaling its intention to be involved in the metaverse. The term as stated above has been in existence for almost thirty years but recent ongoing developments have resulted in its raised popularity.

Naturally, along with consumers came investors looking for more opportunities to invest and gain profit upon. As this newfound space is ever and very fast-growing, the emerging profit subsidiary for modern investors is buying digital land in one of many leading digital realms.

Virtual Land And Growing Interest In It

Everyone knows that land is a financial asset that never depreciates and is one of the most dependable and popular asset classes. Now, such is the case in the virtual world.

Intangible pieces of land that exist in the digital realm, virtual land works similar to physical land. Its transactions also occur similarly, as parties sell plots and can purchase another piece of plots or land by interchanging that particular land’s currency. 

Till date, there are several digital realms and worlds which provide such opportunities and allow users to transact with virtual land. The most popular among such worlds is Decentraland, where virtual real estate is exchanged by its currency MANA and other forms of investment opportunities exist. 

The Value Of Land In The Metaverse

It should be stated right at the front that virtual land is being sold and purchased in hundreds of thousands of dollars in the metaverse. Other than the general public, corporates and investors are also piling up for this opportunity, citing many diverse strategies. 

In Decentraland, a piece of land was sold for an astonishing $900,000 USD plus. This instance occurred in June, and it was soon followed by many other examples. 

As interest is already expanding in the cryptocurrency arena, such investors took this as an opportunity and hopped on the bandwagon of the metaverse, and have secured hefty and attractive returns on investments. Savvy speculators and modern investors also saw this as their chance.

Investors And Profiting From Virtual Lands

As was inevitable, investors also bought pieces of virtual land and are using them to earn income and generate profits. 

To put this into perspective, if any user owns digital land he can host events, parties that can be exclusive and can invite people to attend by paying fees and/or charging them. 

A recent example is Snoop Dogg – an American rapper who hosted an exclusive party on The Sandbox’s platform. By incorporating non-fungible tokens (NFT), Snoop Dogg planned to reconstruct his real-world mansion into the digital realm. All attendees needed to have an NFT in order to gain access to the event and as a gate pass.

Janine Yorio, a real estate investment executive by profession for a decade, sees the gaming industry and developers along with the entertainment industry to be among the major changes of Web 3.0. Co-founder and CEO of Republic Realm, they have bought an equivalent of a city.

The company bought a 24*24 parcels and each one was 100 meters. 

Mike Novogratz’s Galaxy Digital is involved in Republic Realm with a reported $10 million stake in Republic Realm. 

Regular Income Like In The Real World

To put things more into our terms, any holder of a virtual land can generate regular recurring income from it as we do in the real world. If an investor is involved, he could build a virtual house using NFTs on their piece of land and then can rent it to any owner, for a monthly income. 

Whether it is a house generating monthly income via rent, or an art gallery that exhibits pieces of art for an entry fee, or just a space for aspiring artists to come and broadcast their work in the metaverse, generating income is very similar to in the real world. 

How To Buy Land In The Metaverse – Decentraland Guide

As stated earlier, Decentraland is one of the most popular places to be when talking about the metaverse and digital worlds. It is based on a blockchain and is a virtual reality domain that allows users and parties to engage in transactions of land (buy or sell), interact with each other, play games together, host events and parties along many other endless opportunities.

Its currency and tokens are its own: MANA and LAND. It is one of the largest virtual realms in the non-fungible token space and each piece of LAND on the Decentraland equals 16 meters by 16 meters. The quantity of pieces of land is capped to be at 90,000, in order to create scarcity amongst the residents. 

There is no restriction on who buys, rents, or sells land on Decentraland via an NFT marketplace, Decentraland’s official marketplace, or via OpenSea. 

Going To The Official Marketplace 

Users would need to visit the official Decentraland’s official Marketplace and sign up in order to go into the marketplace. Once signed in, the user would go to ‘Parcels and Estates’ and then click on ‘View All’.

Selecting A Piece Of Land

Users would then need to browse the marketplace for available pieces of the estate so that they can choose their preferred piece of land. 

The major advantage of buying from the official marketplace is that users can get to see their neighborhood and can also gauge close proximities to other famous and interesting areas.

Once selected, the user can process his land by proceeding to click on it to read some more details. The price quoted would be in MANA, along with the owner’s name and the land’s availability. 

Click on ‘Buy’ to make the purchase, if interested. 

Getting Ready For The Transaction

After proceeding to the ‘Buy’ page, users would then need to link their wallets to their accounts so that payment processes would be smooth. The land after being processed will then be sent to the user’s wallet as a non-fungible token after the purchase is done and dusted and successfully completed. 

Wallets can be easily accessible by websites such as MetaMask, Trust Wallet and etc. 

As is obvious, along with the wallet needs to be the currency in MANA or ETH (Ethereum) in order to complete the transaction plus some fee for the transaction.

Confirmation 

For confirmation, LAND would be available on the user’s wallet.

For users using Trust Wallet, they can go and confirm by going under the ‘Collectibles’ tab and users of the MetaMask wallet can go and confirm under the ‘NFTs’ tab.

Worth Of Digital Land

Digital land like its counterpart real estate is gauged similarly. Metrics used in the market for real property such as scarcity, limitations work. As stated, land in The Sandbox is made scarce, with only 166,464 parcels available. Each unit is 96*96 meters.

Some other parts of LAND such as being held by a popular personality or having unique events or parties can also be valued higher. Corporates can also pitch in high amounts for their personal strategies to garner a return on investments or other forms of profit.

Is It Worth It?

Up until now, real estate has been up, in the real and in the digital world. The virtual world has seen only a rise in its price, which current market direction and development has only helped boost its price and prediction. Investors are now interested in the metaverse, and Web 3.0 and modern investors all look in favor of the metaverse.

Virtual assets are being seen as a very profitable business and asset class, and for investors already in the crypto market, this is a very attractive option.

With every investment in these newfound realms, care and due diligence are required when investing in these realms. There can be no refusal in the claim that the virtual estate market is growing at a substantial rate, but the market is new and there are lots of gray areas also. 

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