Buying land in the Metaverse
There are many virtual worlds which make up what is now known as the Metaverse, some of which you can access from your browser, just like a website. Others are available only through a VR headset and some even can be accessed using your mobile (cell) phone.
Some virtual worlds allow purchasing of assets such as in-game items, wearable clothing and even land on which to build your scene, these assets are usually stored and transferred in the form of NFTs, for purchase using cryptocurrency.
Even after the recent crypto and NFT downturn, business and retail investors still show interest in purchasing Metaverse land. Although still in its infancy, the Metaverse is becoming a household term as more and more fortune 500 brands announce their Meta strategy.
If you want to learn how to buy land in the Metaverse, this is the guide for you.
The different types of virtual worlds
As we mentioned previously, the Metaverse is considered to be a collective of virtual worlds. Each of these worlds is unique in their own way and has different characteristics, broadly we could categorise each world in one of three different ways.
Massively multiplayer game (MMO)
Centralised
Decentralised
Massively multiplayer game
There is no denying the Metaverse stems from MMO games, think World of Warcraft or even Call of Duty where gamers from all over the world play together in a shared environment. Although it goes counter to some of the preconceptions that we have outlined in this article to call a video game a virtual world, there are similarities.
Connecting people is at the core of the Metaverse and there is no denying MMO games connect people. They also share the same concept of wearables, the popular video game Fortnite is infamous for their collaboration with household brands including working with Balenciaga on a wearable collection available for purchase with in-game currency V-Bucks.
Centralised
Some of the most well-known virtual worlds are built by private enterprises, these worlds include Minecraft and Roblox which boast a massive 340 million combined monthly players.
Users have access to tools built by these platforms to create their own virtual spaces which can be played with friends and other gamers, in some cases, these games can be monetised so the creator can earn an income. However, often the platform will take the lion's share. Game creators in Roblox take around 30% of all earnings.
Decentralised
In contrast to centralised virtual worlds, decentralised worlds are not owned by a single party, rather they are often developed by a foundation that works autonomously, governed by a Decentralised Autonomous Organisation (a DAO).
The DAO is in charge of deciding where grant funding goes as well as voting on key decisions the foundation must make. Decentralised Metaverses leverage Blockchain and Cryptocurrency technology to store their in-game assets such as land and wearables which are created as NFT, these can all be bought and sold on different marketplaces allowing users to profit from playing.
Like in centralised Metaverses players of decentralised worlds can create games and profit from them. However, in a decentralised world, the game builder is entitled to the entirety of their profit.
Buying land in the Metaverse
Of the 3 types of virtual worlds we discussed, only decentralised worlds allow you to buy, sell and own land.
There are two ways to buy metaverse land for sale.
On the metaverse platform itself
On a secondary marketplace
Once you've decided which metaverse platform you want to buy land on, look for secondary NFT marketplaces like OpenSea, to discover the best deal.
Just follow these four steps outlined below to get your piece of decentralised land.
Choose a platform
You should start by deciding which platform you want to purchase land on. There are several choices, some of which are still in development.
Some of the most popular platforms are:
The Sandbox - a Voxel-based world, learn more about it here
Decentraland - a web-based virtual world which can run in any web browser
Otherside - a yet-to-be-released virtual world from the infamous Bored Ape Yacht Club
Each world has different pros and cons as well as a unique subculture. Decentraland, for example, has organised virtual fashion events with labels such as Adidas, as well as a music festival with Deadmau5.
Set up a crypto wallet
To get your land on any platform, you need to buy the native currency of that platform. To buy the cryptocurrency, you must first sign up for a crypto wallet.
Some of the most popular crypto wallets are Metamask, WalletConnect, and Coinbase.
We propose using a wallet that can be installed on your browser for ease of use since this can also be used to log into some of the virtual worlds.
Purchase Cryptocurrency
No matter which wallet you decide to use, you will have to purchase the platform's native currency to buy land. Both Sandbox and Decentraland, for example, have their own currencies. They are called SAND and MANA, respectively, and because they are on the Ethereum blockchain, you will also need some Ether to cover the transaction fees.
These currencies can also be purchased on cryptocurrency exchanges such as Coinbase, which can then be sent to your cryptocurrency wallet.
Select a plot of land
Much like in the real world, location is everything, choosing the right neighbourhood can increase the value of your land significantly. Some other factors to consider when picking your plot include…
The size of the plot you wish to purchase (and how much building room this entitles you to)
Where the plot is located, if it has favourable neighbours it may be worth more. Land near social hubs, shops, and other important places is more expensive in the metaverse world, similar to how it's more expensive to purchase buildings close to landmarks in the real world. If you build near high-traffic regions, for example, you can expect to get more attention.
Finally, of course, the price.
To get a better sense of the value of each available location, make sure to check the map. Each world is comprised of connecting plots which Decentraland Map that you can use to get a sense of its metaverse and where the key locations are positioned at all times. It’s made out of 90,601 parcels.
Finalise your virtual land purchase
After deciding on the best land to buy and depositing funds into your crypto wallet, you need to go directly to the metaverse platform, link your wallet, and buy the land.
The NFT you buy includes coordinates for the area you govern and a map of its location in the metaverse. When the transaction is validated, the NFT will appear in your crypto wallet, and you will be registered as its owner. Depending on your goals, you can keep it as a long-term investment, sell it for a profit, or use it to build something.
Buying Land on a Secondary Marketplace
Alternatively, you can choose to buy metaverse land for sale on a secondary marketplace such as OpenSea. OpenSea is the most popular marketplace for buying and selling digital assets across different platforms and projects.
To buy metaverse land on OpenSea, you would first need to register an account and connect your crypto wallet. After that, you would search for the platform and land that you want to buy. Finally, you can make an offer or buy the land, depending on the listing conditions.
