How to Purchase property in the Metaverse

The Metaverse is a digital world that is created by the collective efforts of all virtual reality users. It can be considered the next step after the internet, which has been an integral part of our lives for decades. After the announcement of metaverse by the Meta CEO last year, everyone is now quickly moving towards the age of metaverse regardless of the types of industry. As, business opportunities are rising immersive, buying & selling virtual real estate is one of the growing business ideas that is going to be popular in near future on Metaverse.

In the metaverse, virtual land has enabled users to build their entire personalities and activities like interacting with other people, attending concerts, and making investments. Right now, the concept of virtual assets, and buying/selling virtual property in the 3D world is still blurry to understand, also wondering what is the possible use case of these non-fungible virtual lands. While you are investing in metaverse real estate, you are participating in creating possibilities such as flipping land, building infrastructure, brokering, event/services, and advertising properties. The virtual real estate industry is already pulling in big numbers for developers and sellers — and the market is only getting bigger.

Is it a Good Deal to Invest in Virtual Real Estate?

With the advancement of technology in the metaverse, we can expect growth & expansion in the digital real estate sector. After the announcement that Facebook changed its name to meta in the last quarter of 2021, metaverse real estate opportunities are now blooming. Property of metaverse has risen 700% in 2021 & the overall digital real estate marketplace has reached $500. It is expected that it is going to hit $1B in 2023.

According to statistics, only less than a year ago, the average price of a small piece of the plot on the popular two metaverse platforms was nearly under $1000 & today it is expecting around $13000. Again one of the most popular digital real estate platforms Decentraland- a piece of land was sold for more than $900,00. These scenarios actually show you can think how much profitable it is to invest in metaverse property.

Buying metaverse property is just like buying property in the real world. Just the difference is here you need to have a crypto wallet to make any transaction. The main reason why should you invest in virtual property is, that you need your owned space to actually “live” in the metaverse, to socialize, to play & many more. Additionally, it is the next generation of the internet, so investing in the metaverse opens a great business opportunity for others. So, having a digital land on metaverse will be an advantage & valuable in the near future for you.

Steps to Purchase Metaverse Property

With the increasing Metaverse land prices by the day, the concept of virtual assets or buying & sell virtual property in the digital world is still blurry to understand. Let’s have a look at some points-

Step 1: Select Direct Platform or Connect with Agent

Choosing the metaverse platform is the very first step while you are investing in virtual real estate. What types of platform you will be choosing depends on your goals of purchase & state of your crypto wallet. Some available options are — Decentraland, Sandbox, Cryptovoxels & Somnium. On the other side, like real-world properties, there are a couple of large third-party marketplaces, brokers, or agents available where you can buy metaverse real estate. The most popular are OpenSea and Non-Fungible.com.

Step 2: Set Up Your Crypto Wallet

Metaverses require that users must have a crypto wallet to collect cryptocurrencies in order to make transactions. A digital wallet holds virtual money and the digital assets you own in the metaverse. What type of wallet you will have depends on the buying platform. Make sure that your digital wallet allows the currency of the virtual project you are investing in.

Step 3: Buy Cryptocurrency

You can’t process purchases with dollars in the metaverse for any kind of transaction. The most popular virtual real estate platform Decentraland uses digital currency MANA. Sandbox use SAND currency for digital transaction. Also, these currencies are not interchangeable. You can make direct purchases from these two platforms.

Step 4: Complete Your Purchase

The last step is closing the deal after confirming the purchase. Once you have digital currencies confirmed the plot through your preferred platform, you just need to click on the purchase button. And you should be able to see your NFT on the wallet. Also, you will be denoted as the owner of the land. From then, you can build anything on top of it, or re-list it for something or simply sell this to others.

These are some basic steps to making any real estate purchase. By following these steps you will find your newly purchased Metaverse land listed in your digital wallet. Purchasing a metaverse property is pretty much similar to buying an NFT. Your ownership will be recorded as a unique piece of code on a blockchain. It gives you a digital allowance of your ownership or rights over that piece of digital land.

The book “Metaverse — The Future Is Here” is the definitive guide to learning about the emerging technology Metaverse. You will find in-depth information on the origins of the Metaverse, its evolution, how we can access it, the different Metverse platforms available, and the technologies powering it; apart from the basics, the book also elaborates on how businesses can enter the Metaverse, various marketing strategies, its use cases for various industries, social and legal implications, and discusses what Metaverse in the future will look like.

RoyexMetaverse is a Metaverse Company in Dubai, UAE. Our Metaverse Development Services Dubai are based on years of expertise developing AR/VR/MR solutions for some of the most well-known companies.