How To Buy Land In The Metaverse: Best Metaverse Land-Buying Guide13 min read
Excited about the prospect of buying land in the metaverse? Here’s your complete step by step guide on how to buy land in the Metaverse. Invest in your first digital asset now.
To go straight to the step-by-step guide, continue reading, but if you want to check out these FAQs first, click here:
How To Buy Land In The Metaverse? FAQs
- Where To Buy Digital Real-Estate?
- What You Actually Get When You Buy Land In The Metaverse?
- What does The Buying Process Look Like in Summary?
- Is It Safe To Buy Land In The Metaverse?
- How much does Metaverse land cost and How much is property is the Metaverse?
How To Buy Land In The Metaverse? Step By Step
Still interested in owning land in the Metaverse? Now that you are familiar with the process and its prerequisites, let’s go through it step by step and buy your first piece of land in the Metaverse. If you have bought NFTs before, the process remains the same. You’re ready to buy virtual land in the Metaverse: Let’s get started.
Step 1: Select Your Preferred Metaverse Platform
The first step in the process is to select a Metaverse platform where you’d prefer to carry out the property purchase transaction. As mentioned earlier, The Sandbox and Decentraland are the most commonly used platforms for purchasing land in the Metaverse. You can choose either of them, but for this tutorial, we’ll be using The Sandbox on the Ethereum Blockchain.
Step 2: Set Up Your Cryptocurrency Wallet
If you haven’t already, you need to sign up for a crypto wallet where you can access cryptocurrencies you own. Both browser-based and mobile-based wallets can be used for this purpose, and it all boils down to your personal preference. There will be fewer problems, however, if you use a browser-based crypto wallet for buying your land NFT.
Binance Chain or MetaMask are a couple of good options as they extend support for multiple blockchains. If you choose other wallets, just double-check that it supports the blockchain of your NFT land.
During the setup process, a text phrase will be sent to you. It’s called the seed phrase, and it will help you recover your crypto wallet if you ever lose access to it. Therefore, keep it somewhere safe to avoid inconvenience when you need it.
Step 3: Link Your Crypto Wallet To The Sandbox
The Sandbox map displays plots of virtual land that are available and open for bidding. While you can bid on some of them directly without leaving the Sandbox marketplace, others require you to leave the marketplace as they reside on external exchanges such as OpenSea. Here we’ll stick to the plots available on The Sandbox to keep the bidding process simple.
To bid on a piece of land, however, you first need to connect your cryptocurrency wallet to The Sandbox. While you are still on The Sandbox map, click the Sign In button at the top right. Remember, your wallet must be set to the same blockchain as the NFT project – Ethereum in this case.
- On the next screen, click on MetaMask in the web 3.0 column.
- A pop-up will appear on the screen with your MetaMask account in the list, click the checkbox in front of your account name and then click Next.
- Next, click Connect to link your crypto wallet to The Sandbox marketplace.
- Now, you’ll be required to provide an email address and a nickname to complete the setup process. Enter the details and click on Continue. If you intend to use the SandBox editor, you can also enter a password. But it’s not compulsory.
- You’ll now receive a Signature request with a Welcome message from The Sandbox. Click Sign to complete linking your cryptocurrency wallet to The Sandbox.
Upon successful connection, the balance in your crypto wallet will show up alongside your profile picture in the top right corner.
Step 4: Buy ETH or SAND on Binance and Move It To Your Crypto Wallet
You can’t buy land in the Metaverse if you don’t have the required cryptocurrency in your wallet. Buy Ethereum with your debit or credit card in your Binance account to continue with your property purchase. You can also buy SAND, but it may not work in every case because ETH is the only acceptable cryptocurrency for most of the land sales in The Sandbox.
After buying crypto on Binance, transfer it to your MetaMask wallet. Provide the public address of your MetaMask account for withdrawal.
Step 5: Choose Your Desired Land and Bid On It For Purchase
The Sandbox offers multiple filters to sort through the land available for bidding or purchase. While most of the land in The Sandbox has been purchased already, you may still bid on the sales from The Sandbox map. You can also find land for purchase on OpenSea and use The Sandbox map to ascertain you’re making a legitimate NFT purchase.
Once you find the desired land in the Metaverse, click the Bid button to bid your preferred amount or make a purchase by clicking the other button with the fixed ETH amount on it.
If you click the bid button, a pop-up will appear where you can make the offer. Enter your bid amount and then click on Place Bid. You’ll also have to confirm this transaction from your crypto wallet before the bid is placed. If the sale ends or your bid is rejected by the seller, your bid amount will be refunded to your crypto wallet.
When going for the purchase for the fixed price listed by the seller, you’ll be redirected to OpenSea for completing your transaction. Before you can make a purchase, however, you’ll have to connect the wallet to the OpenSea marketplace. You may also bid from OpenSea if you’re not interested in doing so from The Sandbox.
That’s it! You have bid on a property in the Metaverse or purchased it successfully by paying the fixed cryptocurrency amount. Your land in the metaverse will be available to you as a non-fungible token, and you can further decide to develop it, sell it for a profit, or rent it out.
How To Buy Land In The Metaverse? FAQs
We have all been familiar with the term Metaverse for a few years now, but the general interest in the concept has soared in the last couple of years. With Facebook rebranding itself as “Meta” and some tech giants like Adidas and Samsung investing in virtual land, it’s certainly the next big thing, and everyone seems to be talking about it. In fact, many crypto geeks and forward-looking businessmen are seriously exploring their options to buy real-estate in the virtual world. If you’re one of them, here’s a detailed guide for you on buying property in the Metaverse. Let’s tap into how you can buy your first virtual asset. Read on to learn how to purchase land in the Metaverse.
Where To Buy Digital Real-Estate?
When buying a digital property, the first thing you need to decide on is the platform where you’ll be making a purchase. Two of the biggest platforms available today for buying land in the Metaverse are The Sandbox and Decentraland. They exist on the Ethereum blockchain and make the top digital spaces to market, buy, and sell digital properties. It also implies that the properties are bought and sold using Ethereum and are available in the form of NFTs.
The platforms also let users participate in non-commercial activities and play games without any need for a cryptocurrency wallet. But you’ll need one if you want to buy a property.
What You Actually Get When You Buy Land In The Metaverse?
Generally, when you buy virtual real estate or when buying digital land in the Metaverse, you actually buy a Non-Fungible Token representing your plot in the virtual world. You can then develop it on your own or contract virtual land developers for its development. Remember, it is also possible to rent your virtual land in the Metaverse.
There’s an increasing interest in creating NFTs representing properties in the metaverse. Some of the top developers are already marketing and selling property designs in the form of an NFT, and you can recreate them in the Metaverse.
What does The Buying Process Look Like in Summary?
Now, if you want to purchase your first virtual asset, here’s what the process should look like. You have to:
- Choose a Metaverse platform for the transaction
- Set up your crypto wallet
- Connect your wallet to the chosen platform
- Purchase Ethereum through Binance or some other exchange and load it into your crypto wallet
- Select your first virtual property available for purchase on the chosen platform
- Make the purchase transaction
Once the transaction is complete, you’ll get the exclusive rights to the purchased land – essentially an NFT – and can then build on it, rent it out, or even sell it for a profit later.
Is It Safe To Buy Land In The Metaverse?
So, you’re asking: “Should I buy land in the Metaverse?”. For interested investors, safety is a major concern, especially when you’re planning to make a big investment. While you may not get one definitive answer to this question – as we’ve all heard of some successful and profitable investments – there’s a high risk involved in buying virtual land in the Metaverse. But then, it’s exactly the same with NFTs or cryptocurrencies.
Remember, it’s a burgeoning market that is still in its initial phase of getting regulated in a few countries only. In most countries, there aren’t any regulations for protecting your investments. So, if something goes wrong with a transaction or you’re played by a con artist, you may not be able to recover the lost funds. Similarly, smart contracts can be risky too because malicious actors may hack them.
Despite the risk, however, everything securely exists on blockchains in encrypted form. Therefore, the risk of your virtual real estate being stolen is minimal for now. Nevertheless, there’s a growing concern that today’s security measures might become obsolete in the future as technology evolves. So, you should be more worried about the safety of your investment, if you’re thinking long-term. For now, you can take the leap of faith and buy land in the Metaverse.
How much does Metaverse land cost and How much is property is the Metaverse?
In a six-month period last year, the average cost of a plot of land across the four major platforms doubled to $12,000, according to a research by RepublicRealm, which monitors metaverse-related projects. Location on a map can have a big impact on property prices in the metaverse, much like in the real world.
According to BlockWorks, financial publishing company Curzio Research purchased a plot of virtual land for $5 million in May in the TCG World metaverse, which is powered by the Binance Smart Chain. This transaction was the largest VRE sale to date.
Take-Away
With some of the big names in the industry betting on the metaverse, your digital real estate will likely prove to be the investment of a lifetime. It’s high time that you buy land in the Metaverse and build an asset with a healthy future ahead.
Click here for our post on Great Virtual Architecture: Is There Potential For Metaverse Architects in Building The Future?
And to get started in Metaverse architecture and building, check out this post: Metaverse Real-Estate Investing: Most Sought-After 9 Platforms to Buy Land in the Metaverse
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