A few years back, the idea of buying or investing in virtual real estate was absurd. In the present day, the narrative has changed. You can buy slots of virtual land in digital worlds such as Decentraland (MANA), and with the metaverse being upon us, more and more investors are coming in. This is a beginner’s guide on buying metaverse land with information on how and where to buy it. This article will also help you determine whether or not it is worth buying.
Here is all the information you might require about the metaverse and how you can invest in virtual real estate to get in on the potential metaverse land grab opportunity.
What is the metaverse?
The metaverse is an alternate reality that combines virtual, augmented and extended reality that will enable humans to work, play and digitally live. The metaverse concept has been around for decades but not until Facebook announced its plans to become a metaverse company did the idea gain so much popularity.
More and more investors are exploring investment opportunities in the rapidly-growing new space that has unleashed a new world with new possibilities. Here is why the metaverse is drawing in more and more investors.
What is Virtual land and why are investors purchasing it?
One of the world’s most popular asset classes is real estate, and it now also exists in the digital world. Virtual land is abstract as it exists in a virtual world. It is sold as plots and can be purchased using the specific land’s currency known as Mana. Several virtual worlds allow you to buy virtual real estate Decentraland being one of the most popular.
Here are a few reasons why investors are buying virtual land
- Virtual land in the upcoming metaverse has been selling for hundreds of thousands of dollars.
- Investors can put their virtual pieces of land into use and earn income from them.
- Investors may also earn regular revenue or income from their virtual lands
If you are looking to buy virtual land in the metaverse, follow this simple guide.
How To Buy Land In Decentraland Metaverse
Time needed: 10 minutes
If you have never heard of it, Decentraland is a block-chain based virtual reality platform that enables users to purchase land, play games, host events, and interact with others in various ways.
Decentraland is the biggest virtual universe in the NFT space and has its tokens (MANA and LAND) with each piece of LAND on decentralized measuring 16m by 16m and is represented as an NFT. The number of pieces of land on Decentraland is fixed at 90,000 to create scarcity. Anyone can purchase, hire or sell virtual land through Opensea, which is an NFT marketplace or via Decentraland’s official marketplace.
- Go to Decentraland’s marketplace
You will first have to sign in or sign up if you haven’t already. Once you have signed in, click on ‘parcels and estates’, then click on ‘View All’.
- Create a parcel of land
The next step is to scroll through the available pieces of virtual land and select your desired piece of virtual land or property. The advantage of buying directly from Decentraland is that you can see the proximity to famous areas as well as neighbouring areas.
- View the details of your selected land
Once you have selected your land, click on it to see more details about it. You will be able to see the value of the land in MANA, the availability and the name of the owner of the land.
- Click on buy to purchase.
Connect your wallet to Decentraland’s marketplace
- To complete the purchase, your wallet has to be connected to your account as the land will be sent to your wallet as an NFT once the purchase is completed. There are several wallets to choose from in case you don’t have one. You can download wallets such as Trust Wallet and MetaMask. You have to ensure that your wallet has enough MANA or Ethereum to complete the purchase.
To complete the purchase, your wallet has to be connected to your account as the land will be sent to your wallet as an NFT once the purchase is completed. There are several wallets to choose from in case you don’t have one. You can download wallets such as Trust Wallet and MetaMask. You have to ensure that your wallet has enough MANA or Ethereum to complete the purchase.
Reasons why you should buy virtual real estate in the metaverse
The only way for virtual real estate has been up so far, enjoying the massive boost from Facebook’s push into the metaverse and web 3.0 focused investors’ interests. Virtual real estate might turn highly lucrative especially for early investors.
As promising as it seems, it is just like any other investment and it is highly advised to invest as much as you can afford to lose.
How much does virtual land in metaverse cost?
The cheapest land foes for 3890 Mana. One MANA is worth about $2.70, meaning that the cheapest land is about $10,000. The price of virtual land is only going to go up as the metaverse becomes more and more popular.
This is a guide on how to and where to buy virtual land, the cost and whether or not it is worth buying.