Has anyone ever thought there can be programmable avatars of people where they can interact with each other by using metaphors of the real world? It could be unbelievable if the buzzword – Metaverse – has not become familiar very recently!
Although the term metaverse was coined in Neal Stephenson's 1992 science fiction novel Snow Crash, people are getting familiar with it today since the concept of virtual reality is being portrayed as a fully immersive online realm after Facebook’s CEO Mark Zuckerberg was betted his company’s future on the metaverse.
“I believe that metaverse is the next chapter for the internet,” -- Mark Zuckerberg
“And it’s the next chapter for our company, too.” -- Mark Zuckerberg
Well, with the revelation of this new chapter of the online world, the real estate market is also shifting its stride. Nowadays, some investors are paying a lot of money for plots that do not exist physically on earth but in the virtual world!
A land – located online, without any physical existence. It is quite an ambivalent idea for some, a very futuristic potential idea for some others!
Let’s Dive into the World of the Metaverse
In a world full of technological advancements, the metaverse itself is made up of various digital platforms. Each platform has its own currency and culture. Facebook didn’t invent the metaverse, but it has rebranded to Meta and re-doubled its efforts to upgrade this idea on and around digital reality. Now people are taking it more seriously.
In this place, the geographical restrictions are broken down, you can explore the metaverse unalike the way you would have explored the universe. Here you can shop, you can enjoy Coldplay’s live concert, and you can even buy a house. Having said that, the recent obsession of investors is digital real estate.
Metaverse real estate
Since on this platform people can interact with each other and share their digital dreams, these dreams can be related to businesses and real estate properties as well. At present, there are four platforms in operation that provide notable opportunities for buying digital real estate –
Amongst these four platforms, Decentraland and The Sandbox are grabbing most tech fans’ attention.
Metaverse real estate in such a digital stage is shielded through legal deeds in the form named Non-Fungible Tokens (NFTs). NFT land is a buyable plot of digital space in a metaverse project. A person who owns these tokens can utilize the land for various causes. If someone buys a virtual property, the purchase will be recorded on the blockchain. Then, the NFT is transferred to his/her digital wallet, the same place where his/her cryptocurrency is stored.
For each individual parcel of land, there will be a title. It is going to be recorded in a registry. The owner will get a copy of the registry so that he/she can prove his/her ownership.
How much is Land In the Metaverse?
The land of the metaverse platforms is bounded to a set number of lots, whereas the number varies as per platform. This is why virtual lands are limited commodities. It is a reason why investors are showing their immense interest to get a spot in metaverse real estate before the finest spot is grabbed by someone else.
For example, according to nonfungible.com, the average real estate parcel of land in The Sandbox was worth $2,620 in mid-October. After Facebook’s announcement, the price rose to $11,042 after just a month.
Steps to Buying Land in the Metaverse
To purchase NFT land, you will have to follow a process. It is the same process as buying any other NFT. You must have a wallet and some cryptocurrency to step onto the process.
get started. As with any investment, make sure to do your own research before taking risks.
Step 1: Do research and choose a metaverse platform
First and foremost, it's important that immense research is done early on in the process. After you get some information, you can decide which one is a suitable platform for you to pick.
Step 2: Create Your Wallet
You need to set up your wallet to get access to the cryptocurrencies you own. There are options for using mobile or browser-based wallets, and it completely depends on your preference. Two options for the wallets can be MetaMask and Binance Chain because they always double-check the wallet to know if it supports the NFT land's blockchain even though they support different blockchains.
You will get your seed phrase carrying a string of words after opening your wallet. It needs to be kept safely, preferably offline, since you will be able to recover your wallet through seed phrase if you lose access.
Step 3: Connect Your Wallet to a Marketplace and Select a Parcel of Land
In this step, you will connect your wallet to the platform’s marketplace that you have chosen. Then, you will be able to see plots on the marketplace’s map to bid on. There will be instructions on the maps that you will have to follow for connecting, purchasing crypto, and transferring it to your wallet.
You will have to select a parcel of land to bid on or purchase and get your work successfully done.
Indeed, metaverse real estate is an outstanding idea that provides noteworthy solutions in this world of technology and the internet. Nevertheless, each technology has its pros and cons as this platform is still in the phase of development. Whether you are hopeful or hopeless about the concept, this concept is creating hype and it is going to stay for a long run.
Interested in real estate but unsure where to begin? Leave your enquiry down below, and our professional team of agents will get back to you as soon as possible.
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