- Virtual metaverse real estate signifies land in different virtual spaces that can be bought, sold, or traded using other marketplaces.
- Sandbox and Decentraland offer the best Virtual Real Estate at the moment with land being sold for up to $4.3 million.
- To start buying virtual land, investors would need a compatible crypto wallet such as Metamask
With the current hype around the Metaverse, the demand for virtual real estate is higher than ever before. These virtual ‘land parcels’ are currently being sold for thousands of dollars on popular platforms such as the Sandbox, Decentraland, Otherside, and more.
With virtual land quickly increasing in value, many wonder how to buy real estate in the Metaverse. As with any other investment, we recommend you conduct thorough research before investing. This article aims to help potential investors understand where to buy Metaverse real estate, and we’ve also listed some of the best-performing platforms for you to consider.
One of the most significant benefits of the Metaverse is that it is not only a virtual space for people to interact. Each platform has set up its virtual economies that allow users to create, buy and sell digital assets to earn money. Similarly, land in the Metaverse is minted as an NFT and can be listed for sale at in-game marketplaces or secondary marketplaces such as OpenSea.
What Is Metaverse Real Estate?
Before we dive into how to buy real estate in the Metaverse, investors need to understand what Metaverse Real Estate is. Land in the Metaverse signifies a specific area within the virtual world that can be bought and minted as an NFT. These land parcels are not simple pixels but can be programmed to entirely customize environments for users to interact using virtual reality.
Virtual land owners have three options, i.e., they can buy land to resell at a higher price sometime in the future, or they can develop their own customized virtual space within it. Lastly, they could also keep the land to get owner benefits such as platform voting rights or exclusive perks; for example, the owners of land in Otherside get access to unique resources.
Why Should You Buy Metaverse Real Estate?
Many celebrities and brands alike have opted to own land within the Metaverse. For example, Snoop Dogg and Paris Hilton are focusing on building their own virtual spaces to interact with their customers. Similarly, Nike and Gucci have created interactive spaces to showcase products through transformative user experiences.
Even if you’re not planning on building your own virtual spaces, Investors cannot ignore the lucrative virtual real estate market if you’re interested in making money. Metaverse Real Estate sales skyrocketed to above $500 million in 2021 and are projected to be much more prominent in 2022. Remember, each platform has limited virtual land parcels. Similar to the real world, the property’s location plays a significant role in pricing. As a virtual landowner, you own a piece of the virtual land platform and can resell it at higher prices to obtain a profit.
How Much Is Metaverse Real Estate Worth?
After Decentraland’s first auction in 2017, the price of their land parcels increased from $20 to $6000 and more by 2021. In 2022, the prices for Decentraland land parcels have increased to up to $15,000 and more.
One of the most expensive land sales was when The Republic Realm purchased property in The Sandbox for $4.3 million in November 2021. This sudden rise in interest has caused the prices to go up, and now digital land can easily cost up to thousands of dollars, and in certain cases, even much more than that. One of the most significant land sales was in the Sandbox Metaverse for over $450,000. The land was a property next to Snoop Dogg’s land parcel and was bought by an unidentified purchaser.
What Can You Use Virtual Land For?
Now that you know what Metaverse real estate is, let’s discuss how you can use your virtual land. You can use your virtual land to generate revenue, promote artwork, host events, socialize, or create spaces to play games. Creators can use their land to trade their NFTs or can charge for access to the content present on their property.
Metaverse land can be leased, developed, or flipped. You can also become a virtual real estate agent, where you can offer real estate services while staying at home. Brands can benefit by advertising, launching virtual products, and providing unique customer experiences. The possibilities to work and enjoy are endless.
Where to Buy Metaverse Real Estate?
Here are a few platforms that could provide excellent options for virtual real estate acquisitions:
Sandbox currently has the highest number of parcels on its own compared to other platforms, which is above 50% of the total available land and a little above 160,000 parcels. You can link your Metamask, Bitski, and Coinbase wallets to start making purchases. ETH and native currency SAND are required to purchase land. Investors can acquire these currencies from crypto exchanges such as Binance.
Decentrland is built on the Ethereum blockchain. Each parcel of land on the decentralized platform is represented by one NFT. The native currency in MANA supports signup via Metamask wallets and acquisitions with MANA. You will need ETH and MANA to purchase property, and then you can start placing bids on in-game and secondary marketplaces.
CryptoVoxels is also built on the Ethereum ledger and supports signup with Metamask, Torus Wallet, Wallet Connect, and Coinbase. You can purchase property at their official website or some at OpenSea.
Somnium Space is new in the market and uses OpenSea to handle its land sales. This platform is compatible with virtual reality, and most of its well-recognized rivals are still not compatible with VR. A connection with Metamask is required to purchase a property, and the purchase is made with ETH via the OpenSea secondary marketplace.
Upland is a new Metaverse platform that comes with affordable real estate prices. This is different from others as each property is linked with a real-world address, and you do not need a crypto wallet.
Instead, create an account, and you are good to go. You get 4,550 in their native currency (UPX), and to purchase a property, a status of Uplander is required, which can be bought by purchasing 10,000 UPX through Paypal or crypto.
The planet is divided into hexagon shapes showcasing land parcels, and this Metaverse is a life simulation available for purchase. Each land parcel of ERTHA is unique as per its location and resources and is hosted on Binance Smart Chain. To purchase a parcel, add it to the cart, select available options such as BNB, USDT, etc., open your Metamask wallet, and complete the purchase.
This platform offers trading and role-playing games where players can create their Axies. Axies are digital creatures based on blockchain technology and can be sold or traded with unique features and accessories. There are seven land types in the world called Nursia, and each has its uniqueness and utilities.
This platform is an open-source, cross-platform virtual reality game formed on the Ethereum ledger. In the Aavigotchi 2D and 3D environment, the players can trade with others and travel to fascinating places using unique avatars. Purchasable land parcels are present in the “Gotchiverse.” These land parcels also yield exclusive perks and accessories over time.
How to Buy Metaverse Real Estate?
Buying virtual real estate is incredibly simple; you only need to download a compatible wallet such as Metamask. Let’s use virtual land within Sandbox and Decentraland as an example.
The first step is to finance your wallet using one of the two Ethereum-based coins for Decentraland MANA and Sandbox plots SAND. Users can purchase these cryptos from Binance and Coinbase. When your Metamask wallet has enough money, you can start looking at virtual properties on in-game marketplaces and secondary marketplaces.
Let’s see how you can purchase land on Decentraland and Sandbox:
How To Buy Real Estate in Sandbox
Here are steps on how to purchase Metaverse real estate in the Sandbox.
- Go to Sandbox’s official website.
- On the left side, click on marketplace.
- Click Lands.
- Add filters that best fit your purchase requirements, such as Lowest price, Highest Price, Newest Property, Oldest Property, etc.
- Select the plot you desire and click on Buy.
- Opensea will open automatically, and you will have to link your Metamask wallet to the site.
- Take a quick glance at current bids, then click on Make Offer.
- Now input the SAND you would like to offer and ensure you have that money in your wallet.
- Then select the time you want your offer to last. You can also enter the desired date and click on Make Offer.
- A Metamask pop-up will appear, and you will be requested to sign in. Do that, and then you can see your offer on the screen. Once accepted, you will get a notification through your email.
How To Buy Real Estate in Decentraland
You need MANA to buy land on this platform, which users can purchase from crypto exchanges.
The process to purchase land is as follows:
- Visit Decentraland’s official website.
- Click ” Marketplace ” in the navigation bar and select “Lands.”
- Sign Up as a User and Connect Your Wallet
- Then, you will be sent to a page displaying a map of Decentraland. Click on the plot you like, as it will show the cost and location of the property.
- Click Buy and transfer your NFT to a secure wallet.
Is Metaverse land a good investment?
Even if it’s exhilarating to recreate real-world events using pixels, virtual property, or the Metaverse, there are a lot of unknowns within the Metaverse space. At the moment, Metaverse real estate is on the rise. Celebrities, artists, content creators, businesses, and others are investing in it.
The cost of virtual land is increasing daily due to its popularity so it may be a good investment currently. However, the future of the Metaverse land is uncertain; no one can predict what will occur in the upcoming months, making it a risky investment. For more information, read our article on how to buy real estate in the Metaverse.
Metaverse real estate offers investors a chance to capitalize on huge ROIs due to the rising virtual market. Again, it is essential to research thoroughly before making any investment. We hope this article has been helpful in explaining how to buy real estate in the Metaverse. We’d recommend only investing in trending platforms such as Decentraland and Sandbox to reduce your risk and we’ve also provided tips on where to buy Metaverse real estate for investors.
Q1. What Is Virtual Real Estate?
Virtual real estate consists of ‘parcels’ of virtual spaces that can be minted to provide proof of ownership. Landowners have the opportunity to sell them at higher prices or create their virtual worlds within these interactive spaces.
Q2. How To Earn Money Using Virtual Real Estate?
The best way to earn money using Virtual Real Estate is to buy and sell at higher prices. The virtual real estate market is extremely hot right now, and we cover how to buy Metaverse real estate in our article.
Q3. What are Some Good Metaverse Platforms to Invest In?
At the moment, Sandbox and Decentraland are the best Metaverse platforms to invest in due to their current market demand and active user base. You can purchase land using in-game or secondary marketplaces.