Land as a fixed asset may not only be an option in the real world. Metaverse too is fast becoming a destination for real-estate investment that mimics real-life investments in land, complete with options for monetizing your investments through rentals and more. Celebirities have already forayed into buying virtual real-estate on metaverse for a while and many crypto fans are exploring the space with token investments.
Experts also predict metaverse real estate as the next big thing when it comes to crypto world. Arijit Mukherjee, Founder, Yunometa told Business Today. “Buying land in the metaverse could well be the next big thing for the crypto industry, with big potential for high returns for those who get in today than later. To keep it simple, think of buying land in the metaverse the same way you would buy an NFT that gives you a deed of ownership for your virtual plot. We’re seeing land parcels from entities like Decentraland and The Sandbox where early buyers have raked in massive money from selling properties in the vicinity. Just like the real world, location and timing are everything when it comes to making profits off virtual real estate as well. The scope and potential for this will keep rising with each passing day.
But what are the risks? Pratik Gauri, Founder 5ire suggests:
“It is vital for anyone investing in real estate in the metaverse to understand that the primary sources of value that apply to real-world properties don't apply in the Metaverse, meaning your virtual land plot may not rise in value. As real estate in the physical world, two main things supposedly giving metaverse real estate its value are scarcity and location: the same two fundamentals of physical real estate. However, unlike real estate in the physical world, we're not bound by the economics of physical locations. In this case, the main thing to do is to consider metaverse real estate as a crypto asset and be cognizant of the volatility expected of any crypto asset. This is something that a traditional investor of physical assets will have to learn to win at this table. To have the mindset of someone who understands the economics of scarcity and acts swiftly to take advantage of market conditions.”
Metavesrse land: All you need to know
What is Metaverse land?
Metaverse land, better understood as NFT (Non-Fungible Token) land, is a digital area that may be acquired in any metaverse project.
Metaverse projects divide the area of the project into smaller pieces and sell each piece individually. Because these lands are NFTs, proving their authenticity and ownership is simple because they are part of a blockchain network.
What can we buy them with?
Usually, NFT lands are sold in lieu of cryptocurrencies, but lately several Metaverse ventures also accept fiat currency in exchange for a piece of land in their project.
What is unique about metaverse land?
The Metaverse land provides the owner with a 3D landscape to explore. A virtual landowner can lease their virtual property to third-party advertising purposes. Lately, many artists have also conducted their concerts in the Metaverse. In that case, users can lease their piece of land for conducting the concert too. In short, whatever a person can do with a piece of land in real life (apart from growing crops), a crypto enthusiast can do with their metaverse land.
Easy steps to buy a land in the metaverse
1.Get a cryptocurrency wallet
To be able to buy land on a metaverse project, potential buyers need cryptocurrency wallets that they can connect to the metaverse project. The most preferable crypto wallet is MetaMask.
2. Choose the metaverse project
Potential buyers need to decide which project they would be buying land on. Some popular options are Decentraland, Sandbox, Axie Infinity, etc.
3. Creating an account on the metaverse project
In the next step, potential buyers need to create an account on the metaverse project.
4. Linking your wallet to the metaverse project
This is the penultimate step in buying land on the metaverse. To be able to buy a piece of land, potential buyers need to link their crypto wallet to their metaverse project and add cryptocurrencies to it.
5. Choosing a piece of property
Once potential buyer connects their wallet to their account on the metaverse, they can start looking for potential plots and properties to buy. The land can be bought from the project firsthand or can be bought from a reseller.
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