Embedding augmented reality (AR), virtual reality (VR), and video into the metaverse is a step towards the digitalization of the real world. A user can use the virtual universe to work, play, and stay in touch with friends in the virtual world using their digital avatar. Whether you’re holding a conference or exploring the virtual world, the metaverse offers plenty of opportunities.
Real estate, however, seems to be catching investors’ attention. Tech enthusiasts, crypto enthusiasts, and investors buy property in the metaverse and all have become interested in buying more in the metaverse. There has been a huge increase in demand for virtual land in the digital 3D world, and the market is similar to the real estate market. You can easily follow this guide to buy property in the metaverse.
Each day, reports of record thousand-dollar property transactions in the metaverse make headlines. You can invest in metaverse property by joining a metaverse platform, such as Decentraland, The Sandbox, or Axie Infinity, among others. Metaverse transactions can only be carried out through a well-funded digital wallet.
Although there are multiple ways to buy property in Metaverse, majorly land can be bought through the land sale of a project or using an NFT marketplace to buy directly from landowners. To purchase the land, you will need a digital wallet and cryptocurrency. It is predicted that in the future, users will be able to rent land, and land can also be sold on various platforms. Here is a step by step guide to purchase property in Metaverse.
How to Buy Property in Metaverse?
Select a metaverse platform
You must choose a metaverse platform before you can buy metaverse property. The reason you buy the land will affect your choice of project. To get this process started you need to activate and login into your account on a property marketplace of the metaverse, such as Decentraland, Axie Infinity or Sandbox. Let us use the Sandbox on Ethereum as an example in this guide.
Browse and Compare
Compare the various available pieces of land, properties and their prices.
Set up your wallet
A wallet is required so that you can access your cryptocurrencies. Depending on your preference, you can use a mobile wallet or a browser-based wallet. People prefer using browser-based wallets as typical problems can be avoided by that.
Link the Property
After creating a digital wallet, you will need to link it to your property platform account. This can be done by using a compatible digital wallet. Digital wallets are becoming more and more popular, and Metamask is by far the most popular. Metamask is compatible with almost every platform in the metaverse.
Buy property in metaverse
Make sure the cryptocurrency you use to fund your digital wallet is compatible with the platform that you choose for your digital property. Cryptocurrencies can be purchased easily through many exchanges and safely stored in a digital wallet. When you have selected the land and funded your linked digital wallet, all you need to do is click on ‘Buy’.
Your purchase of digital land is stored in the form of NFTs in your linked digital wallet after the transaction is complete. Your digital wallet allows you to view the land you have acquired under the ‘NFTs’ tab.
Even though metaverse properties are all the rage, they are highly speculative. Your virtual property could become worthless if the metaverse market plummets. Be careful when investing.