In today’s rapidly evolving digital landscape, the concept of property ownership is transcending physical boundaries and venturing into the virtual world of the Metaverse. With over 400 million monthly active users immersing themselves in this digital universe, the Metaverse offers a groundbreaking platform for creativity, interaction, and commerce.
Here, virtual land is not just a novel concept but a tangible asset for commercial and recreational pursuits. Whether you’re a seasoned investor or a curious newcomer, the allure of owning a piece of this digital realm is undeniable.
This guide aims to demystify the process of purchasing land in the Metaverse, offering insights into the top platforms like Decentraland and The Sandbox, and providing essential security tips to safeguard your investment. From understanding the basics to navigating potential risks, we’re here to walk you through every step of acquiring your own virtual real estate in the Metaverse.
But, let’s first understand Metaverse!
Understanding the Metaverse Before Investing in Virtual Property
Before diving into the world of virtual property investment, it’s crucial to have a firm understanding of the Metaverse. The Metaverse can be thought of as a collective virtual shared space, created by the convergence of virtually enhanced physical reality, augmented reality, and the internet. In this digital realm, you acquire a virtual property that allows you to interact, collaborate, and create experiences in a virtual environment.
This virtual ownership offers numerous possibilities. For instance, you can lease your property for various purposes such as hosting events, social gatherings, meetings, or gaming competitions. This aspect of the Metaverse breaks geographical barriers, allowing you to engage with a global audience.
Let’s consider a practical scenario: Imagine owning a virtual plot of land in the Metaverse. You can utilize this space to host international gaming competitions. For example, you could provide a virtual venue for Australian gamers and integrate it with online casinos that offer bonuses for Aussies. This not only opens up opportunities for mutual business partnerships but also enhances the global reach of your virtual property. Such versatility in usage underscores the potential of virtual real estate as a multifaceted investment.
Let’s dive into the Steps to buy Virtual Land in Metaverse!
How to Buy Metaverse Land in 5 Simple Steps
Interestingly, purchasing land in the metaverse may be simpler than its real-life counterpart.
That said, you’ll need to equip yourself with the right set of tools:
- First, you’ll need access to the metaverse you want to purchase land in;
- You’ll also need access to a cryptocurrency exchange and a crypto wallet.
Let’s now move to the steps you need to take to purchase land in the metaverse.
1. Choose a Metaverse Platform
There are many metaverses to choose from. Some of them are open worlds without a theme. Others have a specific reason, like gaming or performing.
The two biggest metaverse platforms are Decentraland and The Sandbox. But, you can also opt for alternatives like Voxels, Somnium Space, and Stageverse.
There is no perfect formula to find the best fit. Instead, consider the reasons why you want to purchase virtual real estate and make a decision based on the best fit.
This is a powerful metaverse platform with seemingly infinite potential. Decentraland is an all-purpose metaverse that can be used to create, trade, monetize, and explore virtual real estate properties.
The platform invites users to exploit their creativity while exercising complete ownership of their content. Plus, it also allows you to explore other people’s land parcels.
The Sandbox is a decentralized NFT-based gaming metaverse. Like Decentraland, The Sandbox is built on Ethereum, and it lets you purchase, create, and monetize NFTs.
In addition to owning land, you can also control what happens on the platforms. This is due to the fact that it’s a DAO (decentralized autonomous organization) run by its stakeholders.
Cryptovoxels, Somnium Space, Stageverse, and More
Ethereum-based Cryptovoxels is a crowd favorite because it regularly organizes virtual events for its users. This powerful platform is great for buying newly minted metaverse land. At the same time, it’s also a great alternative to purchasing all types of NFTs.
Somnium Space is built on both Solana and Ethereum blockchains. The platform allows users to access the metaverse without VR equipment. But, the reason it’s one of the top options is its long-term asset monetization vision that includes AI avatars.
The sole purpose of Stageverse is to view entertaining performances and deliver your own shows. This reality provides a range of stages for users to choose from. Users have to buy tickets to the shows, which allows performers to make a profit.
There are dozens of other metaverses out there. So, take your good time to research the metaverse world until you find the perfect fit.
2. Set Up the Wallet of Your Preference
Next, it’s time to set up a wallet of your preference. For instance, Metamask is considered a solid cryptocurrency wallet because it’s compatible with major exchanges. That said, you can also opt for:
- Coinbase Wallet;
- Trust Wallet;
Make sure to protect your password and recovery phrase, regardless of the wallet you use. This will help keep your funds safe at all times.
Also Read: How to create your own MetaMask wallet?
3. Connect Your Wallet to Metaverse
Now, you have to connect your wallet to the metaverse you choose. For the purpose of this example, we will use Metamask and Decentraland.
You should start by downloading the Metamask browser extension and logging in through there.
Then, you should:
- Access Decentraland and click on Accounts, located on the top right;
- Select your cryptocurrency, for example, ETH;
- Click buy;
- Follow the prompts to add the payment method;
- Enter the Metamask address and the amount you want to transfer.
This process may vary based on your metaverse, but it should be just as simple as the example above.
4. Purchasing the Cryptocurrency You Need
Associating your wallet with your metaverse account is a great start. But, you have to add funds to it in order to purchase land.
You can buy metaverse land using cryptocurrencies, NFTs, or any other payment method. This will depend on the owner of the concerned plot or platform.
Make sure to find out the price and currency of the land you want to buy. Then, head over to Binance or whichever exchange you prefer and purchase the currency. You can also swap your currency with the required cryptocurrency from the decentralized cryptocurrency exchange to buy land.
5. Choose Your Piece of Real Estate
Once the funds are in your wallet, the final step is to choose your piece of property. Simply navigate to the Decentraland Marketplace, click on the section called “Land” and find the piece of property you want to buy.
The purchase process may be slightly different from one metaverse to the other. But once your wallet is connected, you should be able to acquire virtual real estate in just a few clicks!
Also Read: Why is Metaverse on everyone’s lips?
Dangers and Threats You Should Look Out For
Real estate in the metaverse already attracts a huge amount of attention, and not all of it is from reputable individuals.
It’s common for fraudsters and criminal organizations to attack individuals and organizations who own metaverse real estate.
As a metaverse real estate investor, you need to understand the different threats that could potentially affect your purchase.
Some of the most common threats you should keep an eye out for include:
- Phishing attacks;
- Illegal trading platforms;
- False or fraudulent transactions;
- Malicious third-party software;
- Man-in-the-middle attack and other threats.
Security Tips to Help You Buy Land in Metaverse Safely
Since 2021 scams in the cryptocurrency space have cost users more than 1 billion US dollars.
The attacks didn’t target any metaverse platforms. Yet, many metaverse providers built their universes on blockchains like Ethereum and Solana. So any malicious attack or bug exploitation on blockchain can also affect metaverse platforms and their investors.
So, the best way to minimize the chances of suffering a breach is by implementing security best practices.
Here are a few tips to consider.
Tip #1 – Install a VPN
VPNs can help prevent man-in-the-middle attacks. These tools encrypt your data, making it almost impossible for fraudsters to intercept your data.
There are many VPN providers to choose from. Make sure to compare Surfshark vs ExpressVPN thoroughly and choose the platform that best fits your needs.
Tip #2 – Avoid Sharing Private Keys
If hackers get a hold of your access keys, they can extract funds, NFTs, and even metaverse land from your account.
Avoid sharing your private keys with anyone. To minimize the chances of getting hacked, store your details in a safe, undisclosed location.
Tip #3 – Back Up Your Wallet
Backing up your wallet both online and offline is a great idea. This will help ensure that you have access to your funds, even if you lose your password.
Hackers can steal your private keys and password if they have access to your computer. So, it’s always best to print out a single physical copy and delete passwords from your device.
Whether it’s for recreational or commercial purposes, purchasing land in the metaverse is a great idea.
There are some security challenges to keep in mind. But, as long as you take the right precautions, you should be able to acquire virtual real estate without any problems.