Metaverse real estate

Metaverse real estate

Zuckerberg claims that the Metaverse is the future, but for many, the future is already here. There's no doubt that technology has advanced to unimaginable levels, and augmented reality is no longer just fiction. This not only affects our social lives, but also the economy and even the real estate sector which is gradually being revolutionized by the rise of the metaverse.

Let's explore how the metaverse is significantly helping the digital real estate industry progress.

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    Metaverse virtual real estate

    Arguably, the 2020 pandemic was the main driver of the rise of the digital age. We already had everything for it (virtual reality, cryptocurrencies, blockchain, 3D imaging) but people remained skeptical about it. The mass adoption of this world happened during the quarantine time when technology was the only solution. Investors became interested in the virtual world and the metaverse real estate market was gradually born.

    Metaverse Group, one of the first virtual real estate companies, already has a virtual headquarters in the world of Decentraland. There are districts for gambling, shopping, fashion, and art. Currently, the company already has 90,000 plots of land to offer investors.

    In the popular Axie Infinity game, a plot of land sold for $2.3 million. While in the Sandbox metaverse, a property sold for $4.3 million. These numbers continue to rise and are amounts that have never been seen before in metaverse real estate.

    In fact, in October 2021, Tokens.com, the NFT-based metaverse real estate company, acquired 50% of Metaverse Group. For an amount of around $1.7 million, a large investment has been paying off. And just like this, many other companies have decided to bet on the digital world. Brands like Gucci, Louis Vuitton, Dolce & Gabanna, among others, have already entered through NFT. These big bets are the ones that generate leasing and advertising revenue.

    What is an NFT virtual land in the metaverse?

    The NFT land is a parcel of digital space that can be acquired in a metaverse project. The holder of the NFT is able to exploit the land for a variety of purposes. To buy NFT land you only need a digital crypto wallet.

    Generally, an NFT metaverse project splits its map into smaller tracts and then sells them in single or numerous land deals. Payments are usually made in cryptocurrencies, although some projects accept fiat.

    How to buy land in the metaverse?

    Well, you're probably already interested in betting in the digital age as well. But to buy virtual real estate, you first need to know which metaverse you'd like to do it in. You can buy metaverse land through project sales, or through an NFT marketplace that allows you to buy directly from owners.

    • First, choose the metaverse platform where you want to buy. You should consider how feasible this land will be, and keep in mind that every investment carries risks.
    • Then set up your wallet to access the cryptocurrencies you own.
    • Connect your wallet to the metaverse marketplace in which you wish to acquire your land. You must make sure your wallet is set up on the correct blockchain for that project. For example, in the case of the Sandbox metaverse, it should be set to Ethereum.
    • The platform will probably ask you to fill in information such as your email, nickname, password, among other things (it may vary depending on the platform).
    • Then buy the tokens to trade on the platform, they can be SAND or ETH. But if we continue the Sandbox example, in this one ETH will be more useful, since most land sales only accept this one.
    • Finally, you will just need to select the land parcel you want to buy.

    How to sell land in the metaverse?

    You can sell your NFTs Land in two ways, either through the metaverse project marketplace or on a secondary market.

    In the case of the Sandbox metaverse, only third-party marketplaces can be used to sell. It may be possible in the future for owners to sell through the same platform for a 5% commission in SAND.

    If you want to sell your land on OpenSea, you can also do so by going to your profile and clicking the sell button on your NFT. You can then set a price or hold an auction.

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