How To Buy And Rent Metaverse Virtual Land

Rosemary February 14, 2022 | 08:07

The process of buying and selling Metaverse Virtual Land (digital real estate) is quite similar to the buying and selling of Bitcoin because it’s not centralized and unregulated , just as Bitcoin.

How To Buy And Rent Metaverse Virtual Land. Photo KnowInsiders

The metaverse has become increasingly popular with tech fans, investors, and crypto enthusiasts. The demand for virtual land in the 3D digital world has grown hugely, and the market has similarities with real-world real estate. Purchasing and selling metaverse NFT land is a fairly simple process that you can easily follow with our guide.

To buy property in the virtual world, you need to sign up with a metaverse platform, like Decentraland, The Sandbox, Axie Infinity, among others. All you need to transact in the metaverse is a well-funded digital wallet. Here is a step-by-step guide on how you can buy real estate in the metaverse.

Why Invest in Virtual Land or Real Estate?

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Any real estate investor will tell you, ROI is at the heart of their motives. Whether they’re investing in a community-based project meant to create jobs in a disadvantaged neighborhood, or erecting a 50-story-tall skyscraper in NYC for commercial use—they’re expecting a return on their investment.

So, what’s the ROI in digital real estate?

Depending on what you intend to use your land for, there’s a multitude of opportunities for digital real estate investors. Those experienced in crypto trading are at an advantage, seeing as virtual land is bought and sold in cryptocurrency.

Investors can purchase a plot of land in the metaverse and build whatever they’d like, be it a performance venue to host music events or a co-working space to host business meetings.

To give a concrete example, Snoop Dogg is currently developing “Snoopverse” on the Sandbox, a virtual reality platform geared towards gaming and entertainment. Snoopverse is meant to be Snoop Dogg’s own virtual world within the metaverse. Earlier this month, a fan going by the name P-Ape purchased a digital plot of land within the Snoopverse for $450,000.

Although intangible, property on the metaverse certainly has the potential to be profitable. In June of this year a piece of land sold for more than $900,000 in Decentraland, one of the most popular platforms to purchase digital real estate. The transaction was conducted in (MANA), a cryptocurrency that is a sidechain of Ethereum.

Another notable digital real estate transaction taking place on the metaverse this year was the $2.8 million purchase of virtual land in an upcoming fashion district by Tokens.com. Given the origins of NFTs and VR in the gaming world where users started to purchase clothing items for their avatars, fashion is a particularly promising industry to explore in the metaverse.

There are several virtual worlds in which you can start investing in. Decentraland is arguably the most popular for investors interested in real estate. The minimum price for land in Decentraland as of this week is 3.087 Ether, which is the equivalent of $13,675.

Why it's never too late to invest in Metaverse virtual land?

1. New communities continue to be built

Whether it's growth within existing platforms, like The Sandbox's recently announced expansion plan to create a virtual Hong Kong-themed city called Mega City, or new platforms starting from scratch, the metaverse is still in a growth phase and expanding by the day.

Not all of these communities will make it, of course, but the sheer amount of investment going into the space means a lot of companies are really trying hard to make the metaverse sticky. And they wouldn't be doing that if they didn't anticipate interest to continue to grow.

Even Gartner, Inc, a Connecticut-based technology research and consulting company, projects that the metaverse is a long-term trend in the making, including it as a long-term trend in its "Emerging Technologies and Trends Impact Radar for 2022."

2. Big brands are already in the metaverse, and a lot more are coming

Samsung just announced the launch of a virtual store in Decentraland (CRYPTO:MANA), but it's hardly the first or only brand to stake a claim in the metaverse. Fashion brands have taken a liking to the metaverse, with brands from Gucci to Nike arranging events or partnering with NFT artists to create virtual versions of very real and popular goods. Fashion Week in Decentraland is a big deal, and it's coming up in March. Even the Australian Open is planning a days-long virtual event to correspond with the real one.

Also coming soon to the metaverse include such not-so-sexy but endlessly useful companies as PricewaterhouseCoopers and accounting firm Prager Metis.

3. Prices continue to rise steadily

According to data from Nonfungible.com, a third-party marketplace where $692.11 million of metaverse real estate was bought and sold in 2021, the 30-day average price of a metaverse property in Decentraland, for example, was $6,849.68 on November 1. Although there was a bit of an unusual spike at the end of November -- when some headline-grabbing multi-million dollar properties were sold -- as of January 14, 2022, the 30-day average price of a Decentraland property sold through the platform is $13,427.76.

The growth is even more visible if you go back to August 1, 2021, when the 30-day average price in Decentraland was $1,523.58. Although those early gains are not likely to continue, it's easy to see a day when that average unimproved $13k property goes for $15k, or $17k, or even $20k -- and that's not to mention the commercial real estate parcels that seem to have absolutely no value cap in sight.

Where to buy land in the metaverse

There are two main methods for purchasing Metaverse NFT land. You can take part in a land sale and purchase it directly from the project, or you can buy land from other users through a marketplace.

What is NFT virtual land?

Metaverse projects are digital worlds that users can usually explore with 3D avatars. SecondLive, for example, provides areas and venues for concerts, conferences, and expositions. While projects like SecondLive don't let users purchase a permanent virtual reality space, other metaverse worlds do. Developers create large maps of land divided into small parcels to sell on the market.

To represent the unique ownership of the area, users purchase NFTs linked to a particular plot of land. You can purchase these plots through a land sale directly from the project or on the secondary market. Exactly what you can do with NFT land depends on each project.

An NFT land sale is a good way of buying your land at a lower price than on the secondary market. Most large metaverse projects with NFT land have seen rising prices, meaning buying land in a sale tends to be better. Some projects sell all their plots in one go, while others sell them in rounds.

An NFT exchange is the safest and most reliable way to purchase land on the secondary market. This way, both the buyer and seller are protected by a smart contract that ensures the trades occur smoothly for both parties. Binance NFT Marketplace and OpeaSea are two of the most popular options to use. Binance NFT Marketplace supports Ethereum and Binance Smart Chain, while OpeanSea supports Ethereum, Polygon, and Klaytn.

Decentraland

Native token: MANA

The oldest blockchain metaverse opened in February 2020, with a limited number of land where users can combine lands to create estates.

Virtual land can be bought on a Marketplace in Decentraland or on OpenSea.

Sandbox

Native token: SAND

Another Minecraft inspired metaverse where the map is evenly divided into a grid where land estates are released periodically. There is a limited supply of land and users can combine land to form bigger plots.

Sandbox has made some exciting partnerships in the recent past including Atari, the smurfs, the league of kingdoms and skybound entertainment(walking dead).

Through its ‘Game maker’, Sandbox provides you with the toolbox to let your imagination come to life without any coding skills(big win!).

Cryptovoxels

Native token: ETH

Designed similar to Minecraft. This metaverse is divided into different islands and plots of land. Origin city is the main island and users can teleport to other areas to build land, stores and art galleries.

Virtual land facts

The New York stock exchange(NYSE) was sold for $US23,000 in the Upland metaverse auction in December 2020.

The first of five Summer Jam sale weeks for The Sandbox sold out only 3 seconds earlier this Thursday. A total of 1,080 land parcels are sold to 625 unique buyers, and 349 of them are new landowners.

The virtual real estate-focussed investment firm, Republic Realm closed the largest land acquisition in Decentraland history in June 2021. This represented 259 parcels of digital land, with the transaction settling for 1,295,000 of Decentraland’s native MANA tokens — worth roughly $913,000 at the time of sale.

Atari, one of the pioneers in the video game industry started operations in 1972. Atari has launched the ‘Atari token’ which is designed to power the future of the interactive entertainment industry. They have also purchased substantial amounts of LAND on the Sandbox metaverse.

A bee-embroidered Gucci Dionysus bag had a resale price of 350,000 Robux(currency in Roblox), approximately $USD4115. This was more than the real retail price of $USD3400.

BEST METAVERSE TO BUY VIRTUAL LAND

Arkycia Metaverse is the best Metaverse to buy virtual Land, because Arkycia is created with real world locations and the system is created to adopt all kinds of business. Arkycia Metaverse is building an entire virtual world. Apart from having all types of business opportunities, you can spend time with your friends, find your partner, have fun, entertainment and many more. Arkycia’s vision is to create a multi trillion dollar decentralized virtual economy. Be a proud part of it.

Tips before buying your first metaverse land

Buying NFT land in the metaverse should be treated like any other investment or financial transaction. Make sure to do your own research and consider the points below:

1. Buy your NFT land from a reputable source. If you purchase the land through a project's sale, make sure you have the correct official link. If you buy land from someone else, never make any transfers directly to their wallet. You should always make the sale through a trusted, reputable marketplace or crypto exchange. Binance NFT Marketplace and OpenSea are two possible choices, as previously mentioned.

2. Decide if you want to buy or rent your NFT land. Depending on your needs, you might not need to purchase a piece of land. For example, you might want to host a single event in a popular district. If the platform you're using supports rentals, then the price you pay depends on the plot's traffic, closeness to other important plots, and its size.

3. Consider the NFT land's project carefully. The project you choose will determine the utility and partly the cost of the NFT. If you want to speculate and resell your land, look at the project's fundamentals, such as popularity, number of users, and team. If you're going to sell advertising space or take part in another use case, research which metaverse platforms are most suited to your needs. Not all NFT projects will succeed, so make sure to consider the financial risk before buying NFT lands. If you buy land that has no use or demand, you might end up holding it forever.

How do you purchase virtual land?

1. Get a Digital Crypto Wallet

How To Buy And Rent Metaverse Virtual Land

The first step is to get a digital crypto wallet. You can't buy virtual land using fiat money, so you need first to get a wallet to buy and store your cryptocurrency. Ideally, the wallet you choose should integrate into your browser.

There are several options available to you, such as MetaMask or the Trust Wallet. You can also use the Binance Chain Wallet if you prefer. However, it's best first to check whether the wallet supports the cryptocurrency that you will use to buy virtual land.

2. Select Your Real Estate Platform

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There are several virtual metaverse platforms that you can buy property on. The two most popular options include Decentraland and Sandbox. If you want to buy through a third party, then OpenSea is a great option.

OpenSea is a great idea for first-time buyers as it lets you shop around without constantly switching between platforms. You can compare prices, amenities, and assess the value based on the virtual neighborhood the plot is in.

If you want comprehensive information about where you're buying your virtual property, it's best to go with Sandbox or Decentraland. You'll also get a better understanding about your neighbors this way. For this guide, we'll be using Decentraland, though the steps are largely similar across all platforms.

3. Browse and Select a Parcel of Land

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Now, you just have to browse through different pieces of land that are available and select the one you want to buy. You can see just how far your property is to more famous locations. Prices tend to increase for properties that are in close proximity to popular locations.

Once you select a piece of land that you want to buy, just click on it to see available information. On Decentraland, you can buy virtual real estate using either ETH or MANA. You can view the prices and place a bid, or buy outright. But, before you can buy, you have to connect your wallet to the platform.

4. Connect Your Wallet

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To confirm your purchase, you need to connect your wallet to your account. Just click on Jump In and then sign up using your wallet.

Once you sign up and confirm your purchase, your virtual real estate will be sent to your wallet. You will become the official owner of that virtual property, and anyone can verify its authenticity on the blockchain.

It's important to note that a gas fee is involved, so make sure you have a little bit extra than the amount mentioned on the screen. Or, if you want, you can also make a bid. This gives you some room for negotiation, as owners can decide whether to accept or reject it.

5. Confirm Your Purchase

The purchase will go through as long as you have sufficient funds in your wallet and the price is agreed upon. You can confirm your virtual real estate in your wallet. In case you're using Trust Wallet, just go to Collectibles. For MetaMask, go to NFTs to get confirmation of your purchase.

Beware of NFT Scams

Metaverse real estate is essentially a NFT. Owing to their meteoric rise, there are quite a few scams out there that you need to be wary of. It's best to always buy from official, reputable platforms. Also, if a deal seems too good to be true, it probably is.

How to rent virtual land on Metaverse?

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Why Rent Land In Upland?

No one is negligent that the best and the safest way of investing in Metaverse is to buy properties in the virtual world. Yes, you can buy land in Upland and build on it. You can now put your building on rent in Upland. However, if you don’t want to build anything, you can sell it or even give it on rent to others without building on it.

By renting your land in Upland, you can earn income. This income may be monthly or annually. Hence, if you feel you are not benefitting from renting the land, you can sell it later. You can run your virtual business or be a digital landowner in Upland and earn UPX here. You can rent land if you don’t want to buy land in Upland but want to set up a business here. Yes, upland can allow you to do so as well. Don’t you think it is a great idea to rent or rent land for yourself in Upland?

Now, as it is clear why we should rent land in Upland, are you thinking about how to rent land in Upland? Yes, then let us move further to discuss the ways of renting land in Upland.

Ways On How To Rent Land In Upland

Thinking of how to rent land in Upland? Confused? Don’t be! Here are the ways through which you can rent land in Upland.

1. Metaverse.property

One of the best websites to rent land is Metaverse.Property. Here, you can easily find lands that are on rent. You can visit Metaverse Property’s official website to rent land in Upland. It is amongst the leading virtual estate companies. You can find land for rent of all sizes and locations here in Metaverse property.

2. Blockee

It is a virtual estate. Here you can compare various plots listed for sale or renting purposes. It enables its users to easily get land by using the features and tools of Blockee. For renting land in Upland through Blockee, you can visit the Blockee website.

3. UPXLand.me

With this website, you can find land for sale. You can visit this website and find out properties here. Search for properties here and find the best one that suits you.

These are a few websites for renting land in Upland. With the help of these websites, you can easily rent land in Upland. Due to any reason you want to rent your land or want to rent somebody else’s land for yourself, you can easily do it with these websites.