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How to Buy Virtual Land in the Metaverse: A Beginner’s Guide

How to Buy Virtual Land in the Metaverse: A Beginner’s Guide

One of the biggest topics in 2021 was the expansion of virtual reality and Facebook’s new platform called Meta. Something that people need to differ right away is that Meta is a part of Metaverse which is a network of virtual worlds that are meant to connect people. The reason why people talk about it a lot is that a lot of big companies are joining the project and also the market size predictions are showing a good sign of improvement.

A feature everyone will have in these worlds is to buy and create land. There is a process behind it and you need to be careful with it because the majority now is just going into it and spending a lot of money on something that doesn’t guarantee value. For example, one individual bought a property for $450,000 just to be a Snoop Dogg’s neighbor.

This game-changing platform already has new job opportunities like land creators and in-game assignments like running a casino. This sounds very exciting but it’s hard to determine which investment is a good one because it just started. The best option is to be the one that is creating the locations and selling them.

What to Prepare?

Because you will be buying something virtually, you will need to have a cryptocurrency that is used in the platform. To acquire it, you should either buy it directly or mine it. There are a few crypto cloud mining platforms you can use to mine crypto without any equipment needed so you can focus only on Metaverse.

Once you have the funds, the next step is to get familiar with your options and how to manage them. Purchasing a certain property isn’t a smart idea if you don’t do your research and what you can do with it.

Visit the Marketplace

After you’ve done your research, you will need to visit a few platforms such as Sandbox, Axie Infinity, Decentraland and create an account. Each one of them has its own story and how they work so you need to do a bit of investigation when you decide which one is the best. For example, Axie Infinity is a game where you can buy characters and produce them.

In this game, each property has its rarity which determines how much it will cost. One of them is called Mystic which was selling for 1 ETH in 2021. There are cheaper options so you can experiment with them until you figure out what should you do.

Comparing and Choosing

The next step would be to compare what the platform has to offer and make a decision on where to buy based on that. It may happen that one of the platforms is gaining huge traffic meaning that the property you buy will cost more. So, it would be best to find something that has great potential for the near future.

Remember that each platform has its own currency that you will need to get and some of them offer different ways of acquiring it. It might be easier to earn it on Axie but no one can guarantee that they will compete with others in the long term. Decentraland is using a currency called MANA which you can by playing games and investing.

Each one of them has its unique way of building the system but the principles are the same. So, the best tip is to be present in every single one of them so you can potentially earn money.

Setting Up Your Wallet

If you already have a wallet, you should check if it is compatible with what you need to get. Meaning that it needs to support the cryptocurrency you will be buying. One of the ways you can do it is to check any top 10 list and choose the top options but always visit a reputable website so you won’t end up using a bad platform.

Wallets are probably the most important part when it comes to buying, selling, and owning crypto. No one can hack it but you need to keep it secure with double authentication. The majority of buyers will recommend Metamask because they are supporting every Metaverse platform.

Depending on which website you choose, the minimal deposit is usually around $15 but you’ll need to invest more if you plan on buying the land. Most of the available options will be expensive but don’t use your savings instead use the money you are willing to throw away.

Owning a Land

The biggest boost this trend got is from Facebook and Mark was mentioning a lot how much this new wave will change the industry. It’s expected that every single person will have some kind of property made by them or bought. Once you purchase the land, it will appear in your wallet as an NFT.

Always have in mind that you won’t own it if the platform goes offline so the safest option is the best one. If your goal is to make money by owning a certain area in the Metaverse, you should focus on reselling and creating.

Some of the properties gain a huge boost in price after a certain type of exposure so it’s like in the real world when it comes to promoting. You can find a lot of Discord groups that are spreading the information that will be valuable for you so try to find top groups that might help you make money.

Why Do You Need It?

Besides making money through owning or even renting virtual land, you might want to keep it for your own needs. It’s expected that people will use it for meetings and other similar occasions. So, you should think about it for each property you think about buying. Sometimes it will benefit you more if you keep the land.

Some people make a mistake and sell as soon as they get a great offer but you’ll never know what the next one would be. The same happened with Bitcoin where people said it would never hit $50k until it did. So, the ones that sold earlier were disappointed about how much they could’ve made.

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