We have not yet entered the metaverse. It doesn’t appear all that strange when you join one of the most popular, Decentraland. JP Morgan is located at the Metajuku shopping complex. Many more well-known brands may be seen at Sotheby’s virtual gallery, Atari Casino.
The Cost of Land is Rising
The average price of a piece of land in the four top Web 3.0 metaverses increased from $6,000 in June 2021 to $12,000 by December.
One property parcel in Decentraland was sold for $913,000 in June 2021.
What Exactly Is Metaverse Land?
A metaverse’s realm is typically divided into several zones, including plots of free land that people may readily purchase and utilize for several reasons (we will detail those later on). This land can be bought and programmed, and non-fungible tokens can be used to buy, sell, or trade it for cryptocurrencies and even cash (NFTs).
In places, users may create a range of experiences, play games, socialize, plan events, and more. Ownership of the land and its digital assets can be easily validated because they are NFTs. Every transaction involving metaverse land becomes public knowledge. Users can usually buy a piece of land in the metaverse through the platform’s marketplace or a third-party NFT platform like OpenSea or Raible.
Who Purchases and Why?
Ordinary folks like myself acquire digital estate as well. However, 80-90 percent of customers are businesses searching for new business prospects in the metaverse.
“These brands will become more prevalent. This is the commercial horizon “According to Robson. Some firms may find it challenging to enter the metaverse.
“I have friends who purchased land in order to display their own NFTs, and all they want is a site where they can send a link to their friends, hang out, discuss new NFTs with their friends, and speak about them in their neighborhood. It’s comparable to private galleries or anything else you might do in real life if you have intimate gatherings or want a small, peaceful, and confidential atmosphere “According to Robson.
Many people are speculatively investing in virtual pieces of property to profit in the future.
How To Buy and Sell Virtual Land?
Purchasing and selling digital assets in the metaverse is straightforward. Most metaverse platforms are readily accessible by desktop computers, making it simple to browse virtual real estate before making a purchase.
To keep your digital assets, including the cryptocurrency required for your transaction, you must construct a digital wallet. The metaverse platform you utilize will define the wallet you use. Each site will tell you which ones are best and how to connect them.
You’ll also have to buy the right amount of bitcoins for the real estate deal. If you want to buy something in Decentraland, you must first get MANA tokens. Make sure you have enough SAND if you’re going to buy The Sandbox. You can buy these on open cryptocurrency exchanges with your local currency or other cryptocurrencies.
Compared to a real-world real estate transaction, the acquisition is almost anticlimactic. You go to the platform’s marketplace or a third-party site and click the buy button once your digital money is in your wallet. The platform confirms the transaction in seconds, guaranteeing that your wallet contains sufficient funds and that the item may be legally given to you.
When those checks are completed, the money leaves your pocket, and an NFT with your transaction details is lodged. As the property’s new owner, an anonymous identity connected to your wallet and unique to you is registered.