Last Updated on August 11, 2022 by aicrypto
Buying land in the Metaverse is becoming more and more popular. Buyers are using the land for themselves or as an investment. Meanwhile, land in the metaverse is even rented out for parties and events.
What exactly is land in the Metaverse?
Virtual land basically describes a defined part of a virtual space created as NFT. The land can always be assigned to an owner via the blockchain.
Disadvantages of Metaverse land
People looking to buy Metaverse land should be aware that there are several Metaverses in the crypto space. Many of them sell land in the form of NFTs. Virtual Worlds can become a huge success or lose players and buyers in a short period of time. No one can really say what the future will bring.
Where to buy Metaverse Land?
There are many Metaverse worlds, and new ones are being created all the time. Here is a small selection of the largest providers:
The Sandbox is a community-driven platform where developers can monetize voxel illustrations and games. The Sandbox metaverse includes a map with 161,464 LAND sections. In the Voxels land, users can run contests and events and use their own native currency, SAND, to earn more items.
The Sandbox offers its own Marketplace, where you can create your own avatar, for example. Well-known users of the Sandbox Metaverse include Adidas, Snoop Dog and Atari.
Of course, you can buy land in the Sandbox Metaverse and continue to build on it. Furthermore, there is the possibility to develop your own games without programming knowledge.
The Sandbox is a play-to-earn game in the Metaverse. This means that by playing more time, more SAND can be earned. So you can even earn money by playing and having fun.
In the game of Decentraland you can buy Metaverse Land. Furthermore, clothing and many other useful items can be bought and traded. The token MANA, which is based on the Ethereum blockchain, serves as fuel for the platform.
MANA can be used to pay for all transactions and to buy the popular Metaverse properties. Decentraland is considered the new Metaverse because the virtual reality platform offers a second digital life away from reality.
In Decentraland, you can own virtual land in the form of NFTs and then do whatever you want with it. No matter whether you want to build a casino or a business, create new social spaces or simply devote yourself to investment. Everything is possible here. On the Decentraland marketplace, there have been over 161,000 sales of virtual goods since opening. The volume of sales so far is about $348 million.
CryptoVoxels is a virtual world where you can buy Metaverse properties. The Voxels environment is characterized by NFTs on the Ethereum blockchain. As in the previously presented Metaverse worlds, you can create your own avatars, build stores and create galleries with your own NFTs. In order to participate in the Metaverse, you must first purchase a defined Metaverse property, as usual.
However, as a newcomer, you can also enter and use the space without any costs. However, the created one will be deleted after the test phase. Likewise, you can interact with other users and maintain your social contacts or make new acquaintances. With CryptoVoxels, you can give your architect vein free rein. The currency here is Ethereum. That stands to reason, since the tokens are ERC-721 tokens, which ultimately represent art as NFT.
Somnium Space is a metaverse for the 3D social experience. The virtual reality environment allows users to interact online with other participants and create their own environment.
Somnium Space has integrated both the Ethereum blockchain and the Solana blockchain.
With this, it is possible to buy and integrate Metaverse property. At Somnium Space, you can create your own avatar, buy and create Metaverse land, and meet other people in virtual spaces. The company clearly relies on VR technology for this.
The decentralized app is playable from both mobile and desktop devices and supports the Oculus Quest VR goggles for an even more immersive gaming experience.
Can you make money with Metaverse properties?
On the one hand, you can use the so-called “flipping“. To do this, you look at how a particular Metaverse land has behaved in price over the past few months. After you have completed the research and bought at a low price and later sold at a higher price, you have hopefully made a good profit.
Furthermore, the Metaverse Land can also be built on. By building a virtual real estate and thus increasing its value, the NFT can be sold more expensively.
Or you can leave your real estate in your possession and put it up for rent. Either as a meeting place for various events or as access to various advertisements. The virtual world of the Metaverse will be more and more frequented and for this very reason it can be lucrative for companies to place their advertisements here.
Is it safe to buy Metaverse Land?
Buying land in Metaverse is worthwhile, but is it safe? Absolutely, because the land, which is mostly represented as voxels, pixelated arrangements as you know them from Minecraft, are non-fungible tokens.
The NFTs which are mostly based on the Ethereum blockchain are unique and distinctive. With the individual code behind the token, each object, each art can be precisely assigned.
Thus, the entire transaction history of an NFT can be traced and there is no doubt about the actual ownership. If we want to draw a parallel to the real world, then the history can be traced similarly to the land register of a property.
How much does land cost in Metaverse?
Those who want to buy Metaverse land should pay attention to the price. In fact, Metaverse properties have already sold for more than $900,000. An incredible sum, considering that these are “only” virtual goods. But the hype around the Metaverse and digital real estate continues to grow.
Thus, it can be advantageous exactly at the present time to compare the current prices and enter into the investment. Don’t worry, because if you decide to buy a Metaverse property, you don’t have to pay a price that is exorbitantly high. Voxels and pixels can be purchased in the form of NFTs on the aforementioned platforms for as little as a few dollars.