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The Metaverse is a new frontier, a digital landscape where users interact, create, and share. The Metaverse will be a game-changer for the internet and humanity. It’s a new way to interact with others and create experiences together. It’s even a place where you can buy real estate.
A person’s online persona and their virtual land will be theirs forever, and they can pass it down through generations. And just like in the physical world, they can build whatever they want on their land. The possibilities are endless!
But first, you must own property in the Metaverse. Buying land in the Metaverse is like buying real estate–but with some key differences. First, you must know what type of land is available.
The land market on Metaverse is divided into several categories. Here are some of the most common ones:
• Themes. Land based on themes often features unique buildings and scenery, which can be good inspiration for decorating your own land.
• Size. It’s possible to buy any size of lot, from small single-house plots to large estates with multiple houses and other structures on them (including farms).
• Location within the game world (real estate!). Some players prefer being close to parkland, while others prefer being near shops and restaurants. This is where “neighborhoods” come in handy!
How Much Does Land Cost?
The price of land will vary depending on the Metaverse community and location. Generally, the price will be in either fiat currency or the Metaverse’s native cryptocurrency. You can expect to pay anywhere from $1-$100,000+ for a plot of land (depending on location, size, and other factors). As you can see, it’s still the wild, wild west, and prices vary substantially.
The value of Metaverse property is rising. According to Forbes magazine, a small plot of land on two of the more popular Metaverse platforms averaged $1,000 a year ago. Today, they average around $13,000.
The Process of Buying Property in the Metaverse
The process of buying land in a Metaverse is like starting any business. You’ll need to purchase land from the developer, or through an intermediary. You can buy land directly, but you can also go through a Metaverse real estate broker who specializes in this type of thing.
The broker will assist with everything from finding suitable parcels and negotiating prices, to paying the fees on your behalf. You can find Metaverse real estate brokers on LinkedIn. Some are former real estate agents in physical reality. However, there’s no specific licensing for being a Metaverse broker, so be careful who you choose!
If you’re looking for land to purchase, you can explore one of the many Metaverses with available land parcels. One of the most popular is Decentraland, a virtual city. Decentraland has more than 20 million users. You can easily visit the Decentraland marketplace and explore the available properties, or visit one of the other Metaverses with available land, such as Somnium Space or Upland.
Paying for Metaverse Land
You can pay for Metaverse Land in cryptocurrency. This payment will be made by one of the Metaverse wallets you own, which are set up to accept payments from other users (or even yourself). You can also transfer your ownership of a land plot to someone else if you wish.
Land plots are stored on a blockchain–a public ledger that records all transactions ever made with a given asset, such as land. Every time a transaction goes through, it’s added to the chain so that anyone can see what happened with an asset at any time in its history. The strength of blockchain is how transparent it is.
Blockchain is also decentralized, meaning there’s no central authority overseeing it. This makes it harder for anyone to tamper with data or make changes without first coordinating with others on the network.
It’s difficult to change something on a blockchain once it’s been recorded, because everyone has access to the same information at all times, and they would need consensus from everyone else before making any changes.
Metaverse Real Estate Also Requires Maintenance
Maintenance is a big part of the Metaverse experience. The servers and data connections that make up the virtual world cost money to run, so someone must pay for them. The details of how much upkeep is required will vary, but it’s safe to say that if you want your land to look as good as possible, you’ll need to invest some time in keeping it maintained.
If you choose not to build on your land (or even if you do), then maintenance will probably be minimal. If there are other players around who want to build on their lands, there may be additional maintenance costs associated with your land being adjacent to or near them.
There is at least one virtual real estate company for the Metaverse, and the number is likely to grow. Not only do they buy and sell virtual real estate in the Metaverse, but they also help with property management and rentals.
Renting or Leasing Property in the Metaverse
Renting out your property in the Metaverse is a way to make money from your investment. Here’s how to do it:
• Create a listing of what you’re renting, including pictures and descriptions.
• Set the price of your listing.
• Market your product! Use social media sites like Facebook and Twitter, local newspapers, and magazines (if they exist), or even old-fashioned word-of-mouth advertising.
Conclusion
That is your guide on how to buy land in the Metaverse! You don’t need to be a computer genius or billionaire to own land here. Just go through these steps, and you will be on your way. Just remember that land ownership is not free and there is always a risk, so do your homework before you leap in with both feet.
References:
Forbes.com. “Digital Land Grab: Metaverse Real Estate Prices Rose 700% in 2021”
