After Facebook rebranded to Meta, it became evident that Metaverse is soon becoming a reality. Developers, startups, and companies are lining up to ideate and create products and services that will be drive metaverse growth. Real estate has become one major interest in Meta, where individuals and brands are buying lands to set up their meta version of the store for their brand presence. In this article, we will discuss how you can also buy your own metaverse land.
What is a Metaverse?
A metaverse is a digital imitation of the real world that uses augmented reality (AR), virtual reality (VR), and blockchain technology. It is inspired by the recent gaming revolution, social media concepts where users interact with each other just like in the real world. The metaverse allows its users to work, game, meet, socialize in the 3D virtual space.
Neal Stephenson was the first person to coin the term ‘metaverse’ in his book ‘Snow Crash’ in 1992. Back then his distant vision forecasted some fictional characters what we call today is ‘Avatar’ in his book along with a 3D virtual reality environment.
Cryptocurrencies fit righteously in their position well in the metaverse as it implements a digital economy into the digital world. The users use different types of tokens and virtual collectibles called NFTs to trade for fiat currencies and other benefits. The building of blockchain technology provides enough transparency and reliability in the virtual governance system. Because of the cryptocurrencies in the metaverse, millions of people can collaborate, build a diverse range of products, generate new revenue models for themselves.
What is NFT metaverse land?
NFT metaverse of virtual land on metaverse platform is a digital area of the plot. It is similar to physical land plots people buy in the real world to build houses, perform business and hold property. Some of the popular metaverse projects where NFT virtual lands are available are Decentraland, The Sandbox, and Axie Infinity. Such NFTs represent the land ownership as each NFT is unique and decentrally driven by the owner on the related platform.
Also, the owners can use the NFT land for advertising, gaming, work along with other applications. The NFT plots can be a popular area to visit for many visitors and one can charge easily for advertising the space. Moreover, one of the successful monetizing tool is hosting concerts, conferences, and community gatherings. Such NFT lands hold a great value for NFT video games also.
Let us hit the next section to know how to buy land in the metaverse. This section can be very useful for people who want to explore metaverse projects for their future prospects. Also, people, who don’t let got money-making opportunities can gain much out of it.
Also, read - Top 5 metaverse crypto in 2022
How to buy land in Metaverse
Before purchasing any virtual assets, there are certain market risks attached to them that should be understood by the people. Since cryptocurrencies and other blockchain-based virtual assets are market-driven, the prices may vary from time to time. It is not every time that people make money and become millionaires. Different types of insights, long research, and heavy analysis are required to buy such assets. So next time, whenever you are ready to purchase any cryptocurrency, an NFT, or land in metaverse make sure you understand the risks related to it.
Following are the steps to buy land in the metaverse. For today’s step-by-step guidance we have picked ‘The Sandbox’ metaverse project on ethereum.
Step 1: Set up your wallet
A cryptocurrency wallet should be created first through mobile or browser depending upon the preference. MetaMask or Binance Chain wallet will be suitable to support the NFT land purchase.
While setting up a wallet, a string of words known as seed phrase is prompted. The users need to keep the seed phrase safe, perhaps noting it down and keeping it physically secure will be a good option for future access.
Step 2: Connect the wallet to Sandbox marketplace
On The Sandbox homepage, at the top right corner ‘Sign-In’ option is accessible to create an account and connect the wallet. Before you sign in the wallet should be set on the correct blockchain. The Sandbox is established on ethereum therefore Metamask will go just right with it. So now click the ‘Sign In’ button.
Next, chose the wallet you want to connect. In this case, chose ‘MetaMask’.
A pop will appear from ‘MetaMask’ and will prompt you to select the account you wish to connect (in case of multiple ETH accounts with different addresses). Chose the account and click ‘next’ to continue. Further, click the ‘Connect’ button to connect the wallet.
Step 3: Add your email and nickname
Further, a window will pop up to fill email and nickname for the user. The Sandbox will create the account and access the authenticity of the user’s nickname. And click the ‘Continue’ button.
Another signature request will be prompted to the user on the MetaMask to complete the account creation. The users need to scan a QR code with the wallet and tap ‘Get Signature’ to get access.
Upon scanning and getting the signature, the user account will be successfully created. The account balance in ETH and SAND token will appear on the top right corner of the page.
Step 4: Buy SAND and ETH
To make a purchase on Sandbox, you will need SAND tokens or ETH tokens in your wallet. The users can easily purchase SAND or ETH from any credit or debit card through Binance or other crypto service platforms.
Once the cryptocurrencies are purchased, they need to be transferred to your MetaMask wallet.
Step 5: Select land parcel to purchase on Sandbox
So there are various options to select the land, you can select the size through the options given. Most of the plots are sold, and many of them are available for bid on OpenSea. Through The Sandbox Map, you can find a legitimate NFT land to buy and many users find it the best way to verify through maps.
After finding and selecting a suitable land plot, the users can bid an offer by clicking the ‘Bid’ button or can purchase for a fixed ETH price by clicking the ‘ETH amount’.
If you chose the ‘BID’ option a window will be prompted to place the suitable bid in the SAND token. You will have to make a competitive bid in order to lure the seller to approve the transaction. But if the sale ends or the seller denies the bid, the SAND tokens will be returned back to the user wallet.
By clicking the fixed amount ETH, the users will be redirected to the OpenSea platform to confirm and complete the transaction process. Hence, this completes the process for buying an NFT land.
Congratulations on owning a Virtual NFT land in the Metaverse.