Now, it seems as if everyone is talking about the metaverse. When Facebook changed its name from Facebook to Meta last October, the word gained enormous popularity. Since then, many people have shown an interest in (and maybe some misunderstanding of) what the “metaverse” truly involves.
When it comes to the metaverse, the ideal definition is a mixing of the actual and virtual worlds. In support of the metaverse, proponents claim that such a future is unavoidable and that people will one day spend the majority of their waking hours in an environment that has been enhanced in some manner. In this regard, virtual real estate (also known as virtual lands) has the potential to be the future of traditional physical reality.
Such a technical jump does not seem to be out of the question, particularly when we consider how our lives have grown more digital as a result of the COVID-19 pandemic. From meeting with coworkers in virtual reality chat to creating your own 3D area on one of the various blockchain gaming platforms, it has become commonplace to communicate with people via a screen.
If we are going to be spending the bulk of our time in the metaverse in the future, it goes without saying that we will need some kind of place to call home. The first stage is to purchase real estate in the metaverse that will serve as your future digital home. The digital land grab is already being participated in by multimillionaires, but there are other more cheap alternatives available.
It goes without saying that spending a few thousand dollars for a piece of metaverse real estate is not for everyone. It may be a welcome option for individuals who still want ownership but cannot afford real-world land in the year 2022, as house prices in the actual world continue to soar in the coming years. As a result, why not get a head start on constructing that virtual home that you could one day endow your children’s virtual avatars with?
Here’s everything you need to know to get started. Before Start You should know about – 8 NFT Rug Red Flags and How to be Careful.
There’s almost a tinge of irony in referring to Metaverse land as “digital real estate,” but that’s precisely what it is at its foundation. Metaverse land refers to patches of “land” on Metaverse platforms that are in limited supply due to the game’s sandbox environment (much like property in the real world).
Each plot of Metaverse land is represented by a non-fungible token (also known as an ERC 721 token) that contains information on its location, owner, and description of its contents. One of the most appealing aspects of Metaverse Land is the way it can be used: it is essentially an application layer that allows owners to create virtual experiences, which they can then monetize. Because of an increasing number of tools, such as The Sandbox Game Maker, that is making this process easier, the entry hurdles to become a game or digital experience designer are lower than they have ever been. For the most part, the possibilities afforded by Metaverse land have democratized the area, making it accessible to developers of all skill levels.
The truth is that nothing is free, whether in real life or on the blockchain. As a result, obtaining land in the metaverse will be a significant financial investment.
The Ethereum blockchain is used to power the majority of popular metaverse games in which players may purchase real estate. As a result, you may conduct the bulk of your purchasing and selling activities using ETH, as the vast majority of commodities available for purchase are sold as NFTs. Having various metaverse games on the same blockchain is convenient since it simplifies access, but the popularity of the Ethereum blockchain/the NFT ecosystem has surely contributed to the huge increase in the price of the cryptocurrency.
If you don’t already have a cryptocurrency wallet, please take a moment to read our instructions on how to set up a MetaMask wallet. With the MetaMask software, you may buy ETH and deposit it into your wallet; alternatively, if you have an account on a major exchange such as Coinbase or Gemini, you can transfer ETH straight to your wallet.
Not all platforms, on the other hand, need ETH. The purchase of tokens with a credit card is supported by many platforms, which may subsequently be used to acquire digital real estate. Try Upland or Second Life if you’re looking for an alternate game that accepts a larger range of payment options.
It is possible to acquire virtual real estate in several highly popular metaverse games. The majority of them have sold out of land quite some time ago, which means you’ll almost certainly have to purchase a piece or a house on the secondary market. Before you rush out and buy a piece of land, have a look at some of the most popular locations for purchasing a property. We’ll be detailing each floor pricing in ETH, even though many of these platforms allow users to buy tokens that can be utilized for in-game purchases.
The Treeverse is a pixel-themed metaverse experience developed by NFT collector and influencer Loopify. It is available on the Nintendo Switch. The project is an open-world fantasy massively multiplayer online role-playing game in which players may battle animals, create weapons, overcome dungeons, and more. Purchasing a Founders Plot enables people to build public houses, rent out their property, and do a variety of other things in Treeverse, which is divided into different NFT collections
Known as “Origin City,” Cryptovoxels is a virtual world. There are roadways controlled by “The Corporation” and plots held by individual users scattered around the metropolis. Owners of parcels can construct structures on their land as well as add and remove blocks and features. Owners also have the option of designating their plot as a “sandbox parcel,” which makes it available for anybody to use as a construction site.
In addition to providing functionality to well-known NFT projects, Worldwide Webb is an interoperable pixel art MMORPG metaverse game. NFTs are used in the game for avatars, pets, virtual real estate, goods, and missions, among other things. It is possible to create virtual lands on the World Wide Web that are owned and managed by users. These virtual lands may be used to host social events, pets, avatars, and games. They can even provide consumers the ability to create bespoke smart contracts and sell their own paintings via them.
Somnium Space is an open virtual reality universe with its own economy and money, which you may explore at your leisure. On Somnium Space, users may build avatars, properties, and experiences that are completely customizable. The game includes a fully functional virtual reality marketplace and can be played on a PC or mobile device, although it is best enjoyed via the use of a VR headset.
3D virtual world Decentraland allows users to explore a huge digital landscape while also purchasing virtual tracts of land. The game may be visited with or without a cryptocurrency wallet, however, it is necessary to acquire metaverse wearables to go further. The Decentraland editor or importing 3D models from other applications may be used to develop the land after it has been purchased.
Because every metaverse game on the preceding list is based on the Ethereum blockchain, the most straightforward method of purchasing virtual real estate is to do it via OpenSea. Parcels are single non-fungible tokens (NFTs) that may be exchanged and transferred just like any other NFT. The procedure for obtaining an NFT piece of land is the same as the procedure for purchasing any other NFT property.
OpenSea requires that you link your cryptocurrency wallet, scroll to the collection and NFT of your choice, then click the large “Buy Now” button to begin the transaction. If you want to skip the NFT trade procedures and leap right into the metaverse, land may generally be acquired in-game as an alternative option to trading.
Those of you who have made an internet purchase before will find this whole procedure to be quite familiar. We’ll take the example of Decentraland to illustrate our point. To look over and acquire land in Decentraland, all you have to do is go to the Decentraland Marketplace on the Decentraland website. Once there, browse to the “Land” area and search for a piece of land that fits within your budgetary constraints.
Once you’ve identified a parcel and begun the purchase procedure, an in-game prompt will walk you through the remainder of the transaction. If you want to buy an NFT in Decentraland, you can only do so using ETH or MANA (Decentraland’s local currency). This is true for The Sandbox with SAND as well. Don’t be intimidated by the new token, since obtaining both MANA and SAND is nearly as simple as buying Fortnite V-Bucks in the game.
Once the transaction has been completed, that is the end of it! Only a simple check of your OpenSea account or in-game wallet will reveal that you have become the proud owner of some metaverse real estate.