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How To Buy Land In The Metaverse?

Author: Jeffrey Craig Date: 2022-09-30 05:02:39

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Real estate investing is one of the most traditional and popular forms of investing. Having real estate or land is a sign of prosperity and is something you can show off to everyone. For example, when you own a property you can generally do whatever you please with the land, whether that’s building a house, a pool, or having a large yard and garden. This also applies to the metaverse.

Buying Land In The Metaverse

However, home ownership is immensely expensive, with cities like Hong Kong, Singapore, London, and New York City commanding huge price tags. Moreover, since the Covid pandemic, housing has gone through the roof.

Housing Prices In The US Covid(Source: US housing prices skyrocketed after Covid hit)

As a result, this has left out a large portion of the population. For example, the average sales price of existing single-family homes in the US is currently almost $400,000. This is a price tag that many cannot afford.

US Housing Prices Rising
So what are the alternatives? Interestingly, spawning from the pandemic was the rise of cryptocurrency, blockchain, Web3, and metaverse investing. The metaverse in particular took off following Facebook’s name change to Meta.

Most importantly, because the metaverse is a digital version of current society, it’s well-positioned to be a great market for real estate and land investors.

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Introduction To Investing In The Metaverse With “Real Estate”

Investing in the metaverse or buying land in the metaverse is similar to buying traditional land and real estate. You simply purchase plots of land in the form of NFTs. The plot of land or real estate is represented by an NFT on the blockchain.

In fact, it’s much simpler to buy metaverse land than it is to buy traditional land. For example, purchasing traditional land or real estate requires lawyers, mortgages, deeds, land records, potential liens, and complex registration processes that require contracts.

For the metaverse, all you have to do is set up a cryptocurrency/blockchain wallet, transfer cryptocurrency to that wallet, go to a platform such as Decentraland or Sandbox or OpenSea, connect the wallet, search for plots of land on the relevant marketplaces, and make the purchase in Ethereum or the platform’s specific currency like MANA.

Why Buy Land In The Metaverse?

Buying virtual land and real estate in the metaverse carry the same potential upsides as buying land and real estate in real life. For example, the land plot prices can appreciate, for which you can choose to sell the plot of land for a profit. This is the first reason why people should consider investing in metaverse land.

In the image below by Meta Metriks, metaverse land pricing increased substantially towards the end of 2021 and into early 2022. This means investors who purchased metaverse land in early and middle 2021 and sold in late 2021 or early 2022 profited substantially.

Metaverse Land Sales Increasing Over Time(Source: Meta Metriks Metaverse LAND Pricing Benchmark)

The second reason why you should buy metaverse land is for development and economic reasons such as creating billboards, a marketplace, a virtual store, a showroom, and other creative spaces for people to enjoy and experience. These are all just examples of what you can do in the metaverse when you buy plots of land. The metaverse is a fully customizable space that allows creators to do what they do best – create great experiences and places for economic activity and innovation to take place.

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What Platforms Have Metaverse Land For Sale?

The top five examples of Web3/blockchain platforms that have metaverse land for sale are Decentraland, The Sandbox, My Neighbor Alice, PlayDapp, and Bloktopia. All of these platforms’ tokens are listed on Phemex too. So you can buy their native tokens on Phemex to then send to your blockchain wallet of choice for land purchases.

1 Decentraland

Decentraland is a virtual world built on the Ethereum blockchain where users can interact with other people, engage in the trading of digital goods on marketplaces, and create various experiences for other people to use.

On Decentraland, there’s a marketplace where people can buy, sell, or rent land at any time. These are called land parcels. Land parcels are NFTs that can be bought and traded on the Decentraland Marketplace or via OpenSea.

The land parcels correlate to a specific location on the Decentraland map (image featured below). The plots in light blue are available for purchase.

Decentraland Land Plots

2 The Sandbox

The Sandbox is a decentralized, community-driven gaming metaverse ecosystem where creators can share and monetize voxel assets and gaming experiences on the Ethereum blockchain.

Similar to Decentraland, The Sandbox also has LAND, which is essentially digital pieces of real estate in The Sandbox’s metaverse.

The Sandbox LAND
Sandbox Metaverse LAND NFT Map

The Sandbox metaverse has a detailed map that features all the metaverse land and property, whether already purchased or open for sale.

Sandbox LANDs are ERC-721 NFTs, of which there are a total of 166,464 LANDS available. Therefore, there’s an aspect of scarcity, similar to traditional property. Sandbox LAND is an excellent investment because it can be combined into larger ESTATEs or DISTRICTS, and there are plenty of opportunities to build next to famous brands and celebrities.

3 My Neighbor Alice

My Neighbor Alice is a multiplayer builder game where anyone can buy and own virtual islands, collect and build exciting items and meet new friends. My Neighbor Alice also has an island map where people can build, create, interact, and trade assets such as land and other NFT accessories in a specialized marketplace.

My Neighbor Alice Metaverse Map

4 PlayDapp

PlayDapp is a dApp service platform that provides a C2C marketplace and tournament. PlayDapp wants to create a world where digital assets are more valuable and accessible to everyone.

In 2021, PlayDapp showcased the fusion of metaverse and NFTs when it launched a virtual play space called PlayDapp Land on Roblox. This is PlayDapp’s foray into metaverse land that users can purchase as NFTs. However, PlayDapp Land is still in its early stages. So right now only a Beta version is available for experience.

5 Bloktopia

Bloktopia is a metaverse skyscraper made up of 21 levels where Web3 projects, exchanges, influencers, and crypto brands showcase their content and key messages. In particular, there are over 200 virtual stores, an auditorium for live talks and seminars, a gaming floor, and a variety of event spaces.

Land in Bloktopia is called REBLOK (pictured below), which is a portion of real estate that make up the virtual stores within Bloktopia holding premium brands, known as tenants. These pieces of land are NFTs, therefore, the assets can be sold on the open market as an asset priced in $BLOK.

Bloktopia Metaverse Land
How To Buy Land In The Metaverse

Buying land in the metaverse is fairly simple. This is because depending on which platform you prefer to use, all you have to do is go to the respective marketplaces, connect your wallet, transfer the correct cryptocurrency, and purchase the plots of land as NFTs.

DecentralandDecentraland Marketplace
The SandboxThe Sandbox Shop
My Neighbor AliceMy Neighbor Alice Market
PlayDappPlayDapp Land (Beta)
BloktopiaLand sale

Famous People Who Bought Land In The Metaverse

Since the metaverse has grown in popularity it has of course attracted the attention of large brands, influencers, and celebrities. Some examples of famous celebrities who have entered the metaverse and purchased land include Paris Hilton, Snoop Dogg, Daler Mehndi, Warner, Walmart, Nike, and Gucci.

Should I Buy Land In The Metaverse?

Similar to NFTs, trading volume and prices have declined substantially during the current bear market. So if you’re interested in buying at low prices, now and into the coming months can be a wise time to invest in virtual land, especially as we’re still early in the days of VR and AR.

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