Before directly jumping to the main topic of buying the virtual land in the metaverse, let’s first see the popularity of Real Estate in the Metaverse.
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You must have heard about the Bitcoin and NFTs’ situation that the early investors got big wins, the similar way, in the virtual real estate space, the early birds will definitely get the benefit. You must be wondering, How? for curiosity, you can just search for “how much does metaverse land cost” and you will get the answer. For instance, assume that before about a year, you could have brought the smallest plot of virtual land on Decentraland metaverse US$1000, and today date the same piece of virtual land costs around US$13,000. Aren’t the prices increasing at high speed?
What is Metaverse Real Estate?
As of now, you must have got the importance of virtual land in the metaverse. Let’s now see the overview of what metaverse real estate is.
Individuals in the metaverse can purchase virtual spaces for the monetization of goods and services to fulfill or mark their desired profits. The plots of real estate in the metaverse actually represent blocks of 3D space. Overlaying experiences alongside designing VR worlds and building interactions for users in the virtual land parcels, developers can unite objects too. Metaverse platforms involve decentralized governance organizations to take decisions over the creation and allocation of new parcels and even determine the assets which are suitable for real estate investments.
How to purchase virtual land in Metaverse?
Are you thinking to buy virtual land? Let me tell you, you can buy virtual land in metaverse by paying in cryptocurrencies. For the gamified platform, The Sandbox, SAND is the currency whereas MANA is associated with Decentraland.
Not only cryptocurrency but, you will also require to have virtual wallets that can store NFTs like Metamask or Binance. When you purchase a specific land, the sale and ownership of the land are recorded via the transfer of NFTs. The transfer takes a few seconds as it needs to verify if your digital wallet has enough currency to purchase the said land, after that it will be conveyed that you now own the land legally.
