How you buy land in a metaverse depends on the respective system. Besides various differences, there are also commonalities if you want to be a landowner in a virtual world and own an NFT (Non-Fungible Token)
Buy land in a Metaverse
First of all, you need to realise that there is not just one Metaverse. However, the meta-corporation, which includes Facebook, WhatsApp and Instagram, among others, has made the term more popular. It’s basically about using a cryptocurrency to buy a Non-Fungible Token (NFT), which is equivalent to a parcel of virtual land.
- Each metaverse has its own procedures, but Sandbox and Decentraland as the largest providers enable land purchases through the OpenSea marketplace.
- Click on Explore at OpenSea and there on Virtual Worlds. Here you will see all the available worlds.
- You will need a wallet and funds to buy. Currently, Ethereum is the most common means of payment, but other cryptocurrencies are also possible.
- Decentraland and Sandbox also accept their own currencies, Mana and Sand.
- In the next step, you place a bid on a piece of land on OpenSea and buy it at auction. Or you buy it for the suggested price.
How safe is it to buy land in the Metaverse?
No one can say with certainty how these individual worlds will develop. At Sandbox or Decentraland you can already spend several thousand euros for a plot of land.
- In principle, your investment is safe because it is stored on a blockchain. This means your purchase cannot be easily taken away from you.
- Of course, you are not protected from hackers here either and whoever has access to your accounts can, in the worst case, sell your virtual possessions irretrievably.
- The performance of your investment will only become apparent later. Since large companies are already setting up their virtual shops and selling their goods as NFT in the metaverse, it is not at all unlikely that you will one day receive more money for a piece of land than you paid for.
This brings land buying in the metaverse
Some wonder what buying a virtual piece of land might even bring. It seems futuristic that buying land, avatars and items in a virtual world is worth it.
- In fact, the metaverse can facilitate certain things but cannot replace the real world.
- For example, in the future you will be able to shop for your avatar the way you can in real life.
- It would be conceivable to hold virtual meetings. To do this, people meet in an office or a flat and the participants are there with their avatars. This would basically be the next generation of Zoom or teams.
- Even school and courses would be feasible in this way and would allow for a deeper experience.
- If one moves away from the game character and thinks practically, then with appropriate measurements it would be feasible to try on shoes virtually.
- Here, of course, the technology still has to catch up, but this could be a step from online shopping and sending back to online shopping and buying the right thing.