Celebs are Buying Land in Metaverse: What are you Waiting For?

To buy the cheapest virtual land in metaverse you have to identify how the metaverse has become a dominant force.

For the last few months, the metaverse is getting a lot of attention. Because metaverse is considered the next step of digitalization. A technology that is a combination of augmented reality (AR), virtual reality (VR), and video. Ever since Facebook announced it would change its name to Meta and focus on building its digital world, interest in metaverse real estate skyrocketed. Several celebs and brands like Gucci, Snoop Dogg, Daler Mehndi, Warner Music Group, and more have already bought land in the metaverse. But choosing the right virtual land comes down to many of the same factors as choosing the right real-world real estate: Location, usage, and long-term potential are crucial considerations when choosing a platform and a parcel. This article features why real estate in metaverse is popular these days and how one can buy virtual land in the meta verse.

The popularity of Real Estate in Metaverse

To buy the cheapest virtual land in metaverse you have to identify how the metaverse has become a dominant force. Metaverse real estate has already turned out as a huge independent sector. You must be familiar with the Bitcoin and NFTs' situation where early investors got high returns, similarly, in the virtual real estate space, the early birds will reap promising returns. How? You can find the answer by reflecting on "how much does metaverse land cost" now. For example, you could have purchased the smallest plot of virtual land on Decentraland meta verse or the Sandbox at almost US$1000 a year ago. As of now, the same piece of virtual land costs around US$13,000. Now you see the difference? What is so special about virtual land?

What is Metaverse Real Estate?

Before deciding to buy real estate in metaverse, it is crucial to understand what virtual land is and why it is gaining popularity. For that, you need a brief overview of the meta verse itself.

The Metaverse is a three-dimensional, immersive virtual platform where users can interact with each other, digital objects, and AI-powered avatars in a highly realistic and natural manner. The spatial communications platform is also interoperable, meaning users can move between virtual worlds and different platforms can coexist in one environment, allowing virtual games and collaborative spaces to exist on one solution. The meta verse is also democratized and isn't owned by a single organization, person, or entity. Anyone can invest in it and make use of available space, technologies, and environments. To achieve these capabilities, the Metaverse relies on technologies such as virtual, augmented, and mixed reality (VR/AR/MR) as well as blockchain, artificial intelligence (AI), 5G, and cloud computing.

The concept of metaverse real estate gains prominence as the metaverse showcases better prospects for serving as a virtual replica of the physical world. Users in the metaverse can leverage virtual spaces for the monetization of goods and services to accumulate desired profits. The availability of virtual land in metaverse allows buyers or renters to create monetized properties with unique experiences. Also referred to as virtual land parcels, the plots of real estate in the meta verse are basically blocks of 3D space. Developers can integrate objects, overlay experiences alongside designing VR worlds and building interactions for users in the virtual land parcels. Generally, metaverse platforms include decentralized governance bodies for decisions on the creation and allocation of new parcels. The governance bodies also determine the assets which are suitable for real estate investments.

How to buy virtual land in Metaverse

You can buy virtual land in metaverse by paying in cryptocurrencies, especially in Ethereum. For the gamified platform, The Sandbox, SAND is the currency whereas MANA is associated with Decentraland. You need to have these currencies to purchase the metaverse.

You will also need to have virtual wallets that can store NFTs like Metamask or Binance. Once you buy a particular land, the sale and ownership of the land are recorded via the transfer of NFTs. The transfer will take a few seconds as it will verify if your digital wallet has enough currency to buy the said land, after that it will be conveyed that you now own the land legally.

There are third-party resellers like nonfungible.com and opensea.io that are basically real estate agents for metaverse who can list properties and prices of virtual land and help reach potential buyers.