On an earlier post, we treated How to Make Money in Metaverse, and in this post, we’ll be treating one of the ways to make money on metaverse–investing or buying land and real estate in metaverse. This post is simply to treat and guide you on how to buy land or real estate property in metaverse. For one, it can be a very profitable and high income business if it is done right.
To understand this concept of buying land in the metaverse, how it works and how profitable it is, you’d have to understand all you need to know about the metaverse especially from the angle of its profitability. You need to understand what the metaverse is and how you can earn from it.
This will be done by guiding you through some questions that explains the concept very well. These closely-related questions to the topic include
What is the Metaverse?
Metaverse is an alternate reality where the people log on or connect to with their devices like glasses and so on. This alternate reality offers a separate reality and world from the one we know. In this alternate reality, you can do a lot of things. There are many actions you can carry out on the Metaverse.
What can I do in Metaverse?
The metaverse is vast and has a wide range of actions you can carry out on the platform. You can do a lot of things in metaverse. You can
- Attend a meeting,
- Play games,
- Attend an event,
- Meet friends or relatives,
- Attend a concert or art exhibition,
- Buy and sell things,
- Build an alternate structure like a real estate property,
- Hold and attend classes,
- Visit popular tourist sites in the virtual world and many more.
What is Metaverse land or Real Estate Property?
Metaverse land or real estate property are lands and properties in the alternate reality (metaverse). Unlike the physical land and real estate, these ones exist in the metaverse and people see them only when they log on or get in the metaverse. The popularity of these types of lands and properties has been gaining popularity mainly because more people are getting aware they exist and more people will get to be seeing and using them.
This will increase their value. Since Facebook’s announcement of change of company name to Meta and their avid interest in metaverse, there has been an increase in the value of the land and properties. More people are investing and buying awaiting when metaverse will be fully rolled out and accepted.
Land or space which cost about $3,000 before Facebook’s announcement is now sold and valued at $12,000. This is to show how valuable this industry is.
How do I find metaverse land or real estate property for sale?
You can find metaverse land or real estate property for sale when you are in a group, or member or part of a team who have the same interest as you. You can get to know what metaverse land or real estate property is for sale when you are connected to the right information sources. You can be part of this sources through dealing in cryptocurrencies which they use to buy them or getting into platforms where such information are discussed.
You can easily find them on social media, forums, and NFT or metaverse niche websites.
How do I truly determine the value of metaverse land or real estate property for sale?
For now, most people feel that the value of metaverse land and real estate properties are overvalued but it isn’t entirely true considering the return on investment of these lands and properties. However, in order to avoid buying an overvalued land or property, ask an expert in it and make a profitability forecast or study of the property.
Everything about this alternate reality is still delicate and highly volatile, and so, you have to be careful in making your decisions. There are lands which would do well while there are others that won’t. You’ve to involve an expert in the decision making of the one to buy or not.
Then, we are now at the point of dealing with how to buy land or real estate in metaverse. Buying land in metaverse is as profitable or more profitable than buying land in reality. More people are getting aware of the metaverse, and in the next 5 – 10 years, most people (about 65% of the world internet population) would be using the metaverse.
This means more population and advertisement needs. You buy land or properties and keep it to use or sell when more people access the area in the metaverse you bought the land. This is the reason why you should involve the expert because he or she would guide you on the best places to buy that would be very profitable for you in the future.
The higher the population viewing your land area or property area, the higher your ability of selling the acquired asset at a good price.
In the next part of this post, we’ll be taking you through the steps and processes you can follow in buying land or real estate property in metaverse.
How to buy Land or Real Estate Property in Metaverse?
You have to note that first and foremost before buying, you should consult an expert in the matter. Then you follow the steps below as it solves what are the steps to follow in buying land or real estate property in metaverse?
- You can buy them or sell them at NFT marketplace or buy and sell directly to individuals you know.
- For NFT, you have to be registered on the metaverse marketplace platforms where it is held like the Sandbox or Decentraland.
- You register on the above mentioned platforms and set up your wallet.
- Then you connect your wallet (which is mostly the cryptocurrency, Etherum, wallet) to any of the marketplace you chose.
- You buy Etherum and move it to your wallet connected to the marketplace.
- In the marketplace, you select any piece of land or property you want to buy and bid. Most lands and properties are bid for. The highest bid usually wins the purchase.
How to buy land or bid for them on Sandbox?
- You should go to the Sandbox.
- Right click on the Market button there
- When it comes up, on the left panel, move the cursor down to NFT type and press on lands
- Choose the best choice by filtering the options presented to you
- Select the land and make a purchase
- A platform, Open Sea, will take you to the property link
- Watch the prices of all the bids done for that land or property and make the highest bid
Notwithstanding that the world and business of alternate reality or metaverse is still volatile, you can still make good money from buying land or property in metaverse. You can make money by selling them later when the value has sky-rocketed or use them to run adverts for people if it is in a moving place. There’s good amount of money to be made from here.