To begin in your quest of buying real estate in the metaverse, you must first register with a metaverse platform such as Decentraland, The Sandbox, or Axie Infinity, among others. To transact in the metaverse, all you need is a well-funded digital wallet. This tutorial article provides a step-by-step guide that will aid you to purchase real estate in the metaverse.
Through a combination of augmented reality (AR), virtual reality (VR), and video, the Metaverse aims to digitize the actual world. Users can work, play, and communicate with pals in the virtual world using their digital avatars in the virtual universe. There are many things to do in the metaverse, from organizing a meeting to taking a virtual globe tour. Buying real estate in the metaverse, on the other hand, appears to be capturing investors’ attention. With unprecedented million-dollar purchases reported every other week, the volume of property deals in the metaverse has been making headlines.
To purchase virtual property, you must first register with a metaverse platform such as Decentraland, The Sandbox, or Axie Infinity, among others. To transact in the metaverse, all you need is a well-funded digital wallet. You can store your dollars in your digital wallet by converting them to cryptocurrencies like ether or native currencies of the metaverse you’re transacting in, like MANA or Sandbox.
You may buy, rent, flip, or even sell homes in the digital world with the support of the metaverse’s nearly full ecosystem, and ownership is through non-fungible tokens (NFTs).
The following is a step-by-step guide to purchasing real estate in the metaverse.
- Step 1: Go to one of the metaverse’s property marketplaces, such as Decentraland, Axie Infinity, or Sandbox, and log in.
- Step 2: Compare the prices of the various pieces of land that are available.
- Step 3: After you’ve chosen the digital plot of land you want to buy, click on it to learn more about it. It’s vital to keep in mind that a specific metaverse property platform will only enable you to buy from them if you use their approved cryptocurrency. Decentraland, for example, exclusively allows users to buy and sell homes with MANA, the company’s own cryptocurrency.
- Step 4: Finally, connect your digital wallet to your property platform account. To do so, you’ll need to first obtain a suitable digital wallet. Metamask is by far the most popular digital wallet on the market right now. It’s compatible with practically every metaverse property platform.
- Step 5: It’s critical to fund your digital wallet with a cryptocurrency that works with the digital property platform you’ve chosen. You may easily buy it on a variety of exchanges and keep the cryptos safe in your digital wallet. All you have to do now is press the ‘purchase’ button when you’ve finished picking the land and funding your associated digital wallet.
- Step 6: After you complete the transaction, the digital land you purchased is stored in your associated digital wallet in the form of NFTs. In your digital wallet, go to the ‘NFTs’ page to see your newly bought land.
What You Should Know Before Buying Metaverse Real Estate
Unlike investing in the real estate market, where your purchased physical land is guaranteed to survive, digital land in the metaverse will become non-existent if the platform from which you purchased it fails and goes down. Another thing to keep in mind is the significant volatility of the cryptocurrency used to transact in the metaverse’s real estate market. Because the value of digital money fluctuates, the value of the metaverse property you possess fluctuates accordingly.
Furthermore, because digital real estate is a relatively new asset class, many facets of it have yet to be explored. Investing in the metaverse’s digital real estate market is very speculative, thus thoroughly researching the advantages and downsides is recommended before making any decisions. That said, you can check our top 5 metaverse coin lists if you choose just to buy and hodl.