The growth of the metaverse in recent years is changing our life tremendously. It presents a new digital transformation perspective and constantly offers new use cases. The metaverse possesses many use cases, from remote offices to digital classrooms and virtual tourism. Currently, real estate has surfaced as a new use case in the metaverse.
The real estate in the metaverse has been flourishing recently, and data states that the ten largest metaverse platforms have yielded $1.9 billion in real estate since their inception. Some prominent players that offer lands in the virtual world include Decentraland, Axie Infinity, Somnium Space, etc.; these platforms allow investors to trade real estate using their native tokens or cryptocurrencies.
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What is metaverse real estate?
Real estate in the metaverse, simply put, is different land parcels located in the metaverse. They are customizable and programmable spaces that the owners can design or recreate based on their preferences. Anyone can purchase, sell and rent these real estate properties using that specific platform’s native cryptocurrencies and tokens. When a person buys a parcel of land, the ownership of the land is secured via Non-Fungible Tokens (NFTs).
How is Metaverse digital land useful?
Similar to land purchased in the real world, we can design and construct various buildings and gaming experiences in the metaverse lands. Once users take hold of the NFT, proving that they have the land’s ownership, they can use the land to develop any purpose-built architecture. For instance, the landowner can build a shopping mall and rent it, an NFT museum, or even create billboards to advertise and promote something. The landowners can rent their plots to host various events like weddings or charity events for fundraising. Moreover, it enables the landowners to generate passive income too. All of these benefits are akin to real-world properties and estates.
How to buy real estate in the metaverse?
Buying metaverse real estate is similar to how it is done in NFTs. Follow the given steps to buy metaverse real estate:
The first step to buying metaverse real estate is researching different platforms that sell metaverse lands and deciding the best option for you. The most popular platforms are Sandbox, Decentraland, Traverse, Cryptovoxels etc. Also, do in-depth research on the cryptocurrencies that the platform utilizes.
Open an exchange
You need funds to buy a land parcel in the metaverse, and it is necessary to open an exchange. Deposit your local funds to the exchange, say Binance, and buy crypto. Remember to buy the supported cryptocurrency of your preferred Metaverse platform.
Build a digital wallet
Transactions in the crypto world happen via digital wallets like Metamask or Coinbase. It safely holds your private keys or the password to access your cryptocurrencies. Sign up for a new crypto wallet compatible with the metaverse platform you chose.
Wallet linking and selection of land
After creating a digital wallet, link it to the metaverse platform. Now, choose an available land parcel that you find interesting and affordable.
Metaverse real estate is presently booming. Businesses and investors are finding huge investment opportunities and have already purchased lands in prominent metaverse platforms. It works as a means to earn passive income for them. Several metaverse platforms are gaining huge traction and are obtaining rapid attention. Undoubtedly, it is going to be a huge investment opportunity.
Read more: 8 Fun Things to Do in the Metaverse