Real estate is no longer limited to physical properties; metaverse real estate is the newest buzzword, making headlines in the sector of non-fungible tokens. One factor contributing to this phenomenon is the limited accessibility of virtual plots. Due to their scarcity, these properties present an alluring opportunity for individuals with an interest in cryptocurrency investments.
The notion of the Metaverse remains fragmented, predominantly due to the fact that it is an emerging digital environment with restricted practicality. The Metaverse, on the other hand, presents web3 and cryptocurrency enthusiasts with novel opportunities and possibilities, so this perception is not shared by them. Although the majority of individuals find the purchase of virtual properties perplexing, the craze is gathering momentum and continues to grow.
What Does Metaverse Real Estate Entail?
It essentially pertains to land parcels or tracts that are depicted in pixels within the virtual domain. Because of blockchain technology, proprietorship of these properties is absolute in the Metaverse. Programmable digital environments comprise these virtual real estates, where users can engage in social interactions, attend conferences, play games, and partake in a multitude of other virtual activities.
In this space, individuals engage in their avatar forms. Users can enter these Metaverse environments using a computer screen or virtual reality devices such as Meta’s Oculus.
From celebrities to large companies, people are investing in this technology before they are sold out. The most significant metaverse realty investment to date is by crypto-based investment firm Everyrealm. The company paid an astronomical USD 4.3 million for 792 plots of virtual real estate in The Sandbox.
Why Does One Purchase Metaverse Real Estate?
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One significant cause to purchase metaverse realty is its provision for socialization. In other terms, it facilitates socialization across the globe. One can employ virtual reality to connect, communicate, perform games, and investigate the digital realm with other users. Landowners can earn income through their real estate by charging for access to their property or by transacting in NFTs.
Additionally, firms can advertise and promote their products by using digital properties. They can use to provide exceptional and unique consumer experiences. Users can develop, rent, or flip metaverse properties comparable to tangible acreage.
Moreover, people believe that the valuation of their virtual properties will rise over time, thus considering it a long-term investment. Already we have seen significant increases in the cost of these properties. Prices have surged an astounding 400% to 500% within the last year. Given the high ROI, metaverse realty is undoubtedly worth purchasing and holding.
How Much Does A Metaverse Property Cost?
The average cost of the land parcel across the four main sites increased twofold to 12,000 USD across a period of six months last year, as per the Republic Realm report. Furthermore, the valuation of the LAND token has also increased to 15,000 USD at the beginning of 2022.
A single parcel in the Sandbox is equivalent to 315 feet of buildable space in the actual world, measuring 315 feet long, 315 feet wide, and 420 feet tall. The extent of properties ranges from 50 sqft to 400 sqft on each level.
Moreover, location is one of the prime components that impact the cost of property assets in the Metaverse. Two other aspects that influence the worth of metaverse reality are:
- Size of the territory
- Metaverse platform’s popularity
How Does One Go About Purchasing Virtual Realty Properties?
One can acquire realty properties through sites such as Decentraland. Likewise, Sandbox and Cryptovoxels can also be used to purchase the properties. Firstly, install the Metamask Chrome extension (digital wallet). Next, add cryptocurrencies to the storage. For instance, you can add SAND (for Sandbox-based plots) or MANA (for Decentraland plots) to investigate and purchase properties. To purchase a parcel on Decentraland or Sandbox, follow the steps below:
The Sandbox:
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Go to The Sandbox web browser.
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Select “Market.”
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View the left panel, navigate down to NFT Type, and select “Lands.”
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Next, choose the suitable filter that best meets your requirements (Example: Newest, Oldest, Lowest Price, Highest Price).
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Choose the land parcel that you like and select “Buy.”
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You’ll be redirected to the property listing. Link your wallet to the platform by tapping on the wallet symbol.
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Make an offer by selecting the option “Make Offer.” You’ll have to outbid the greatest offer to capture the seller’s attention.
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Next, input the quantity of SAND you want to offer (make sure you have enough SAND in your Metamask wallet, or you’ll get an error message saying “Insufficient SAND to make offer”).
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Where Can One Purchase Metaverse Realty Properties?
One can acquire these properties in a wide assortment of metaverse-based games. You will almost certainly have to purchase a cargo on the secondary non-fungible token marketplace. However, before you hurry to purchase a plot, here is a list of some of the well-known locations (including Metaverse game sites) that you can check out.
Treeverse
Loopify, an NFT collector and influencer, created this site, which provides a pixel-themed metaverse experience. This fantasy MMORPG lets you combat and battle creatures, construct armaments, and do more such duties. The site is typically divided into numerous non-fungible token collections. However, by acquiring Founders Plot, one can perform various duties such as constructing residences, leasing them out, and many such activities.
Somnium Space
This is a digital universe with its own currency and economy that is available for free. Users in this space can personalize their assets, avatar, and experiences. This game is a complete bundle of virtual reality, and one can play this game on mobiles, PCs, etc., with a VR headset.
Cryptovoxels
In the Cryptovoxels universe, “Origin City” is a virtual space where “The Corporation” owns the streets and individual participants possess the properties. The players/users can perform several duties, such as adding/removing blocks and features and also developing something new on top of their parcels. Users may also designate their parcels as “sandbox parcels,” allowing other users construct on them.
The Sandbox
In this virtual domain, users can create and commercialize their game experiences. This platform integrates three products:
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VoxEdit – allows design and animate 3-Dimensional objects
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Game Maker – let’s create remarkable 3-Dimensional games for free Marketplace – lets one upload, publish, and sell their non-fungible token works
Decentraland
Users can traverse an expansive digital landscape and purchase virtual properties in this 3D virtual space. One can play this game without a cryptocurrency wallet, too. However, one must purchase the wearables. Furthermore, one can develop the plot they acquired with the aid of the Decentraland editor.