How can you purchase land in the Metaverse? It’s simple:
- Purchase land directly from Metaverse platforms like SandBox and Decentraland. You can only buy Land from a Metaverse platform using a crypto wallet, for example, Metamask, where you can obtain cryptocurrency and swap a token for the Metaverse’s native currency.
- Purchase land from a reputable third-party virtual lands listing website like OpenSea and Coinbase.
Unfathomable—that’s the word for virtual currencies and worlds—and it’s not just for the Baby Boomers. Even millennials may find the Metaverse, cryptocurrency, and Blockchain a little bit intimidating, but it’s all about perspective-taking a piece of the whole picture, and knowing how it works. For example, Decentraland and SandBox, two popular metaverses, have incredible ROIs. Investors make 500% returns from buying, selling, and renting out properties.
Bohlaiqah, a Saudi Arabian investor, put in $60,000 as an initial investment in Decantraland in December 2017 and now owns LANDs ‘ worth over $350,000.’ The story rings true across an extensive array of early metaverse adopters. Many people who bought LAND in metaverses in 2017 have made record sales. Today, Decentraland has a market cap of $1,547,705,309, and each plot of LAND sells for an average of $3,000. The story also rings true for SandBox investors.
What is the Metaverse?
The Metaverse, a world of interconnected virtual realities, augmented reality, digital assets, exciting quests, valuable real-world rewards, and avatars, is overwhelming for many people. Imagine a world where you can interact with others, go to shows, attend a meet-and-greet with the HipHop mogul Snoop Dogg, and scream at the top of your lungs in a Travis Scott concert without leaving your home—now that’s the metaverse.
Metaverse real estate is wildly becoming a norm, especially with Mark Zuckerberg’s Meta—formerly Facebook, investing over $10 billion to create the most anticipated MetaWorld. It’s a universe, a life outside ourselves where we can be anything, build homes, protect our castles, and meet millions of people. Today, brands like Samsung, Fortnite, and JP Morgan, are paying record prices to own plots of LANDs in Decentraland and SandBox. We also have individuals investing monies and building Metaverse portfolios with the hope of exponential gains in the future.
Buying LAND in SandBox
The SandBox metaverse comprises LAND, and each LAND is a unique ERC-72 token on the Ethereum Blockchain. You can buy SandBox LAND either through the platform or through a dedicated virtual real estate platform like OpenSea. Gamers and developers can recreate SandBox’s LAND into unique experiences; for example, you can build a mall, a concert center, or even a home with unique experiences and charge people to rent or experience your metaverse habitat. To buy LAND, SandBox publishes sales dates for its LANDs. The sales dates are announced on the platform’s dedicated community on discord.
Before you purchase LAND on SandBox, you must have a crypto wallet to buy SAND, SandBox’s native currency, and Ethereum for transaction fees. SandBox supports Metamask, Coinbase, Bitski, and Venly wallets.
Open a Metamask Account: Visit metamask.io and open an account. Metamask is the most popular cryptocurrency wallet, and opening an account is free. You will be given a security key phrase. Keep the key phrase in a secure place, and do not ever disclose it to anyone. Without the key phrase, you will lose access to your Metamask account, and if another person has access to your key phrase, he can withdraw all the cryptocurrency you have in your wallet.
Install The Metamask Chrome extension: Visit the SandBox website at www.sandbox.game: and sign up. From the wallet options, click Metamask, and a Signature Request pop-up will appear. Permit SandBox to connect with your Metamask account.
Enter your email and your password, and then proceed to create an account.
Check SandBox’s LAND sale map: Click on an available LAND > Click the Buy button to book the LAND.
Confirm Transaction: Your Metamask wallet will pop up, and you can pay for the LAND and the gas fee. If your Metamask balance is insufficient, the transaction will be canceled. If your wallet balance is sufficient, the transaction will proceed. Transaction time depends on the gas and the present mint congestion on the Ethereum Blockchain. Once the transaction is completed, the LAND becomes red, and yours.
Purchasing Lands from OpenSea
OpenSea is the largest marketplace for NFT and virtual real estate transactions. To purchase land from OpenSea:
Open an OpenSea account: Open a free OpenSea account. To buy and use LAND in SandBox metaverse, also open a SandBox account. You should use the same crypto wallet for both OpenSea and SandBox. Using a different wallet will incur extra Ethereum charges for bridging OpenSea and SandBox.
Identifying Fake Lands on OpenSea
Like every listing platform, OpenSea has its fair share of bad players and people with malicious intent. To know a fake LAND from a real one:
- On the search result page, the LAND has a blue verification mark, showing that it is a verified SandBox LAND.
- The coordinates are well written. You can check the validity of the coordinates here.
- A snowflake that shows that a LAND’s metadata is frozen—hence in a decentralized server.
- SandBox name is correctly written as The SandBox. Any other variant is thoroughly incorrect.
Check the Land Listing
The land listing page reveals more information about a property on the OpenSea platform.
- Ensure that the blue verified checkmark also appears on the top.
- Ensure that the name, The SandBox, is correctly written, and not any variant like a SandBox.
- Check for the snowflake icon.
- Click the arrow at the top-right corner of the screen, and you should be taken to the SandBox metaverse where the LAND is stored.
- You should find detailed information on the LAND on the Data tab, such as the contact address, token ID, token standard, Blockchain, and metadata. The metadata must be frozen, Blockchain in Ethereum, and the token standard is ERC-721.
Buying Your First Decentraland LAND
Decentraland is a metaverse inspired by Second Life and Minecraft—a viral multiplayer game. In the Decantraland metaverse, all spaces can be bought (safe roads), and users can build virtual assets, from avatars to weapons, building blocks, and so much more, and store these assets within the Ethereum Blockchain—a Blockchain network the Decentraland metaverse sits. According to Business Insider, the cheapest Decentraland LAND parcel is $11,000.
Like SandBox, you can buy a parcel of LAND in Decentraland either on the native platform or through third-party websites like OpenSea. To buy LAND, you need a wallet—you can choose the widely used Metamask wallet.
- Sign up for a cryptocurrency wallet: Coinbase or Metamask is appropriate.
- Sign up to the Decentraland marketplace and connect your Decentraland account to your wallet. You will use your wallet to purchase Ethereum and Mana—Decentraland native tokens.
- Select LAND, and turn on the ‘On Sale’ toggle at the right-hand corner of the marketplace interface.
- Select Buy.
- Confirm your purchase.
How Do I Know What Metaverse Land to Buy
Like every other commodity in the real world, LAND in the metaverse have present and future value, and valuation depends on many factors, including the closeness of a LAND parcel to other valuable LANDs. For example, a parcel of land close to Genesis Plaza—the space where Decentraland gamers enter the game, is precious and can give supernormal ROI from leasing and resale. LANDs with close proximity to districts like the Dragon City, Crypto Valley, or Vegas City are also valuable.
Just like in the real-world real estate market, location plays a vital role in the value of a property. You can build almost anything on your land, and adjacent lands owned by a single person is called an estate. Also, the entertainment and asset investment level can make a difference if people come through your property, pay rent, or offer to purchase your property if you decide to sell it. Remember that real people are behind avatars, and the NFT assets you create will either intrigue them or not.
You can build a casino, an art gallery, a museum, a game, or even a residential home on your LAND—or purchase one close to these facilities, especially when popular brands own them.
Despite the recent cryptocurrency plunges, virtual real estate is still a gold mine. In investment, a market cycle has four phases: accumulation, uptrend, distribution, and downtrend. In the accumulation phase, a token is at its lowest, and early adopters are quick to buy. In this phase, the market is bearish (market sentiment is negative, and the token prices have dropped below 20% of their recent average price) and most people are selling off their tokens. The recent crypto plunge may signify a bearish market; hence, the best time for investors to buy into the Metaverse.
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