How to Buy Land in the Metaverse

Buying virtual land is a weird concept for many, and understandably so. How can pixels on a screen be worth thousands and sometimes millions of real-world fiat currency that can be used for real-world items.

Well, it’s not that different from buying any digital piece given the value is in what people believe it lies with. 

Metaverse land prices, much like non-fungible tokens (NFT) in general, increase through rarity. That is why each ‘verse’ in the Metaverse creates a finite number of plots.

Another factor is context. If the land exists next to a famous person’s property or a significant landmark, it will shoot up in value, just like in real life. 

How to Buy Land in the Metaverse 

Step one: Choose a platform. Decentraland, Sandbox, etc. The more popular with users and the better the platform’s future plans. 

Step two: Set up your wallet, all while keeping in mind which blockchain platform you will choose to use, and then select a wallet accordingly—research which wallets work with your desired Metaverse. 

Step three: Connect your wallet to the platform of your choice. Every platform has a “Connect your Wallet” button. 

Step four: Buy the appropriate token to buy land with on Binance. SAND or ETH cryptocurrencies are both well-used tokens in their respective platforms. 

Step five: Select a parcel of land to purchase, keeping in mind the value indicators mentioned above. 

There might be many reasons that one might want to buy land in the metaverse: 

  • Buying and flipping the parcel for a higher price by selling it on NFT platforms, such as OpenSea. The land might be worth more if developed, or the land around it is deemed valuable. 
  • Developing the land and charging for its usage or monetizing its users’ attention by making the space more attractive, fun, or otherwise appealing to audiences or consumers.  
  • Rent it out to those who want to develop or use the land for social or commercial purposes by using land renting marketplaces such as LandWorks. 
  • Branding for a company: Imagine a giant Nike building or a street full of fashion or car brands with displays of real-world or digital products or minigames to engage audiences. 

Many things that one can do with a virtual land parcel are still in their infancy, and so developing a plot of land might not be  

It is a peculiar world we live in where virtual land can be sold for millions, but when we spend an increasingly more significant portion of our day on the web and screens, it might just be the right call. But could it also be just a craze that will die down and be crossed out as one of those weird phases we all went through as a society? Only time will tell.