With the advent of blockchain technology, a platform has been created for new innovations such as NFTs, and the word we hear a lot these days is the metaverse, which has even attracted the tech giants. In this article, we want to teach you how to buy land in Metaverse. So stay with us.
Buying land in Metaverse; Work preparations
NFT Metaverse Land is a piece of virtual real estate represented by a non-fungible token. Depending on the platform, the owner can use their land for socializing, advertising, work, gaming, and more.
You can buy NFT land on Metaverse using various NFT markets or directly from the owners from Marketpolis. For this land purchase, you need a digital wallet and digital currency. You can also sell this piece of virtual land to other users on different platforms and have access to rental mechanisms in the near future.
If you plan to buy in the Metaverse, remember to always buy it from a reputable land sale project, or securely on secondary markets and through a trusted NFT exchange. Also, before anything, make sure you fully understand the land related project and consider its financial risk.
Metaverse has become increasingly popular among tech fans, investors, and cryptocurrency enthusiasts. The demand for virtual land in the 3D digital world has greatly increased and the market has similarities with the real estate market in the real world.
What is Virtual Earth NFT in Metaverse?
Earth NFT is a purchasable piece of digital space in a Metaverse project. The owner of the non-fungible token (NFT) can use this land for various purposes. Typically, a Metaverse project divides its map into smaller regions and sells them in one or more land auction projects. Payments are usually made in digital currency, but some projects also accept fiat (common paper currencies such as dollars).
After purchasing the land, Metaverse usually offers a 3D virtual tour for the owner and visitors to visit. Since lands are NFTs, it is easy to prove the authenticity and ownership of these digital assets (this is achieved using blockchain technology). The owner can then sell his land on the secondary market through a third-party exchange or through the Metaverse project ecosystem.
What are the uses of virtual land NFT?
While some investors may purchase land in Metaverse without a specific purpose, other buyers may want to use the land for their intended purpose. The land you choose is directly related to what you can do with your land. If the land has enough traffic, they are usually suitable for hosting events, conferences and even renting advertising space. Some companies, including PwC, have also implemented their services on the ground. If you bought land from an NFT game, you will most likely receive in-game benefits from this plan.
Steps to buy land in Metaverse
Buying a land NFT is just like the process of buying any other NFT. All you need to get started is a wallet and some cryptocurrency. As with any investment, be sure to do your due diligence before taking the risk. Then follow the steps below:
Step 1: Choose a Metaverse platform
Before buying land on Metaverse, you need to choose a Metaverse platform. The project you choose should match your goal, which we will discuss in the rest of the article and in the tips section. We’ll be using Sandbox on Ethereum as an example for this tutorial, but Decentraland is another popular option you can go for.
Step 2: Create a virtual wallet
You need to build a wallet that gives you access to cryptocurrencies. Depending on your preference, you can use a mobile wallet or a browser-based wallet. However, using a browser-based wallet usually presents fewer problems.
MetaMask or Binance Chain Wallet are both good options as they support multiple blockchains, but always check that the wallet you are using also supports the NFT blockchain.
Once you have created your wallet, you will receive a string of words called the Seed phrase. Keep this string of words in a safe place, because in case of access loss, you can recover your account with the help of these Seeds. Therefore, it is better to save these seeds in a place that is always offline; For example, on paper.
Step 3: Connect your wallet to Sandbox Market
On the Sandbox market map, you can see the plots of land that are available for bidding. You can trade some of them directly through the Sandbox Market, while others are hosted on external exchanges like OpenSea. Let’s take a look at one of the things we can offer through SandBox.
You must connect your wallet to the sandbox before you can participate in the auction. On the Sandbox map, click [Sign In] in the upper right corner. Make sure your wallet is also set to the correct project blockchain, in this case Ethereum.
Then, click on [MetaMask].
MetaMask will now display a pop-up page asking you to log in. Click [Next] here.
Click the [Connect] button to continue connecting your wallet.
Sandbox will now ask you to add an email address and create a nickname for yourself. After doing this, click [Continue] to complete the process of setting up your account.
Click [Sign] in the MetaMask signature request section to complete your account.
Once you’ve successfully connected, you’ll see your account balance and profile picture on the top right of the website.
Step 4: Buy SAND or ETH on Binance and transfer it to your wallet
You need SAND or Ether (ETH) in your wallet to buy or bid on land. Buying Ethereum would probably be more beneficial since most Sandbox land owners only accept Ethereum. You can buy SAND or ETH via credit or debit card with your Binance account.
Once you have purchased your cryptocurrency, you need to transfer it to your crypto wallet. Here, copy the public address from your crypto wallet and use it as your withdrawal address.
Step 5: Select a piece of land
From this point on, you can easily sort the lands available for purchase in the Sandbox with the following filters. Most Sandbox lands have already been purchased, meaning you’ll usually only find lands available in OpenSea. However, you can still bid on these sales via the Sandbox map. The SandBox map is also the best way to verify the purchase of a legitimate NFT scheme, as OpenSea Market links are built into its interface.
After finding the land you want to buy, you can click the [Bid] button to make a bid or buy it at a fixed price by clicking the ETH amount. Let’s take a look at how to submit a bid by clicking [Bid]:
You will now see a pop-up that allows you to make an offer. Enter the bid amount and click [Place Bid] before confirming the transaction with your wallet. If the seller rejects your offer or the sale ends, the cryptocurrency will be returned to your wallet.
If you click on Fixed Price, you will be taken to OpenSea to complete the transaction. Before buying land, you need to connect your wallet to the market. You can also use the OpenSea Marketplace to make an offer. You can also do these things through Sandbox.
How to sell land in Metaverse
You usually have two options when selling your land NFT. Or you can sell this land through the Metaverse project market or on the secondary market using Sandbox. Currently, only Market Place markets can be used for sales. But in the future, landowners will be able to sell their land directly through Sandbox with a 5% transaction fee for SAND.
If you want to sell your land on OpenSea, simply go to your profile and click the [Sell] button on your NFT. You can then create a fixed price or timed auction.
How to rent land in Metaverse
Some projects, such as Sandbox, offer landowners the opportunity to lease their land to third parties. However, there is no formal system for doing this. If you decide to rent the land to someone, you have to do it through an informal agreement, which makes the process relatively insecure. Note that when renting, you should never transfer ownership of your NFT to the tenant. The best way is to wait until an official and safe rental system is launched.
Tips before buying virtual land NFT
You should always follow best practices when investing in Earth NFTs, just like any other investment. Before starting, make sure you use the project’s official portal to buy your land NFT, or choose a reputable marketplace for this. Also, before buying, carefully research the platform you are going to invest on and check its principles and don’t forget that buying is not the only option, maybe you can rent land in the future if needed.
Conclusion
The digital real estate ecosystem has become widely popular in the cryptocurrency world. As you can see, buying and selling land in this world is almost easy. However, the price of some of these virtual plots is so high that you can buy a real plot in the real world.
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