How to Buy Metaverse Land: A Step-by-Step Guide
What Exactly Is Metaverse Land?
While the metaverse is still in its infancy, platforms such as The Sandbox and Decentraland have begun selling digital real estate in the form of non-fungible tokens (NFTs), which are digital tokens that can represent a variety of unique items on the blockchain network. When an individual purchases a piece of metaverse land, the blockchain network that powers the metaverse platform validates the sale and transfer of ownership.
Once the virtual real estate is purchased, the owner of the metaverse land NFT can rent, sell or build on his digital property. Japanese video game maker Atari recently purchased 20 parcels of digital land in Decentraland and created its very own crypto casino. Using its own native ERC20-based Atari token, gamblers can place bets and receive winnings in crypto tax-free. Atari has also announced plans to launch its own virtual hotel complex in 2022.
How to Buy Land Or Other Digital Asset in the Metaverse
Several metaverse platforms have created marketplaces where users can buy and sell digital land and other collectibles in the form of NFTs. Here is how to do it.
1.The user who wishes to purchase metaverse real estate needs to identify which platform he would like to purchase digital land. Popular options are Decentraland and The Sandbox, although there are several others. Do your own research before buying any land in the metaverse.
2.The user needs to create a digital cryptocurrency wallet, a type of computer software that connects to a blockchain network and stores cryptocurrency and is compatible with the associated blockchain that powers the metaverse platform.
3.From there, the purchaser needs to access the marketplace of his chosen metaverse platform and connect his digital wallet to it. Marketplaces can typically be found on metaverse platform websites.
4.At this stage, purchasing digital land looks a lot like buying land in the physical world. A buyer needs to consider the price, location and future value of the digital land he is considering purchasing.
5.Once the buyer has identified a piece of land, he needs to acquire the tokens or coins to buy it with and store them on his digital wallet. The type of token or coin that will be needed to execute the transaction varies by metaverse platform. For instance, to purchase digital land in Decentraland, the user would need to purchase MANA tokens. If he wished to purchase land in The Sandbox, he would need to acquire SAND tokens.
6.If the buyer has connected and funded his digital wallet to the metaverse marketplace, all he needs to do is make an offer on the land or purchase it outright. The cost of the land will be deducted from the digital wallet and the NFT representing the land will be transferred to the user’s wallet.
7.The same process applies to the purchase of other metaverse NFTs, such as avatars accessories or clothing.