Real Estate in the Metaverse: Buying, Selling, and Monetizing Virtual Lands

It is no longer news that there is much money to make from real estate in the Metaverse. This article discusses buying, selling, and monetizing virtual lands.

Guess what! The Metaverse could be the side hustle you didn’t realize you had.

The Metaverse is no longer only a movie plot concept. It is a fully-fledged system integrated into our lives through the different virtual worlds and alternate realities established by video games and other extended reality platforms. 

It allows users to explore and communicate with others in a virtual environment utilizing avatars.

This gives consumers limitless options for creativity, leisure, and even business.

Investing in virtual lands in the Metaverse a few years ago would have looked absurd. 

In today’s market, a piece of virtual real estate might fetch tens or even hundreds of thousands of dollars in cold, hard cash (despite being turned into crypto). 

Regardless, crypto investors and fans are flocking to virtual real estate as the metaverse approaches.

However, not everyone who purchases virtual lands in the Metaverse understands its potential. Many people buy assets to hold them for a while and then sell them for a significant profit. 

Before going any further, let’s see what virtual lands are.

What are Virtual Lands?

Virtual lands are the digital equivalent of physical real estate. It’s a limited digital space within a metaverse where you can construct, develop, socialize, and potentially benefit from your investments.

Virtual lands are provided and acquired in virtual worlds through a digital platform called the “metaverse,” which combines augmented reality and virtual reality to create a virtual environment. 

The idea is that digital assets connect the digital and physical worlds. For example, Sandbox is a metaverse platform that appears as both a game and a virtual environment. 

Unlike traditional video games, which require players to proceed through all levels to complete the game, Sandbox allows players to stake a claim to the entire world. “Land” plots are bought, sold, and traded.

Now that we know what virtual lands are, let us see how to buy, sell, and monetize virtual lands.

How to Buy Virtual Lands

Here are the steps to take in buying virtual lands.

1. Obtain a virtual crypto wallet
2. Choose your real estate platform
3. Select the land you want to buy
4. Link your wallet
5. Verify your acquisition of property

Obtain a Virtual Crypto Wallet

The first step is to obtain a digital cryptocurrency wallet. Because real-world currency cannot be used to purchase digital real estate, the first step is getting a wallet to buy and store your digital currency. 

Your preferred wallet should be able to interact with your browser.

You can choose from various options, including MetaMask and the Trust Wallet. 

You can also utilize the Binance Chain Wallet if you want. Before purchasing virtual land in the Metaverse, be sure your wallet accepts the coin you intend to use as payment.

Choose Your Real Estate Platform

Before buying property in one of the Metaverses, you must decide which one you wish to invest in. The activity you intend to carry out on your property may influence your options.

The property can be purchased through a variety of virtual metaverse marketplaces. Sandbox and Decentraland are now the two most popular options available.

Once you’ve narrowed your search to a specific plot, you can buy it on one of the more popular markets, such as OpenSea.

If you want complete control over where you buy your virtual property, Sandbox or Decentraland are the preferable options. Platforms use a similar method. However, in this case, we will use Decentraland.

Select The Land To Buy

At this point, all that remains is to study the various tracts of land on the market and determine which one to purchase. Then you’ll know how far your house is from other well-known attractions.

Properties within a short distance of major attractions frequently command higher asking prices. When considering a purchase, keep the following considerations in mind:

• Begin with a tiny investment.
• Make a research on any platform you intend to buy from
• Always keep the “seed phase” of your wallet to yourself.

Link Your Wallet

Before confirming your transaction, you must first connect your wallet to your account. Simply select Jump In from the menu and register to use your wallet.

Your virtual lands in the Metaverse will be sent to your wallet once you have registered and validated your transaction. 

You will be recognized as the lawful owner of that digital asset, and the blockchain will enable anyone to verify the property’s legality.

It’s important to note that there will be a petrol fee, so ensure you have more money than the total indicated on screen. If you prefer to place a bid, you can do so. 

In this instance, you have a lot of flexibility because the owners can accept or reject your idea.

Verify Your Acquisition of Property

You can use your wallet to authenticate your virtual real estate holdings if you have enough money. 

If you’re using Trust WalletTrust Wallet, Binance Connect partner to add crypto buying option, navigate to the Collectibles section. To validate your MetaMask purchase, navigate to the NFTs page.

Next, let us see how to monetize your virtual lands in the Metaverse.

Monetizing Virtual Lands in The Metaverse

Here are some ways to monetize and profit from owned virtual lands in the Metaverse.

1. Virtual real estate
2. Event arranging
3. Facilitating with or without building services
4. Advertising
5. Ticket sal

Virtual Real Estate

This is arguably one of the most uncomplicated options because it involves imitating real-world elements. You are sitting on gold if you own property that others want to buy.

Develop your knowledge of the land and real estate so that you can identify arbitrage opportunities, develop the land, and then resell it. 

When you become acquainted with a specific metaverse, you may locate the pockets of value it contains, revealing opportunities that are being overlooked. 

Furthermore, you can buy land below market value, build it up, and then resell the portions, just like real estate.

Some rents are structured on a commission basis. For example, a plot could be leased for free to an art gallery or artist in exchange for a commission on each sale. 

This type of investing strategy has the potential to be quite exciting since it allows you to support persons and organizations in whom you believe. 

You may even combine the two by renting out the home for a lower rate in exchange for a commission on property sales.

A cooperation agreement is crucial, especially in commission-based models, to avoid confusion about sales and, as a result, the amount of remuneration owed. 

Event Arranging 

The next logical step is to become an event organizer. 

To return to the individuals and businesses that require space for their future conventions, festivals, and seminars, they typically want a “package offer” that includes various services. 

It is not enough to grant individuals access to your property if they do not understand how and where to begin.

This provides an opportunity to direct them, ensure they are introduced to others, create a location, hire a DJ, arrange the music, and perform other chores. 

There is a great deal of untapped potential here. You will not receive queries daily, but the momentum is growing, and before long, firms will fall over each other to get in. 

Landowners and developers will be in high demand.

Facilitating With or Without Building Services

Some folks do not want a long-term rental. Assume that a company intends to conduct a team-building event in Metaverse but is still determining how to get started or what options are available. 

As adoption increases, so will the amount of queries. If you’re sitting on land, you should welcome them.

Advertising 

In-game advertising will remain popular if people want to view ads for their favorite firms. However, as the adoption rate accelerates, many businesses will seek ways to gain awareness in the Metaverse. 

Advertising in a physical space provides innovative approaches.

Ticket Sale

Although it is not now operational, there will undoubtedly be ticketing options for controlling a wide range of activities in the future.

Ticketing alternatives are especially appealing if you own or rent land. Understanding how a ticketing system could lead to commission-based rental models (where you earn a percentage of each sale) is straightforward.

It’s also easy to see how a ticketing system could provide similar monetization schemes.

If you own or rent the property and agree to host or organize an event for a third party, you and the third party may reach an agreement in which you receive a portion of the money from ticket sales.

With that out, let us finally see how to Sell Virtual Lands.

Selling Virtual Lands in the Metaverse

The procedure of selling virtual lands is relatively simple.

Follow these steps to sell virtual real estate in the Metaverse:

• You can sell your land through the in-game marketplace or other marketplaces like Rarible and OpenSea.
• View market prices on your selected platform or investigate them by exploring various markets to understand comparable homes and overall pricing.
• Once you’ve completed your investigation, click the profile icon in the upper right corner and select “sell.” Afterward, individuals can choose which NFT they want to sell from their wallet.
• Individuals can use OpenSea to set up auctions where other users can bid on land parcels. The seller can set the sale duration utilizing the marketplace’s “Timed Auction” function.
• After all bids have been submitted, the landowner can select the highest bid and approve the sale.
• The seller can also reserve the land for an individual buyer. Enter the buyer’s wallet address into the field under the “Reserve For Specific Buyer” option.
• To attract more bids, provide a fascinating description that includes information on the plot size, location, metaverse platform, NFT utilities (if applicable), and more.
• Sellers must also pay a charge to complete deals. For example, OpenSea costs 2.5% on each transaction.
• Once you approve a bid, you successfully sell your virtual land parcel!

Before we call it a day, let us see some metaverse platforms where virtual lands can be bought and sold.

Metaverse Platforms For Buying and Selling Virtual Lands 

Some platforms where virtual lands can be bought or sold are;

1. Cryptovoxels
2. Decentraland
3. The Sandbox

Cryptovoxels 

Cryptovoxels is a virtual ecosystem built on the Ethereum blockchain that enables users to purchase and build on virtual land parcels.

Decentraland 

Decentraland is a blockchain-based virtual world where users may buy, sell, and monetize virtual land and property using MANA, the local currency.

The Sandbox 

The Sandbox is a game-focused metaverse where users can create, control, and market virtual items and gaming experiences.

Final Thoughts 

Owning virtual lands in the Metaverse is a thrilling endeavor that combines technology, creativity, and investment opportunities. 

As the Metaverse evolves, virtual land ownership may become a more important aspect of the digital economy.