If you think that Metaverse is only for the game developers then you are wrong my friend. The Metaverse concept is wide, it is a virtual world that allows the users to do all the activities that they do in the real world. All you have to do is purchase land for doing all your chores and In this post, we will be telling you how to buy land in Metaverse.
Purchasing land in Metaverse is totally different from purchasing land in the real world. There are no brokers, you don’t have to keep in mind the air quality around the house. But, the basic steps to purchasing the house remain the same. This includes reaching out to the owner of the property, asking him about the price or making the offer, and then finally closing the deal.
We know you must be having numerous queries in your head right now. Like, how will the ownership get transferred, will it work on Blockchain as well, or what currency is to be used in the Metaverse? Well, worry not, we have tried to answer all your queries in the article below.
What Is Metaverse?
Before moving to the post, how to buy land in Metaverse let us first start with what Metaverse is?
The term Metaverse was first coined in the 1992 novel, Snow Crash. It was a Sci-Fi novel that was written by the author Neal Stephenson. In the book, Neal described Metaverse as the virtual space in which people could control their Avatars in virtual space. Neal described this virtual space as the digital world where humans can go to get relaxed and have a break from the mean world.
Well, that was the definition of the Metaverse that the Sci-fi author gave to its readers. With the evolution of the internet and time, this fiction about the digital world has not only come into existence but has also evolved itself. The Science-Fiction written by Neal is no longer fiction.
There are a lot of projects that are working on Metaverse in the world. All these Metaverse companies have defined the term according to their vision about the platform that is developing. For example, Facebook defined the Metaverse as “A set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. You’ll be able to hang out with friends, work, play, learn, shop, create, and more”.
However, if you look at Oxford’s definition of the term then it says Metaverse is “a virtual-reality space in which users can interact with a computer-generated environment and other users.”
Although these Metaverse companies and projects are coming up with different ideas, the basic underlying idea remains the same. That is the users need to create an Avatar and then they will be using this Avatar to roam around and do different stuff in the Metaverse created.
The users will be able to purchase the land in the Virtual world, just as they do in the real world and then they can use this land to build houses, buildings or earn money by commercializing it.
The major question here arises is How to buy land in Metaverse? Are there any standard protocols to be followed? The next part of the post will answer all your queries.
How To Buy Land In Metaverse?
Fortunately purchasing land in the Metaverse is not as complicated as buying the property in the real physical world. But, you have to follow a few basic steps for that. Fret Not, we have explained everything in great detail below.
Step 1: Make A Digital Wallet
The first and the foremost required thing before you set on to buy land in Metaverse is to have a digital wallet. Of course, you cannot just swipe your credit card for the payments in the Metaverse (nothing can be said with conviction. Maybe in the near future you can but, as of now you cannot).
If you are going to make a purchase in the digital world then you have to have a digital wallet to make all the transactions. For example, if you want to buy the land in the Decentraland Metaverse. Then you have to have the in-game crypto called the ”MANA” and to get the Crypto you need to have the digital wallet.
The digital wallet that you created to buy land in Metaverse will be hosted from the outside and it will be connected to the account. We know what your query is. Some Metaverse specifies the digital wallet that they accept while there are some who provide you the flexibility to choose from any digital wallet.
Step 2: Choosing The Platform To Buy Land In Metaverse
Now, you have got a digital wallet to make the transaction for the property in the Metaverse. But, how to buy the land in Metaverse? You can choose from two platforms to purchase the land from the Metaverse. One is the Metaverse Platform itself or using the third-party application.
Both the platforms have their own merits and demerits. Starting from buying the land from the Metaverse project. We personally think it is the best way to purchase any property. You can look around the neighborhood and if you are thinking about opening up any shop to earn money then knowing the area is a must. You can look around the place and make sure the price amount you are about to pay is worth it?
Coming to shopping from the third-party application, applications like nonfungible.com and OpenSea are some examples of the websites that allow the users to purchase the land in the Metaverse from their platform. The advantage of using these applications is that it trades in a real-world currency such as dollars and it becomes easier for the buyer to transact the amount.
Step 3: Make The Offer
The last step in purchasing any property in the real physical world is making the offer to the owner of the property. As we know that we have parcels in the Metaverse, so all you have to do is pay for the parcel and the property is yours. But this doesn’t mean that you don’t have any room for negotiation.
Many Metaverses like Decentraland allow the user to make an offer for the property. If the owner accepts the proposal then the land is yours. Since it all works on the Blockchain, it will take only a few seconds to make you the owner of the property. The property you purchased will be added to the wallet as the NFT and you will remain the owner of the property as long as you have the access to the digital wallet or you lost it.
We hope that you are now clear on how to buy land in Metaverse. Another question that arises here is what are the top platforms to buy Real Estate in Metaverse. So, for your help given below is the list of the best Metaverse platforms to buy property right now.
- SOMNIUM SPACE
If you find this article informative then do share it with your friends. If there are any queries left in your head then do ask us in the comments section. We will reply to you as soon as possible.