What Is Virtual Land and How to Buy it?
Buying virtual land in Metaverse is one of the most interesting and, at the same time, most challenging technology topics in today’s world. Since Facebook announced that it had become a Metaverse company, news and speculations about the Metaverse world and its benefits have risen.
Today, we would like to introduce you to buying land in Metaverse or virtual land. But before anything else, we must first get acquainted with the concept of Metaverse and the new world it has put in front of us. In today’s article, we will examine Metaverse and the reason for buying land in it, and we will also explain step by step how to buy.
If you are interested in technology and the latest achievements or have always been interested in Metaverse and how it works, today’s article will help you better understand it. So stay with us until the end of the article.
What is the Metaverse?
Metaverse is a technology created by combining virtual reality (VR) and augmented reality (AR) and aims to provide an opportunity for users to experience the experiences of the natural world virtually without being physically present. The Metaverse is an imaginary and virtual world that has made it possible to experience everyday life, such as playing, working, shopping, and many other things.
This virtual space has many varied uses and is not limited to buying land in Metaverse. Its services include entertainment, business, education, marketing, and treatment.
At first, many thought that this virtual world was designed only for games and entertainment, but with the passage of time and the unique luck that was used for shopping and selling as well as educational and medical purposes in Metaverse, the welcome and search for entering this imaginary world is also more. Became.
Important features of Metaverse
It is not easy to summarize the features and characteristics of the Metaverse world. Since this technology is still being developed and developed, we cannot assign only a few features to it. But in general, Metaverse’s most essential and apparent parts include the following.
1. Speed
High speed and uninterrupted access to information are one of Metaverse’s most important advantages and features. In this space, users do not need to spend much time searching and finding the information and resources they need; everything is provided to them without wasting time.
2. High Security
We are all aware of the dangers of fraud and stealing online information. One of the main disadvantages of working in cyberspace is the numerous cyber threats we face on different platforms and websites. But by using the advantages and capabilities of blockchain technology, Metaverse has provided high security to its users and stored users’ personal information with guaranteed and increased protection.
3. Virtual avatars
One of the attractions of Metaverse is creating virtual avatars based on people’s personalities and appearances. In this new and fresh world, custom avatars are designed precisely based on your specifications.
4. Sharing experience
A Metaverse world is an ideal and incredible condition to experience different situations and events. You can experience all the actual world events like playing games, meeting friends, watching natural scenery, and even traveling to the moon in Metaverse with others. For complete information about Metaverse and how it works, you can refer to the What is Metaverse blog and how it works.
How is buying land in Metaverse?
After a preliminary definition of blockchain and Metaverse, let’s return to buying virtual land, how to start working, and the necessary preparations for this activity. First, we need to talk a little about NFTs and their application in blockchain. NFTs are non-fungible tokens or digital currencies that users pay to buy works of art such as paintings, logos, graphics, videos, and even tweets. The NFT token is a trading tool in the Metaverse space.
NFT provides the conditions that you can not only trade in the Metaverse but also ensure its security with the uniqueness of each NFT. Before this token was created, confirming the ownership of works and virtual property was impossible, and there was not much buying and selling. No other user can claim ownership if you buy something in Metaverse with NFT.
One of the uses of NFT is to buy land in Metaverse. You can use it to buy your piece of virtual and imaginary land in the Metaverse space. Just like buying land in the real world, you have a deed and ownership, and the NFT token provides the transparency of your property. Buying land in Metaverse is done for various purposes, such as socializing, advertising, work, gaming, and marketing.
How to buy virtual land in Metaverse with NFT
Metaverse has provided a virtual real estate market where users can buy and sell like in the real world. To purchase land in Metaverse, you need a wallet and virtual currency. Also, to avoid losses, you should find a reliable NFT exchange and purchase your land through a guaranteed and reliable project.
The land purchased in Metaverse can sell to other users and earn a profit, and soon, the ability to rent the property will also be activated. Despite the complicated steps, buying land in Metaverse is very profitable, and after a short time, you will master how it works.
Buying land or property in this virtual world platform is done by dividing the maps into smaller areas, and every buyer can participate in the auction and buy the desired piece using NFT tokens. Users use Metaverse 3D tours to familiarize themselves with the work they intend to buy, which gives them a comprehensive and accurate view of the property.
Although most of the transactions in Metaverse are done with virtual currencies, especially NFT, some projects also accept common paper currencies, such as dollars, to buy land. Landowners can sell their land after purchase, in secondary markets, and through exchange with a third party. Another way to sell land is through Metaverse’s executive projects.
Determining factors of land price in Metaverse
In the real world, the criteria for determining the property’s value, including land, house, and apartment, depends on several factors, such as the price of the area, supply and demand, etc. Buying land in Metaverse also has many complications. One of the questions for many who want to purchase land in Metaverse is how to value and change the rate of virtual land.
Just like land that can be purchased in the real world, Metaverse or digital lands are also limited in number and are therefore considered valuable assets. In the physical world, you have limited options to buy useful and high-quality land. This component also applies to the price of Metaverse land.
The number of lands that can be bought in the Metaverse is not so much because of their rarity; many of them have a high value. That is why there is heavy competition for investing and buying them.
When you want to buy land in the real world, one of the most critical factors in determining its price is its location and geography. It might be interesting to know that this factor applies to Metaverse lands.
Metaverse lands with a better location and higher commercial efficiency generally have a higher demand and, as a result, a higher price. In the Metaverse, crowded places and properties of different values, like penthouses in the real world, are priced at different levels.
Also, if your virtual land is placed next to successful luxury brands, it will get a high price over time. So, you can see that land valuation and pricing factors differ significantly from the real world.
Buying and selling virtual land is not a new phenomenon and has been managed by companies and centralized markets for many years. But the different point or the critical advantage of Metaverse is the use of blockchain technology, which makes decentralized servers available to everyone without restrictions on activities. In addition, the security of investing and buying in Metaverse is higher.
The owners or users of Metaverse have complete freedom to buy and sell their land, and there is no authority or regulatory body to impose cumbersome rules. In addition, no government or regulator can remove or censor the uploaded content about their property.
Therefore, Metaverse has not only provided the opportunity to experience profit and virtual shopping but has also allowed freedom of action and independence to its buyers and users so that their contribution and participation in the decision-making process for their property will increase.
Who are the buyers of Metaverse lands?
Metaverse land buyers are not much different from physical land buyers. Like real-world investors, buyers of land in the Metaverse believe that their property will grow and they can make a substantial profit by selling it.
As you know, blockchain technology is designed based on a decentralized server with no centralized supervisor. Metaverse has also introduced the Decentraland service using blockchain so that users can buy and sell their land in the virtual world through 3D technology. Metaverse land buyers sell their properties after growth and repurchase more valuable land.
The Difference between Metaverse and Physical Lands
Digital lands or Metaverse are bought and sold with NFT tokens. So, the traded asset is rare, and its exchange currency is unique and special. NFT token is a currency that has a unique design and limited storage.
With this token, users can buy valuable and profitable virtual land and a profit like physical land and real estate. As we said earlier, Metaverse has announced that soon, in addition to selling, it will also activate the rental of properties so that owners can generate income in this way.
But another critical advantage and benefit of Metaverse land is the meager cost of property maintenance. You must pay insurance, taxes, and maintenance and repair costs if you are a physical land owner. There are no such problems in the Metaverse world. Long and tedious administrative procedures will not be cumbersome in Metaverse, and you will easily own a digital land. Also, natural disasters such as floods, storms, and earthquakes do not damage your land and property.
Steps to Buy Land in Metaverse
In this section, we answer one of the most critical questions of users, i.e., how to buy land in Metaverse. Before learning to purchase land in Metaverse, you must choose the platform you want to use. Virtual grounds are made on two media, Sandbox and Decentraland. In the following, we will explain how to buy land in each.
Teaching how to buy land in Metaverse Sandbox
Sandbox is a decentralized gaming and gaming ecosystem or platform that allows users to share NFT products and their gaming experience on the blockchain based on Ethereum tokens and earn from it. The real estate token used in the Sandbox is called LAND.
There are two land models available for purchase in Sandbox.
1. Premium Land (Special): Premium plots are located around community centers and significant partners. These areas have more traffic than average land and are bought and sold at a higher price.
2. Land (ordinary): Ordinary lands are not surrounded by unique lands and are mainly used for building houses.
The sandbox ecosystem has about 166,464 plots of land with dimensions of 96 x 96 meters, and the price and value of each property varies based on location. As with physical land, the closer your land is to other valuable land, the higher the price, and of course, the more profit you will get from your investment. Among other things, the attractive advantage of the Sandbox is the ability to merge adjacent lands and create a state or estate.
Another thing you should know about the Sandbox is the division of lands based on color to make buying and distinguishing them easier. The colors of the fields in the Sandbox are as follows. Yellow:
- Premium plots available for purchase
- Purple: Razored land or estates
- Red: Land or estates owned by you
- Green: land or estates belonging to other users
- Blue: land or reserved sandbox estates
Now that you know Sandbox, you can follow the steps below to buy land on this platform.
Having an account in the Sandbox
To buy land in the first Sandbox, you must have a verified user account on this platform. To create a user account, click on the “Sign In” option on the main page of Sandbox and create your account. You can also use Gmail and Facebook.
Preparation of Ether currency to buy land
The digital currency used to buy land in the Sandbox is Ether or Ethereum, which you can get from various exchanges.
Selection and purchase of land
At this stage, you should select the “Market” option from the left part of the bar and then click on the “LAND” option. Then click on the Land option to display the sandbox lands. Now, you can choose your ground. After you find your footing, click Buy to complete the purchase process.
Connecting the wallet to the Sandbox
After choosing the land, you must connect your digital wallet to the Sandbox for the final step. Use the “Wallet Connect” option to link the wallet. After you click on the connect option, a barcode will be displayed so that you can use the phone scanner to secure your wallet to the Sandbox.
After your purchase is finalized, the message “Transaction Succeeded You Own A LAND” will be displayed to you, meaning purchasing land in the Sandbox is successful.
Teaching how to buy land in Metaverse Dicentraland
Decentraland is a virtual platform made by blockchain technology and available to users exclusively to buy land in Metaverse. Dicentraland organizes various events for land users and buyers to complete their transactions. There are over 90,601 16 x 16 plots of land on this platform, bought and sold by NFT tokens.
Buying land in Decentraland has specific rules and procedures that must be followed carefully. In the following, you can see the steps in order.
Enter the market of Dicentraland.
The first step is to enter the Dicentraland market. If this is your first time using Decentraland, you need a virtual wallet because you need to use digital currency and wallet to buy and sell. If you don’t have a digital wallet, download one of the wallets of the Ethereum network, such as TrustVault or Metamask, through Google Play or the App Store. After confirming the steps, do the next.
Connect the virtual wallet to Decentraland.
Then, to connect the wallet to the Dicentraland platform, first click on “Connect” and then “Wallet Connect.” In the next step, you will see a barcode that you must select the “Wallet Connect” option through the wallet settings and scan the barcode with the scanner to connect the wallet.
buy mana
It would help if you had enough mana currency in your wallet to buy land in Dicentraland. Mana digital currency (MANA) can be purchased in a reliable exchange on three bases: Riyal, Tether, and Bitcoin.
To buy Mana from Valex, after joining and verifying your identity in the exchange, you need to charge your Riyal wallet and select the option from the wallet section to set the wallet. After this step, go to the “Markets” section and buy the Mana token as Rials.
In the next step, select the coin withdrawal option, and after specifying the amount of mana and the address of the destination wallet, click on the withdrawal request.
Choose your piece of land.
Enter the item purchase page through the Start Browsing option after buying the mana currency and connecting the virtual wallet to Dicentraland. In the next step, in the My Store, Collectibles, and Land section, select the “Land” option.
In this section, you can choose the land you want and check the areas and lands adjacent to it.
Approval of the purchase of land in Dicentraland
After you have selected the desired land, click on it to see more information, including price, owner’s name, and land area. If your choice is definite, click on the BUY option. You can also use the BID option, which allows you to introduce your proposed amount to the owner.
Confirm the selected virtual terrain.
After going through the purchase process, verify your virtual land, a LAND token, in your wallet. If you use TrustVault, select and confirm the “Collectibles” option in the TrustVault wallet or the “NFTs” tab in Metamask. Now, the purchase of land in Metaverse is completed for you.
Metaverse land technology is developing at a breakneck pace, and the number of people who are interested in buying property in Metaverse is increasing day by day. With the increasing epidemic of digital currencies and virtual financial markets, it is expected that shortly we will see more growth and broader investment in the purchase of Metaverse land.
