You know when you're scrolling through social media, and you see one of your "associates" from high school posing in a picture while they hold keys and are standing in a doorway? They probably have a caption that reads "So I did a thing 😜" or something along those lines.
September 29, 2023
The Next Frontier: Buying Land in the Metaverse
If you've seen a post like this, you can almost guarantee that your acquaintance is trying to flex on social media that they've bought a house.
Well, it's time to strap into a world where people will be posting similar updates in the sense that they're bragging about a little slice of land they bought, but this time, it'll be land that exists on the blockchain and in the metaverse.
For people unfamiliar with NFTs, Crypto, the metaverse, blockchain, and digital ownership, the idea of owning virtual land almost sounds preposterous. Plus, after seeing the price tags on some of these digital plots, I'm sure plenty of jaws will drop hard on the floor.
Land you can own in the metaverse.
Even if you are having a hard time wrapping your head around owning land in the metaverse, the fact remains that nearly all of us live more digitally augmented and connected lives.
But before you run off to find the closest virtual real estate broker (yes, that's a real thing), let's cover what it means to own land in the metaverse and the essential questions about ownership.
But... why would anyone want virtual land?
If you're still stuck on why anyone would convert cold hard fiat into crypto to buy some digital land, you should know that there is already plenty of utility in staking a virtual plot as your own.
Depending on what kind and where you buy it (we'll cover this shortly), here are a few things that are possible with virtual land:
- Hosting parties in the metaverse.
- Opening up an art gallery.
- Creating a space to build games.
- Running a marketplace.
- Just buying a virtual house for a place to chill with your friends.
If this still sounds far-fetched, take a look at some of the celebrities betting big crypto on metaverse land. Paris Hilton, for example, performed a blowout NYE party on her virtual island in #ParisWorld. Snoop Dogg, who in true DoggFather fashion is developing the Snoopverse, and someone has already bought a house there for $500,000.
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There are plenty more A-list stars exploring the possibilities of metaverse land ownership, but it's not just individuals with star power who have big plans for virtual real estate. Corporations and businesses are also dishing out vast sums of crypto to get the prime pieces of land in the metaverse.
The auction house and premier spot for art and luxury, Sotheby's snatched up a prime piece of real estate in Decentraland where visitors can explore its virtual gallery of NFTs and other digital art pieces. Sotheby's building in Decentraland is a replica of the physical building, and the auctions and exhibits are already drawing large crowds of digital patrons.
Again, this is just one example of many. Internationally recognized brands like Nike have already built out spaces like their iconic Nikeland, while even more surprising are the corporations like banks building out their virtual space.
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Skeptics can hold on to their doubt as much as they please, but the simple fact is that there's a real rush of people looking to be landowners in the metaverse. There will always be the question of risk and the talk of the metaverse bubble, but increasing numbers of people feel bullish on virtual land so far.
How to buy land
Buying land in the metaverse is similar to buying NFTs and other digital assets, and the first thing you'll need is to have a crypto wallet where you can store digital currencies. A safe bet for a wallet is MetaMask, but you'll have to do your research depending on the type of land you're buying.
Next, like NFTs, most of your purchases will be made with crypto, specifically Ethereum. Another question is how much Ethereum you'll need to claim your piece of land.
While there are some reasonably priced pieces of virtual real estate, generally speaking, you'll want to have a decent chunk of Ethereum in your wallet if you're thinking of making a purchase.
Once you've set up with your wallet and sufficient funds for your investment, buying your land is as simple as buying anything online. For those who've purchased NFTs in the past, the buying process is almost entirely the same.
The next step in the journey of being a landowner is deciding where and what kind of land to buy.
The best places to shop for land in the metaverse
The term "land" when it comes to the metaverse can mean various things, but it's usually determined by the platform where you buy the real estate. There are a variety of platforms where you can purchase land, but you can generally acquire this real estate on OpenSea.
While you can go straight to OpenSea to browse through a large selection of metaverse land, there are other options, and sometimes you want to go directly to the source. Below are just a few examples, so you'll want to do your research because there are plenty of opportunities to find a piece of the metaverse that suits your needs.
Decentraland
One of the most popular platforms for digital creators, Decentraland, is a virtual world owned by its users (otherwise known as a DAO). Within the virtual reality platform, users can buy land in one of the game's districts:
- Crypto Valley
- Dragon City
- Aetherian City
- Vegas City
- Fashion Street
- District X
Decentraland pitches the platform as a place where creators can expand upon their digital imagination. More specifically, people and businesses have used LAND in Decentraland to host meetings, create art galleries, have parties, and open markets.
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Decentraland is also unique because there's no need for a Crypto wallet to claim real estate. There are other caveats, but it does offer a different level of accessibility for those who don't want to go through the process of setting up a crypto wallet.
Still, plots here are expensive, so whether it's crypto or fiat, get ready to drop a big chunk of change for your spot in Decentraland (think along the lines of 4 Eth).
THE SANDBOX
While known as one of the most popular gaming platforms on the market, Sandbox also offers players the opportunity to buy land. Owning land in The Sandbox can be a wise investment, as players can monetize the games and experiences they build on LAND they purchased.
For those willing to throw down more serious Ethereum, buying multiple plots of LAND and combining them can form an ESTATE. When players combine forces and share ownership of an ESTATE, this constitutes a DISTRICT.
Don't think for a second that The SandBox is just for gamers looking to make some quick crypto in the metaverse. Remember how we said Snoop was getting in on virtual real estate with Snoopverse? A big part of his real estate is in The Sandbox, and other celebrities are looking to plant their flag in this part of the metaverse.
ONCYBER
If you're looking for a swanky hangout spot to show off your NFTs to your metaverse friends, you'll want to browse through the digital dwellings on . Billed as a "metaverse like no other," Cyber offers 3D and VR experiences where collectors and creators can show off their NFTs in style.
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Scrolling through the digital spaces on Cyber makes the future of NFTs feel like it's a bit closer. Especially for collectors who are eager for a way to show off their collection of NFTs, Cyber already feels ahead of the curve in terms of owning digital real estate.
Maybe what's best about what Cyber has to offer is that you don't have to break the crypto bank to be an owner of one of these rooms. With a floor price of 0.82 ETH, the opportunity to own your gallery for your NFTs is well within reach.
Is this the future?
Nothing is a sure thing in the real world or the metaverse, so you'll have to #DYOR and make digital land ownership decisions on your own. That being said, it's hard not to see the potential that comes with virtual land.
Whether you're a skeptic or feeling a slight bullishness bubbling inside, the opportunity to start owning land in the metaverse is there for those who want in.
