How to Buy Land in the Metaverse
Interests in the Metaverse rose in 2021 after Facebook announced it would invest $10 billion in the Metaverse industry. Since then, many people have become keen to buy lands in the Metaverse in 2022 due to its bountiful opportunities.
Apart from building virtual properties—such as event centers, shops, payment systems, and games—on the land, you can buy a Metaverse land because it’s a scarce commodity that can give you a high return on investments when sold. For instance, there are only 166,464 lands available on The Sandbox
Little wonder that a piece of land in The Sandbox—a Metaverse platform with only 166,464 land—recently sold for $4.3 million, while another one sold for $2.4 million. However, not all Metaverse lands are this expensive, and you can buy some for only a few thousand dollars.
Here are five basic steps to guide you on how to buy land in the Metaverse without hassles.
Step 1: Choose a Suitable Metavere Platform
The first step to buying land in the Metaverse is identifying a Metaverse platform that meets your needs. For now, these platforms are the primary ways of entering the Metaverse as they provide users the necessary tools to build and interact with others in the Metaverse.
The Sandbox and Decentraland are the most popular platforms for buying Metaverse lands, and we'll use them as case studies in this guide.
Step 2: Get a Cryptocurrency Wallet
Cryptocurrencies are necessary for initiating transactions in the Metaverse, and crypto-wallets serve as “credit cards” for making payments. The type of cryptocurrency a Metaverse platform uses is dependent on the blockchain it was built on.
Since most platforms, such as Decentraland and The Sandbox, are running on the Ethereum blockchain, it's natural that Ether ($ETH) is an official token on the platforms.
However, The Sandbox also uses its native token, $SAND, while Decentraland uses $MANA. We recommend using MetaMask wallet as it supports $ETH, $MANA, and $SAND. You can install and set up your MetaMask wallet in a few minutes.
Step 3: Fund Your Wallet
Set up the wallet and fund it with the appropriate token that your preferred Metaverse platform use. You can buy $ETH, $SAND, or $MANA from any reliable crypto exchange and transfer the token to your wallet.
Step 4: Connect Your Wallet to the Metaverse Platform
The procedure for connecting your wallet to a Metaverse platform depends on the type of wallet and the platform involved.
You can connect your MetaMask wallet to Decentraland through the following steps:
Click on the get started button on Decentraland’s home page.
Click on continue with wallet.
Select MetaMask.
A pop-up will appear asking you to connect. It will show the details of your wallet account and how much funds you have in it. Click next.
Click on Connect
Complete the next fields with your email address and unique username, then click continue.
For The Sandbox, the procedure is similar. To get started, simply click the sign-in button at the top right-hand corner of the page and then select MetaMask.
Afterward, follow the same procedure we highlighted in Decentraland to connect your MetaMask wallet to The Sandbox platform.
Step 5: Select a Parcel of Land
Buying a Metaverse land on The Sandbox is similar to what's obtainable on Decentraland, as both offer you a filter tool to tailor your search.
Once you've completed your search, you can complete your process of buying land in the Metaverse in two ways—submit a bid or buy at a fixed price. Bidding involves joining other prospective buyers to partake in a land auction within a specific period.
If this doesn't suit you, you can buy the metaverse land immediately by paying the fixed price slammed on the land.
The Metaverse is the latest big thing in the digital world, and so far, early Metaverse land buyers have raked in high returns on investment. During the public land sale in February 2021, a sandbox land costs about $435, but the cheapest lands on the platform today costs around $11,000 - $14,000.
While reselling lands at a later date is a great investment idea, you may choose to build a structure on your virtual real property and generate revenue from users. Whichever the case, you can count on these five basic steps to purchase your first Metaverse land.
