How to buy land in the Metaverse?
Whether you’re a game developer, a classic real estate mogul (or at least you want to become), land in the Metaverse is the intangible commodity everyone is looking for this year. In this article we will explain how to buy land in the Metaverse.
As digital ownership becomes a popular type of asset (and as the price of land rises), you may be wondering how you can acquire your land. First of all, let’s take a quick look at what earth actually is in the Metaverse and what it means.
What is land in the Metaverse?
Land in the Metaverse is aimed at land plots on Metaverse platforms that have limited availability (just like property in the real world). Each Metaverse plot of land is a non-fungible token (NFT token or ERC 721) and includes a record of its coordinates, its owner and a description of its content.
What makes the Metaverse Land sought after is how you can use it: it’s truly an app layer that allows owners to create virtual experiences. An increasing range of tools, such as The Sandbox Game Maker, facilitates this process, which means that the barriers to entry for game and digital experience designers have never been lower. In short, the possibilities offered by the Metaverse land have democratically left the space open to all levels of programming.
Why own land in the Metaverse?
After discussing what land is in the Metaverse you might now be wondering why buy land one you can’t live on it or touch it?
Incredible advertising opportunity
Let’s start at the beginning, the number one reason people buy Metaverse Land is the commercial possibilities it offers.
As life becomes increasingly digital, everyday users are looking for experiences that take place digitally, from games and events to learning opportunities. And like real life, we are willing to pay for them.
Metaverse Land offers a space designed for developers and anyone who creates a digital experience to generate and monetize their idea. And with more and more users entering the various Metaverses that exist, the audience and potential users for these prospects offered by the Metaverse are constantly growing. That’s why huge brands are rushing to get involved.
If an idea can be adapted to a digital environment, buying (or renting, if buying isn’t yet an option) land in the Metaverse is the next step in approaching – and exploring possibilities.
Possibilities for evolution
It doesn’t take much to see that Outlook is virtual. As Web 3.0 and blockchain give us the ability to “own” our digital life. Now, among other things, you can even monetize your gaming experience instead of paying for some privilege, there have never been greater incentives for someone to spend their time digitally. It is therefore only logical that businesses should also move in this direction.
What factors determine the value of land?
Because each piece of land is NFTs, it has its own unique token ID (identifying name) however the price as in real property changes depending on what people are willing to pay. This depends on a few important variables so let’s cover some of the key ones here:
- What will the earth serve for? For buyers, land can be just an investment. But for something more specific, like developing a digital experience, whether a plot has the right functions will be the key to its value.
- What are the platform’s evolutionary capabilities? Assessing this means looking at the current use cases, which tokens exist on the platform and what is the project’s market capitalization.
- The location and special features of the land is also a huge factor: is the surrounding neighborhood desirable with you and in line with your goals?
- Is the plot accessible? As with any property, accessibility is key to its usefulness, and this is something that buyers in the Metaverse should consider, looking at the native map to get an idea of where the potential nexw property is located.
- Rarity: yes, our main friend, supply and demand are among the most basic factors whenever something is bought or sold, and in the Metaverse this is no different. The availability of similar plots will have a huge impact on the price of what is sold.
And finally, the value of the native token: each Metaverse has its own token which is the currency for buying land directly from the platform, so the value of this token is a determining factor of the price for the main sales. If you make purchases on the secondary market, the lowest price of the land – that is, the absolute lowest price at which you can enter the project at the given time – will determine what the buyers in general (Often used in ETH).