We are fast approaching the age of the Metaverse - connected, enduring virtual realities in which we will live our digital lives alongside our real lives. We will increasingly use these spaces to work, play, socialize, and learn - everything we can do in the real world will have a “digital twin” in the Metaverse that we can interact with from the comfort of our homes. This includes investing and making money, and just like in the real world, one of the most popular ways to do this is by investing in virtual lands.
What is a Virtual Land?
The word “Virtual Land” has been around for quite some time. But few know what is Virtual Land and how it works. Virtual earth is a land in a new city that only exists in virtual reality.
This land in the Metaverse is a piece of virtual real estate represented by a Non-Fungible Token. Every piece of land in the Metaverse is on the blockchain and therefore can be easily verified for authenticity. Buyers can build whatever they want on their land and be able to generate income right there.
Many investors who are interested in buying land in Metaverse are also interested in making money from it. The main reason they buy it is because they want to make money on the price rise of land as the market grows.
Digital Real Estate in Metaverse
The idea of spending thousands or even millions of dollars to buy "land" in a virtual world may seem absurd. But in recent months, we have seen significant investment in virtual earth in the metaverse.
Virtual lands are the future of real estate. They’re closer than you think. Digital real estate in the Metaverse is already big business and has established itself as a legitimate asset class. Its value is growing exponentially, becoming an attractive investment opportunity.
Superstars including Snoop Dog and global companies including PwC, JP Morgan, HSBC and Samsung have snapped up tracts of virtual land they intend to use for a variety of purposes. Those who came earlier have already achieved great results - at least on paper. Less than a year ago, the average price of the smallest piece of land available for purchase on Decentraland or Sandbox - the two largest platforms in the Metaverse - was less than $1,000. Today it costs about $13,000.
According to an online research report, the projected value of land will reach $20 trillion dollars by the year 2025, making it one of the most popular investments today.
Why Buy a Virtual Land?
There are a number of reasons why people might want to buy virtual land. Some people enjoy building things in virtual worlds, while others see it as an investment opportunity. There are many ideas, you can build a house on land purchased on a certain platform and rent it out for a regular income. You can build a hotel and earn income from bookings. You can build a podium and rent it out to designers to showcase their work. You can use it to advertise and ask for a fee.
Many investors are looking to buy real estate in metaverse as a way to make money. In reality though, the land you own may not be that valuable, and owning real estate in the Metaverse will not guarantee you a profit in the Metaverse.
Hundreds of companies have moved into the Metaverse either because they want to reach the end users who are already there from a different perspective, or because they want to provide services that no other company offers. If you want your business to thrive in the Metaverse, then you need to get it right at first. The best way to do this is by getting a virtual land of your own.
How to buy a virtual land
Before we start buying up the next big thing in the Metaverse, let's quickly discuss what we need to get started. Before proceeding, make sure you have the following things in place.
1. Digital crypto wallet. Virtual land in the Metaverse cannot be bought with a traditional currency such as the US dollar. Instead, you will need a digital wallet to store your cryptocurrency. This currency can then be used to purchase any currency that the virtual real estate project will need. For best results, be sure to purchase a digital wallet that can be directly integrated into your web browser.
2. Virtual Real Estate Platform. If you haven't already conceived a virtual land project, you will also need a place that sells NFT land. The area and amount of land will vary depending on which platform you choose.
Land prices for virtual lands have been set well below market value for many years now, making it an attractive investment for investors who are willing to take a risk. That doesn’t mean that these lands are worth much at all, but if you do your homework and research then there is still a chance that you can potentially make some money out of them – after all, what’s better than making easy money?
Virtual real estate is not new
Virtual real estate is nothing new. In fact, there’s a long history of people spending money to use virtual land for purposes other than its intended function.
Even today, people are building things and selling it as a product on eBay. They call it “virtual real estate” and charge for it. The same goes for making or selling products in the virtual world.
A lot of people enjoy building things in virtual worlds, but this isn’t just a hobby. It is rather an investment opportunity. And there are many businesses that have started using virtual lands to conduct business and make money from them.
There are also quite a few individuals who choose to invest in virtual lands for the purpose of making money through the sale of real estate. They buy land in the Metaverse and rent it out to players who want to enjoy their game without having to build anything on their own; they do not need to be able to build any particular buildings!
With this type of business model, there is profit available even if you don’t have the skills required to build any particular thing yourself; you can use your time more efficiently by renting out some “real estate” instead!
Shaping the Future
While no one can accurately predict what the Metaverse will look like or when its final mature form will emerge, the importance of cryptocurrencies to its development is clear.
Advances in blockchain technology and the cryptocurrency sector will play an important role in shaping the future of the Metaverse.
All over the world, people spend millions of hours daily in the virtual world. As long as people believe something has value. Of course, there will be some short-term investors who want to profit from virtual land plots in the hope that their value will rise. On the other hand, others simply want to have access to these lands because they like it.
Don't know if the metaverse is for you?