How To Buy Land In Metaverse And Why Is Virtual Real Estate Important?

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Demonstration image of virtual real estate

Living in 2022,it’s almost impossible that you haven’t heard of the Metaverse. It’s the only thing news outlets and websites talk about these days.

Brands are paying millions of dollars just to be a part of this revolution. You’ve heard of NFT’s by now most probably but have you heard of buying land in the Metaverse.

Yes, you heard that right, Real Estate in the Metaverse or one could say Virtual Real Estate. 

Now if just reading that term baffles you, no need to worry, today we will be explaining all about buying land in the Metaverse and why virtual real estate matters. 

What is Metaverse?

For the unversed, The metaverse is not a one-of-a-kind digital property or technology. Rather, the word “metaverse” is used more generally to characterise a variety of online experiences, products, and locations that are being lauded as the internet’s future.

Metaverse is a step toward digitalizing the physical environment by combining augmented reality (AR), virtual reality (VR), and video. Through their digital avatars, users may work, play, and stay connected with pals in the virtual world. There is lots to do in the metaverse, from having a meeting to travelling across the virtual globe.

Virtual Real Estate in the Metaverse

It should come as no surprise that Covid-19 hastened the transition to a digital reality, forcing individuals all across the world to seek out online alternatives to in-person activities. Investors and innovators are presently attempting to capitalise on this trend, and the online-only method has a wide range of applications.  

The rise of the metaverse, NFTs, and virtual/augmented reality is extremely intriguing as technology is revolutionising the way we discover reality and even own a house.

What exactly is the virtual NFT metaverse land?

NFT land is a digital plot of land that may be purchased in a metaverse project. The owner of a Non-Fungible Token (NFT) might utilise the land for a variety of purposes or simply for speculation. A metaverse project would often divide its map into smaller sections and sell them in a single or numerous land sales. Payments are often paid in bitcoin or the local currency like MANA etc. When a place is acquired, it usually comes with a 3D virtual experience for the owner and guests to explore. Because the lands are NFTs, proving authenticity and ownership of these digital assets is simple. The owner has the option of selling their land on the secondary market through a third-party exchange or through the metaverse project community.

Steps to Buy Virtual Real Estate in the Metaverse

To purchase property in the virtual world, you must first register with a metaverse platform such as Decentraland, The Sandbox, or Axie Infinity, among others. To transact in the metaverse, all you need is a well-funded digital wallet. You may convert your dollars to cryptocurrencies like Ether or local currencies of the metaverse you’re transacting in, such as MANA or Sandbox, and keep them in your digital wallet.

You may purchase, rent, flip, or even sell homes in the digital world with the support of the metaverse’s almost full ecosystem, and ownership is via non-fungible tokens (NFTs) tile.

We’ll explain a simple step by step process to buy land in the Metaverse, 

Firstly:

  1. Select a buying platform – The metaverse is meant to provide users with endless opportunities, and there are already a plethora of alternatives when looking for a platform to acquire real estate. Third-party services like OpenSea and NonFungible allow you to purchase up sections of the metaverse, and both include virtual land packages that are typically shown with a comparable real world money value.
 

  1. Put money in a digital wallet – Just how in the real world, you need money in the bank to buy real estate. Likewise , Metaverse things are often purchased with cryptocurrency, which means you’ll need to create a wallet with a digital currency that is accepted by your preferred purchasing site.
 

  1. Make an offer and finalise the transaction – Once you’ve settled on a location, your preferred buying platform will give you the opportunity to buy or make an offer on the property, depending on the seller’s desire. If your bid is successful and you have enough money in your wallet, you will be requested to confirm the purchase. Once the payment is validated on the blockchain, you will have completed the purchase and the transaction will be logged in your wallet, demonstrating that you own the digital property. And that’s it, you now proudly own Real Estate in the Metaverse. 

Clocr- The easiest way to secure your Digital Real Estate

Investing in Cryptocurrency digital real estate is simple, but planning for its future and security can perplex investors. Digital Estate Planning is a process that can help NFT land holders holders to organise and update Digital Assets (email accounts, blogs, social media accounts, photo libraries, cloud storage accounts, etc.) so that after sudden demise or incapacitation of the Cryptocurrency account owner, the beneficiaries have one place to go and access, manage, or close digital accounts according to the wishes of the deceased person. 

Clocr makes it simple to create and manage a Digital Estate Plan, allowing you to safeguard assets of personal and financial value to you and your family.

With Digital Estate Planning, which is focused on satisfying the security and legal requirements of Digital Assets, the process of prioritising, organising, and drafting out your desires for your NFTs or Cryptocurrencies becomes very simple and you go to a sound sleep knowing your family is protected.