What is Metaverse Property?
Almost everyone, from individual users to large companies, has heard about Metaverse these days. It’s a 3D platform where people can create virtual avatars to interact with each other and with virtual objects. This means that all the barriers are broken down, and anything is possible. Many corporations create their own centralized Metaverse to attract digital users to gather, play games, purchase, and interact with advertisements. Also, in virtual reality, users can purchase different Metaverse properties. They can buy accessories, clothes, and cars for their avatars from various brands that offer digital products. People can even purchase virtual real estate. People will spend money on making their avatars look trendy, and attractive in the virtual world. It is an excellent opportunity for various brands and businesses to gain popularity and make money in the virtual reality. That’s why many famous companies and brands, such as Gucci, Balenciaga, Louis Vuitton, Coca Cola, Adidas, etc., now have virtual outlets. All these brands have their digital products. For example, a few months ago, Adidas released its “Into the Metaverse” digital clothing collection. Each item was sold as an NFT token, and could be bought with cryptocurrency.
Metaverse Real Estate
Since companies widely offer clothes, accessories, cars, and many other items for avatars, the developers decided to go further and sell virtual real estate. There is a whole industry of companies offering their services to develop, sell, rent, and buy virtual real estate in Metaverse. Digital real estate works just like it does in real life: users can buy, rent, sell houses, apartments, and plots of land. People are actually trying to buy virtual land, which is not tangible and does not exist in the physical world. You cannot technically see or touch it, but people pay tens of thousands of dollars for it. Despite the increasing prices of virtual real estate, the number of interested individuals and real estate companies is growing by the day. These properties, sold by multiple platforms, offer a variety of uses and opportunities. The possibilities are endless; for example, the user can create buildings, parks, or structures that mimic real estate on the empty digital land. Depending on the platform, the owner can use their decentralized land for communication, advertising, work, games, and other purposes. Metaverse real estate enables users to connect with each other, play games, socialize, and have fun. While some investors may speculate on its price fluctuations, others may desire to use the property for its intended purpose. What you can accomplish with your Metaverse property depends on the project you pick. If a certain land plot receives enough traffic, it is usually used as a venue for events, conferences, and or advertising space for rent. Brands and companies can use their lands for advertising their products and services, organizing creative product launches, and gaining a new customer experience.
How can a user buy virtual land?
Buying a Metaverse property works the same way as buying an NFT because virtual real estate is essentially an NFT. You can purchase virtual estate through land sales on various platforms or through the NFT marketplace, where you can buy directly from landowners. To purchase land in the virtual world, a user needs a digital wallet and cryptocurrency. It can also be sold to other clients on different platforms, and lease options will become available later. Payments are usually made in cryptocurrencies, but some platforms also accept fiat.
TOP platforms for buying virtual land
Virtual real estate is available on many decentralized and centralized Metaverse platforms. The most famous decentralized platforms are Decentraland, The Sandbox, Spheroid Universe, Somnium Space, and CryptoVoxels.
Decentraland is a virtual reality platform, or a virtual world powered by the Ethereum blockchain. Users create and own land, works of art, non-fungible tokens (NFTs) and participate in the platform’s decentralized autonomous organization (DAO). All land plots correspond to non-fungible LAND tokens.
The Sandbox is a platform where players can buy and sell “Earths,” create and sell their NFT “Assets,” and participate in project management, determining the vector of its further development.
Somnium Space is a blockchain-based open social, virtual reality platform. Any user can buy virtual land and create almost anything they want — marketplaces, play areas, cinemas, parks, schools, etc.
CryptoVoxels is a Metaverse NFT game designed visually with Lego-like cube graphics. The game supports VR technology, with which a user can fully immerse themselves in an unusual 3D pixel reality. Lots and buildings may be owned by game users who purchase them.
Spheroid Universe is a decentralized augmented reality platform that places different AR objects onto the Earth’s surface, which is divided into Spaces. People can buy, rent or sell Spaces, which are the NFTs of the Spheroid Universe ecosystem.
As you can see, buying real estate in the Metaverse has become very popular. Buying and selling land is relatively easy; anyone who has cryptocurrency in their wallet can buy it. If you are purchasing land or any property in the virtual world, be sure to consider your plans. Real estate in the Metaverse is fun; however, keep in mind that you can also use it to generate passive income — so make sure you understand why you are buying virtual.