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Those interested in the Metaverse know that it provides a virtual reality to live, work and play with others. But even those who haven’t quite got their feet wet are seizing the opportunity to invest and profit in the metaverse by buying virtual real estate.
Meta Residence
Yes, you heard that right, you can buy real estate and use it as you would in real life, populate it with interactive experiences like events, concerts, 3D objects, games and a marketplace to sell assets like your own NFT creation.
But that’s not all — in some cases, Metaverse real estate and brick-and-mortar real estate have begun to converge.This MetaReal Building is a real-life Miami home with an identical virtual mansion in the Metaverse, set to go up for auction in early 2023. This means that the buyer of the residence will also gain ownership of the NFT asset. This is likely to be a turning point in the adoption of NFTs in the real world.
Related: 5 Things to Consider Before Buying an NFT
What is Metaverse Real Estate NFT?
In real life, we use deeds and titles to prove ownership of the land we own. In Metaverse, we use blockchain technology (ledger) to keep track of ownership records in the form of NFTs or non-fungible tokens. This refers to an asset with a unique code and metadata, no other asset has the same value. Assets are bought and sold through cryptocurrencies using blockchain technology, ensuring transactions are very secure and ownership cannot be falsified.
By purchasing a Metaverse Real Estate NFT parcel, you are purchasing a unique asset, unique to you and yourself. Unlike the cookie-cutter houses that exist in every community, your metaverse plot is different. This allows you to develop and use the plot as much as you want, limited only by your imagination.
Related: How NFTs Can Drive Brand Engagement and Opportunity
What is Metaverse Real Estate Market?
The main markets available today are Deceltraland, CryptoVoxels (now called Voxels), Worldwide Webb, Treeverse and The Sandbox. But these platforms aren’t the only places to buy plots, and as more people realize the power of buying in a virtual world, more are likely to emerge.
Since most of the land is being sold on secondary or third-party markets at this time, it will be easier for new buyers to purchase real estate, as ether can be used to make purchases. Some marketplaces use their own cryptocurrencies to make purchases on their platforms. For example, The Sandbox uses SAND and Decentraland uses MANA, but it’s not that hard to switch to a different coin if needed.
Image source: Yuan Residence
Just as you check a city map or real estate agent’s website to compare prices, information, and the exact location of the land you’re interested in buying, you should do the same in Metaverse. The real estate market provides the same comparative information for every parcel, enabling you to make an informed buying decision.
Metaverse real estate plots also offer something that real-life plots don’t: friends, family, colleagues, colleagues, clients and even celebrities can access and interact by logging into their computers. No travel time, by plane or transportation. You and your online circles have 24/7 access to your Metaverse properties wherever you are.
Related: 3 compelling NFT projects your company can learn from
Why use NFTs for real estate?
Excitingly, by the end of 2022, Metaverse Real Estate is expected to $1 billion deal, but don’t let FOMO (fear of missing out) force you to make hasty decisions. The space is not as regulated as normal banking and investing – some even liken it to the Wild West. Like any other investment you make, do your research before diving in.
More and more entrepreneurs are looking to expand their portfolios into assets that have the potential to generate passive income. Many are considering the options offered through Metaverse Real Estate, such as renting, flipping, selling their creations and hosting events.
But it’s not just entrepreneurs who invest in Metaverse Real Estate. Thanks to unique buying options, NFT real estate is available to anyone looking for a unique way to generate passive income, host events, and sell merchandise, including businesses, corporations, gamers, investors, athletes, and the average Joe.
related: 3 Ways Entrepreneurs Can Use NFTs to Expand Their Financial Portfolios
How do real estate NFTs work?
Real estate NFTs work just like any other NFTs.
The buyer buys the NFT with the cryptocurrency requested by the seller. Once the purchase is complete, the NFT will be transferred to the buyer’s virtual wallet, giving them full rights to the virtual land. The new owner can keep it and use it however they want, or flip it for potential profit.
What differentiates real estate NFTs from other NFTs is the option to develop and change the plot. Just like buying physical parcels in real life, NFT parcels allow you to develop, rent or resell land. The only difference is that, in the metaverse, real estate is a 3D block, not a physical piece of land.
But don’t think 3D blocks limit the potential of virtual world episodes – you can use your episode however you want, including inviting clients or patrons to virtual events, developing land, opening markets, and more.
Related: Why Intellectual Property Will Dominate NFTs
How do NFTs work in physical real estate?
NFTs are making the leap from the digital world to the physical world. Kevin O’Leary He has been very vocal about the use of unique codes and metadata to verify ownership of physical products such as luxury watches. Watchmakers listened and started implementing the technology last year. Unfortunately, counterfeiting is a huge global business, and it can easily happen simply by copying a certificate of authenticity. This doesn’t happen with NFTs as blockchain technology provides a level of security that has hitherto not been possible.
This technology has the potential to change the way all goods are protected from fraud and counterfeiting – including the real estate market — This makes your purchase highly unique and secure as the authenticity of the owner cannot be replicated.
with high-end retailers such as Rolex Test the waters by implementing NFT technology to verify authenticity, and many other industries, including real estate, may eventually start using it as well. It is only a matter of time before the use of NFTs for authentication becomes the norm, and growth will only depend on how quickly the industry adapts and adopts anti-hacking technologies to prevent fraudulent activity.
4 Steps to Buying Real Estate in the Metaverse
To buy Metaverse real estate, you need to follow these four steps.
1. Open an exchange
Open an exchange to deposit your local funds and buy cryptocurrencies. The exchange provides tutorials and step-by-step instructions on how to fund the exchange, so don’t be intimidated if this is your first time using the exchange. Binance, Gemini, KuCoin and Coinbase All are trusted exchanges.
tip: It’s best to create and use encrypted email for everything you do in the crypto world, including setting up your exchange. Proton Mail is an option.
tip: Always send small test transfers first! In many cases, the first coin you choose to buy is ETH (Ethereum). Depending on the real estate platform you choose to use, you may need to exchange your ETH for whatever coin the platform uses.
2. Create a digital wallet
Create a wallet for your cryptocurrency that allows you to buy real estate that interests you. The most popular is MetaMask for Chrome, but you can check out Coinbase Wallet or Fortmatic.
tip: Keep your wallet keys and passwords in a safe place and never share them with anyone. There are many scams out there that lead you to believe you need to share them – don’t!
tip: Now you can send your cryptocurrency from your exchange to your wallet. Always do a small test transfer first. Most exchanges have good tutorials and step-by-step instructions on how to transfer your cryptocurrency.
3. Research site
Decide which platform you want to use to buy real estate and create an account by connecting your wallet.The popular platforms are Sandbox A place that brands, businesses and celebrities love Snoop Dogg and Paris Hilton Yet there is their land, decentralization, voxel, Universal Weber and tree universe are other options.
tip: Most of these platforms are geared towards gamers, but you don’t have to play to invest.
4. Create a market account to buy NFTs
In many cases, you will have to buy land on the secondary market.Create OpenSea.io Connect your Chrome browser wallet before shopping.
tip: You need to make sure you have enough desired crypto coins in your wallet to buy land and gas fees (transaction fees). ETH (Ethereum) is usually used for the secondary market.
Now you’re ready to go real estate shopping. This is what it looks like.I would use Sandbox For this example of buying land.
- Go to www.sandbox.game and click “Login”.
- Connect your wallet – it recommends MetaMask.
- Click the “Buy Land” button on the home page.
- this will take you to OpenSea.io market.
- Filter land from low price to high price.
- Select the land you want, it’s the orange box in the image. You can view it on The Sandbox map by clicking the arrow in the box in the upper right corner of OpenSea to get a better idea of the location.
- Make sure you have enough coins in your wallet to buy land, plus enough gas.
- Click “Buy Now” or bid.
- Click “Complete Checkout”.
- Your wallet will open in your browser and display the total amount including gas fees.
- Approve the purchase.
- You will now see lands as NFTs in your Opensea account and lands available for you to build in your Sandbox account.
Don’t let FOMO find you and force you to buy without first researching or finding a trusted cryptocurrency expert like Dan Hollings. But once you’ve invested in NFT real estate, you probably don’t want to stop.
