Buying a land in moon and mars seems outgoing idea now! According to a report of BrandEssence Market Research, the Metaverse real estate market is expected to grow at compound annual rate of 31% a year in between 2022 to 2028.
Guide to buy digital real estate in Metaverse
Metaverse is still at its very early stage. The most common platforms such as Sandbox and Decentraland have started selling digital real estate in the form of non-fungible tokens (NFTs). Digital tokens functioning on blockchain technology may represent multiple ranges of services for unique items.
When you buy a Metaverse land, a blockchain network that powers the metaverse platform verifies the booking. After this, the ownership is transferred. Virtual real estate let the owner of the metaverse land gets access to it and is able to rent, sell as well as build on his digital property. If you are also excited to own a space in metaverse we guide can help you.
How to buy land in the metaverse and other digital items
There are various metaverse platforms that are providing a marketplace.
Step 1:- Choose the platform
When the user wishes to buy metaverse real estate, they need to pick a platform from which they want to make the purchase of digital land. Decentraland and The Sandbox are the leading places to choose from.
Step 2:- Connect the digital wallet
First of all, the buyer will have to make a digital currency wallet. It is a kind of software that can connect to a blockchain network and store cryptocurrency. It is associated with the blockchain and powers the metaverse platform.
Step 3:- Access the marketplace and look for a deal.
Purchasing digital land is equivalent to buying a property in the real world. The buyer should consider the pricing, location as well as the future growth of the digital asset.
Step 4:- Check the coins required for buying.
The tokens and coins accepted by the different metaverse platforms are different. For example, purchasing land in Decentraland the user will need to have MANA tokens.
In case the customer looks forward to purchasing land in The Sandbox, they would need to acquire SAND tokens.
Step 5:- Fund the wallet and complete the transaction
In case the buyer’s digital wallet is already connected to the metaverse marketplace and funded, the customer will only have to place the bid on the land or buy the property outright.
The cost of the land will be removed from the digital wallet and the NFT which represents the land will be handed over to the dedicated person.
Step 6:- And you are done!
The same processes are followed if you are looking for buying other metaverse NFT items such as clothing and accessories for avatars.
Metaverse and NFT hold massive potential in the future. Let us know if you are also interested to buy digital real estate.