How to Buy Land in the Metaverse

Buying land or real estate is considered a great investment option in the real world, but less is known about the new trend of buying virtual land in the metaverse. In fact, how to buy land in the metaverse is knowledge possessed by the minority currently. However, with purchases reaching millions of dollars and celebrities and big brands making significant investments in metaverse real estate, more and more people are investing in this new phenomenon. 

What is the metaverse?

The metaverse is said to be the next big technological advancement, changing how we live, work, and socialize. Currently, the metaverse exists as a series of worlds accessed using an avatar that can move around in the space, living much as we do in the real world. This includes meeting friends, going to events and hangout spots, gaming, meeting for work, and buying and selling anything from clothes for avatars to real estate. 

Through the use of virtual reality (VR) and augmented reality (AR), being in the metaverse will feel like being physically present in these spaces, allowing you to move around and explore freely. 

How exactly does an NFT work?

Buying anything in the metaverse poses the problem that the item is not real; it is virtual, so it is challenging to claim ownership of something that doesn’t essentially exist. This is where NFTs come in. An NFT stands for non-fungible token and, in short, means something digital and unique that represents something we have in the real world. This can be digital art, music, and even metaverse real estate. 

NFTs are mostly part of the Ethereum blockchain, which means that every time someone buys or sells an NFT, it is added to the chain, which allows for tracking ownership. 

What is metaverse land?

Metaverse land, or metaverse real estate, is virtual land that can be bought, developed, and sold within the metaverse. Any land or real estate purchase is an NFT and holds value, which can go up and down as the market changes, just like in the real world. Currently, buying land is popular, and prices have increased dramatically. The metaverse real estate market is predicted to grow by 11.58 billion dollars by 2028 [1]. 

Metaverse land is a parcel consisting of 3D space, which are coordinates in a virtual world, and you can buy them in a variety of metaverse ‘worlds,’ which are popular for different reasons. The world you choose is based on what you use the land for, who you want to connect with, and where it might be most profitable as an investment. 

What can you use virtual land for in the metaverse?

Virtual land in the metaverse is used for numerous purposes, from developing real estate to hosting virtual events, showcasing NFTs, and having a place to make it personal. What you use your virtual land for really depends on your interests and reasons for buying. 

Create and own virtual real estate.

Like in the real world, buying land lends itself to developing real estate. This could be a personal residence or a business such as a casino, hang-out spot, or even somewhere you can rent to others. 

Host and attend virtual events.

The metaverse is a place to hang out, and people interact using avatars and VR. If you frequent the metaverse, you’ll most likely attend virtual events. Owning virtual land means you can host events of your own or rent your space to others who want to host events. 

Real-world businesses such as PwC and HSBC are already hosting events in the metaverse to support customers to access their support as an extension of their existing services. 

Buy, sell, or trade virtual assets.

Owning a metaverse property can be a great way to showcase NFTs and games you have produced and to buy, sell, and trade virtual assets. Some properties are used for advertising, and others are used as galleries. 

Connect with other avatars in the metaverse.

Many of the existing worlds in the metaverse centralize around socializing and community. People create avatars and spend time in the virtual world meeting others and choosing where they spend time based on interests, gaming, and with no bearing on physical location. A piece of metaverse real estate can enhance this as a meeting place within your virtual community. 

Express yourself creatively.

Buying real estate doesn’t have to just be about investing. For people interested in the metaverse and spending time there, having a property to make your own is a way to express yourself creatively. 

Have fun!

Having land in a virtual world allows you to become a part of a community, explore the virtual world around you, make friends, find your tribe, and have fun. It gives you a base where you can create games for your community, space to come together, or anything else that enhances your time in the metaverse. 

How to buy virtual land in the metaverse

Buying land in the metaverse is surprisingly simple. Like in the real world, you can browse real estate websites, access a real estate agent, check out the market in the area you want to buy, and place an offer. Consider the following steps.

Find a virtual world in which you want to buy land.

Currently, the metaverse is a series of virtual lands, with a number of them selling land and real estate. Some popular lands are The Sandbox and Decentraland, but there are plenty of others to explore depending on your interests and budget. 

Find out if that virtual world has any available land for sale.

If you have a virtual land in mind, head there to see if any land is for sale within your budget and fulfilling your requirements. You can look for announcements on future land sales or use third-party sites like OpenSea to see previous sale prices and the prices of other properties in the area. 

Find a reputable virtual land dealer in the metaverse.

If you need extra help navigating the metaverse real estate market, you can enlist the help of a real estate agent or broker. Like in the real world, these brokers can help you find a suitable property within your world of choice, specifications, and budget. 

Ask around and see if anyone has any recommendations.

If you are already an established visitor to the metaverse, you may have people and a community that you can ask for recommendations. Just like in the physical world, knowing someone with the inside track on the area you are interested in can be helpful. 

Check out the land you're interested in.

Before buying land or real estate, examining what you’re buying is a must. You can research the platforms where land is available and see how other real estate and developments are doing. 

Get a feel for the community and ensure it's somewhere you want to be.

Visit the community where the land you want to buy is located. Each virtual world has a different feel and focus; within each one, different areas attract different types of communities. Find out what type of events are happening in each metaverse and the requirements for participating. Some platforms are web-native, like Spatial.io, while others are CPU-intensive, like Decentraland. You’ll want to look into how to build on your land if that’s something you’re planning to do. For example, to build on Sandbox, you’ll need to download Sandbox Game Maker. 

Compare prices and find the best deal.

Finding a piece of land within budget means carrying out some research to find the best deal in your area of interest. Like the real world, prices are highest around social hubs, and you can find land at a lower price as you move further out. You can buy directly from the platforms when they release land sales or the secondary market on sites like OpenSea. Look at all your options to compare prices and find the best deal.

Open a crypto wallet and buy the correct cryptocurrency. 

Each metaverse platform with real estate available uses different tokens or cryptocurrencies, so you have to make sure you purchase the right one to make the transaction. To store your currency, you need to open a digital crypto wallet. One of the most popular wallets is MetaMask, which connects directly to the metaverse platform—such as Sandbox and Decentraland—and OpenSea. 

Purchase the available land.

Buying directly from a platform means you are buying when they release land parcels on a specific date with a set price. Buying from a secondary marketplace means seeing trading volume, making an offer, or buying directly from a seller. 

Confirm your purchase and do with your virtual land as you please.

Once you have confirmed your purchase, the land is yours and etched on a blockchain as an NFT, and you are recorded as the land owner. This means you can develop your land, hold it as an investment, or do whatever you please. 

Where can I find land in the metaverse for sale?

You'll find numerous places where you can purchase land in the metaverse. You'll discover high-price sales on several popular and lesser-known platforms. Some options for investigation include:

• The Sandbox

• Decentraland

• Voxels

• Somnium space

• Worldwide webb

• Treeverse 

It’s also possible to buy land on a third-party marketplace such as Open Sea or X2Y2, which sells NFTs and lists property and land from multiple platforms so you can compare and negotiate on prices. 

Other ways to buy land in the metaverse

Aside from buying directly from a platform or a third-party marketplace for NFTs, you can reach out to a metaverse real estate broker for help. A metaverse real estate broker offers advice on where to buy a property that is likely to yield the best investment, as well as helping you find prime locations and sourcing land within your budget. 

The financial side of buying virtual land with cryptocurrency is complicated, and a metaverse real estate broker advises you on the process. 

How to become a metaverse real estate broker

A career as a metaverse real estate broker may sound far-fetched, but it is a valid option, with the metaverse predicted to have 5 billion users by 2030 [2]. Property is already an attractive option, and real estate brokers are operating in the metaverse in the same way as in the real world. As with working in real estate in the real world, you'll need to have specific skills and meet requirements.

The essential skills for becoming a metaverse real estate broker

The skills needed to become a metaverse real estate broker are similar to those needed to be a real estate broker in the real world. These include excellent communication skills, problem-solving abilities, strong negotiation skills, and understanding property law. Brokers also have local knowledge, a sense of what makes a property a good investment, and industry knowledge. 

This is similar to working in the metaverse, but brokers must have an interest in and understanding of the metaverse and how it operates, as well as knowledge about how to value property across platforms. 

Education and certification requirements for metaverse real estate broker

The metaverse real estate industry is unregulated, so you will not find set standards. Therefore, there are technically no educational requirements, but having a degree in business or marketing is helpful, along with any education or certifications, to demonstrate your knowledge of the metaverse. 

You may wish to consider the following certifications:

• Certified Residential Specialist (CRS) 

• Accredited Land Consultant (ALC)

• Certified Cryptocurrency Expert (CCE): Blockchain Council

• Certified Metaverse Expert: Blockchain Council

Associations and licenses

In the real world, a real estate license is required, which will help your credibility in the metaverse, even though the industry is not regulated. It is also recommended that you consider joining a metaverse real estate association as a way of building networks, for professional development, and to show that you are a serious contender.

Is a metaverse real estate broker a good career?

Property and land investment in the metaverse is still relatively new, so what the future holds is unknown. However, as the metaverse grows, so may the opportunities. The reported average annual salary for a metaverse real estate broker is $100,000 [3], so the potential to make a lot of money is there while working remotely from anywhere in the world.

Next steps

If you are interested in taking the step to concrete a career within the metaverse, begin by understanding the financial side of metaverse transactions through a course on decentralized finance delivered by Duke University, offered via Coursera. You may also be interested in a deep learning course on real estate price prediction.