Metaverse Real Estate Explained: How to Buy Virtual Land

Written by Andrew Lokenauth | Edited by Travis Boylls

Last Updated: January 22, 2023

Are you interested in buying land in the metaverse? Metaverse real estate is quickly becoming a big business, with real-life companies like JP Morgan, HSBC, and Samsung getting in on the craze. Even celebrities like Snoop Dogg own property in the metaverse. If you're curious about investing in virtual real estate, you've come to the right place. This wikiHow article will teach you how to get to the metaverse and purchase your first virtual parcel of land.

Section 1 of 5:

What is a metaverse?

A metaverse is a massive, persistent virtual world where users interact using digital avatars. In science fiction, the metaverse is often portrayed as a singular entity that encompasses the entirety of your digital lives (kind of like a more advanced version of the internet today). An extension of and an escape from our real-world lives. The truth is, this type of metaverse does not exist yet. Instead of one metaverse, there are multiple metaverses you can buy land on. The following are some key aspects of a metaverse:^{[1]
X
Research source}
- Massively scaled 3D environments: A metaverse is a massive virtual world where users can live, work, and play. It needs to be large enough for all users to exist simultaneously and be able to own their own virtual land.
- Digital avatars: An avatar is a 3D rendered, digital representation of the user. Each user has a unique avatar that allows them to have an identity within the metaverse as well as interact with other users. Each user can customize the look and style of their avatar.
- Unlimited users: While most online games separate users into groups of a dozen or so people, a metaverse allows an unlimited number of users to interact with each other in the same digital world.
- Digital economy: Metaverses also have digital economies where users can purchase digital items, like clothing and skins for their avatar, objects, and virtual land. Most metaverses use cryptocurrency and NFTs as digital assets.
- Synchronous: All events that happen within a metaverse happen in real-time and can be experienced by all users simultaneously. The events that happen in a metaverse are determined by the users rather than the developers.

Section 2 of 5:

How do I get to the metaverse?

1
You can access a metaverse using your computer. Some metaverse platforms require you to download an app. Others let you access them using your web browser. Many metaverses also require you to have a cryptocurrency wallet when you sign up. In some cases, there may be smartphone apps that allow you to interact with a metaverse in different ways. Some metaverses are compatible with virtual reality, but it is not a requirement to access the metaverse.
2
There are many metaverse platforms to choose from. The following are a few metaverses where you can buy virtual real estate:^{[2]
X
Research source}
- Decentraland: Decentraland is one of the most popular metaverses, boasting many celebrity and influencer tenants and high-profile partnerships with famous brands. Because of Decentraland's popularity, it's also one of the most expensive metaverses to buy land. Decentraland has a native token called MANA that you can use to purchase land in the metaverse. Check out Decentraland at: https://decentraland.org.
- The Sandbox: The Sandbox is the second most popular metaverse. Real estate lots in The Sandbox are marked as LAND, which you can purchase using The Sandbox's native cryptocurrency SAND. In some cases, you can also use Ethereum (ETH) to buy land. Visit The Sandbox at https://www.sandbox.game.
- Somnium Space: Somnium Space is a newer metaverse. It is one of the few metaverses that is compatible with virtual reality using the Windows VR client. All transactions in Somnium Space are done using Ethereum (ETH) via the OpenSea marketplace. You need a Metamask wallet to sign up. You'll find Somnium Space at https://somniumspace.com.
- Upland: Upland is another newer metaverse that is relatively affordable compared to other metaverses. The real estate in Upland is mapped to the real world and each plot of land is associated with a real-life address. Upland has its own native cryptocurrency called UPX and doesn't ask you for a crypto wallet to sign up. Visit Upland at https://www.upland.me.
- Cryptovoxels: Cryptovoxels is a free-to-play metaverse based on the Ethereum blockchain. You can explore Cryptovoxels for free without a cryptocurrency wallet or an account. You experience Cryptovoxels in VR just by using the Oculus web browser. Check out Cryptovoxels at https://www.cryptovoxels.com.
- ERTHA: ERTHA is a simulation metaverse focusing on building a new virtual civilization after a near-apocalyptic event. ERTHA's world is the size of planet Earth. Each parcel of land in ERTHA is unique with its own resources. ERTHA uses its own native cryptocurrency called ERTHA. Visit ERTHA at https://ertha.io.
- Second Life: Second Life may be the oldest metaverse, launching in 2003 before most people knew what a metaverse was. Like other metaverses, it is a massive world where users can create avatars, buy land, and build things. But unlike other metaverses, Second Life does not use cryptocurrency, instead using microtransactions and a virtual currency called Linden. Unlike other games, microtransactions in Second Life are a two-way street. You can buy Linden to purchase land that is put up for auction. You can also sell land (or other items) for Linden and then sell your Linden for real-world money.^{[3]
  X
  Research source} Check out Second Life at https://secondlife.com.

Section 3 of 5:

How to Buy Land in the Metaverse

1
Get a cryptocurrency wallet. Many metaverses require you to have a cryptocurrency wallet to sign up. So it's a good idea to get a cryptocurrency wallet before signing up for a metaverse account. MetaMask is a popular wallet that is used by a lot of metaverses. Some metaverses also allow you to connect your Coinbase account.
- Sign up for MetaMask at https://metamask.io.
- Sign up for Coinbase at https://www.coinbase.com.
2
Select a metaverse. There are many metaverses to choose from. Sign up for different metaverses and do some exploring before you decide to make a purchase. Research the metaverse. See what type of cryptocurrency they use and how much plots of land go for. Get a feel for what the community is like. See if there is any unique philosophy behind the metaverse. Find a metaverse that is right for you and that you feel comfortable with.
3
Find a plot of land that you want to purchase. Many metaverses have a listings page available on their official website. Alternatively, you can find plots of land listed on third-party NFT exchange sites like https://opensea.io.
4
Add cryptocurrency to your wallet. Once you've found a plot of land that you want to purchase, you'll need to buy enough cryptocurrency to complete the transaction. MetaMask allows you to buy cryptocurrency using the Chrome extension. You can also buy cryptocurrency on cryptocurrency exchanges like Binance, Kraken, and Crypto.com.
5
Make your purchase. Once you find a plot of land that you want to buy, click the option to Buy Now. Your transaction will be processed automatically. Once your transaction is complete, you should see it listed at an NFT in your cryptocurrency wallet. Now you can hold on to it, build something on it, and possibly sell it for a profit.

Section 4 of 5:

Uses for Metaverse Land

1
A virtual home or hangout. If you frequent a metaverse often, perhaps you would like a place to call your own. You can build your own house on land that you own and decorate it with objects you bought in the metaverse. You can use it as a hangout for you and your friends in the metaverse. Owning land in the metaverse can be a way to express yourself.
2
An investment. Many people buy virtual land with the hope of selling it at a greater value. You can either hold on to your land and hope its value increases, build something on the land to increase the value and then sell it.
3
A business. Build a business for other users in the metaverse, such as a shop, casino, club, NFT gallery, mini-game, or concert and event venue.
- Advertising space. If you can purchase land in an area that a lot of users traffic, you can use your land to sell ad space.

Section 5 of 5:

Is buying land in the metaverse safe?

Buying land in the metaverse is a high-risk investment. Nobody knows the future of the metaverse and there is no guarantee that you will see a return on your investments. You should carefully consider how much you are willing to invest and do not invest more than you can afford to lose.
- Watch out for scams! The world of cryptocurrency is largely unregulated and scams are commonplace. It is highly prone to market manipulation, pump and dump schemes, rug pull schemes, romance scams, phishing scams, and more. Be careful who you take investment advise from. Do not trust anyone promising a huge return on investments or an online dating partner asking for money. Be sure to keep your cryptocurrency safe and secure.
- It is a risky strategy because cryptocurrencies and the metaverse are very volatile.
- You should always do your research before buying any crypto. You need to research what kind of digital property before you buy it.
- There are easier or better ways to make money on the metaverse. If you are an artist, you can create an NFT project and sell it in the metaverse. Or create items for the metaverse and sell them as NFTs.