Buy and Monetize Land in Metaverse: A step-by-step Guide with examples and Statistics
How to Buy Land in Metaverse?
Buy land in the metaverse can seem like a difficult task, but with a little bit of knowledge and some good planning, you can be a landowner in the metaverse in no time. Here are the steps you’ll need to take:
1. Understand the Different Types of Metaverse Land
Before you start looking for land to buy, it’s important to understand the different types of land available in the metaverse. Some common types of land include virtual reality worlds, online gaming worlds, and blockchain-based virtual worlds.
For example, Decentraland is a blockchain-based virtual world where users can buy and develop their own parcels of land, Somnium Space is a virtual reality world that allows users to buy land and create VR experiences, and Cryptovoxels is a blockhain-based virtual world where users can buy and develop their own parcels of land.
2. Choose a Metaverse Platform
Once you have a good understanding of the different types of land available, you’ll need to choose a metaverse platform to buy land on. Some popular platforms include Decentraland, Somnium Space, and Cryptovoxels. For eg, if you are interested in a blockchain-based virtual world with a vibrant community, Decentraland might be the platform for you. If you’re more interested in a virtual reality world where you can create VR experiences, Somnium Space might be a better fit.
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3. Create an Account on the Platform
Once you’ve chosen a platform, you’ll need to create an account. This typically involves providing some basic information and setting up a login and password. For example, on Decentraland you will need to create an account on the Ethereum blockchain by using a wallet such as MetaMask or Trust Wallet.
4. Fund Your Account
Before you can buy land, you’ll need to fund your account. This can typically be done by transferring cryptocurrency to the platform’s wallet. For example, on Decentraland you will need to transfer Ethereum to your MetaMask or Trust Wallet, so you can use it to buy land and make in-world purchases.
5. Browse Available Land
Once your account is funded, you can start browsing available land. You can typically do this by searching for land by location, price, or other criteria. For example, on Decentraland you can use the Map explorer to browse land by location, price, or other criteria.
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6. Make an Offer on Land
When you’ve found land that you’re interested in, you can make an offer. You’ll typically need to provide information about the land, including its location and price, and agree to any terms and conditions set by the platform. For example, on Decentraland you can use the marketplace to make an offer on a land parcel and agree to the terms of the smart contract.
7. Complete the Purchase
Once your offer has been accepted, you’ll need to complete the purchase. This typically involves paying for the land and then receiving confirmation of your purchase. For example, on Decentraland the smart contract will automatically transfer the land ownership to you once the payment is confirmed on the Ethereum blockchain.
8. Manage Your Land
After you’ve purchased your land, you’ll need to manage it. This can include things like building structures, creating content, and renting out your land to other users. For example, on Decentraland you can use the Builder tool to create and place 3D objects on your land, or use the marketplace to rent out your land to other users.
By following these steps, you’ll be well on your way to becoming a land owner in metaverse.
Where to Buy Land in the Metaverse?
So you wanna be a land baron in the metaverse, huh? There are plenty of virtual worlds out there just waiting for you to plop down your virtual cash and call it your own. But where should you put your money? Don’t worry, I got you covered with this list of the top hottest spots to buy land in the metaverse.
1. Decentraland
This blockchain-based virtual world is like the Wild West of the metaverse. It’s got everything you could want: a vibrant community, a marketplace for buying and selling virtual goods, and a whole bunch of parcels of land just waiting to be claimed. Plus, with the land being on the blockchain, you can be sure that it’s truly yours and no one can take it away from you.
2. Somnium Space
If you’re looking for a virtual reality experience, this is the place for you. With Somnium Space, you can buy land, create VR experiences, and even host virtual events all in one place. Plus, they have their own cryptocurrency, SOM, which is like Monopoly money but way cooler.
3. The Sandbox
This blockchain-based virtual world is like a virtual lego land. Users can buy and develop their own parcels of land. It’s built on the Ethereum blockchain and allows for full ownership and control over land. The Sandbox has a vibrant community and a marketplace for buying and selling virtual goods and experiences.
4. Cryptovoxels
This blockchain-based virtual world is like a pixelated version of Decentraland, but don’t let the blocky graphics fool you. Cryptovoxels is a great place to buy land and has a vibrant community and a marketplace for buying and selling virtual goods. According to their website, Cryptovoxels has sold more than 10,000 parcels of land as of 2021.
5. The Meta
This virtual world is like a virtual city where users can buy and develop their own parcels of land. It’s built on the Ethereum blockchain and allows for full ownership and control over land. The Meta has a vibrant community and a marketplace for buying and selling virtual goods. According to their website, The Meta has sold more than 1 million parcels of land as of 2021.
These are few examples of the many different platforms and virtual worlds available for buying land in the metaverse. Each platform offers its own unique features and benefits. It’s important to do your research and carefully consider the unique features and potential of each platform before making a decision on where to buy land. And remember, the metaverse is constantly evolving, with new projects and developments popping up all the time, so keep an eye out for the next hot spot to invest in!
How to Make Money Using Metaverse Land?
Alright, so you’ve finally bought yourself a piece of land in the metaverse, congrats! But now what? You’re probably thinking “How the heck am I gonna make some money off of this virtual dirt?” Well, don’t worry, because there are plenty of ways to monetize your metaverse land. Here are 20 ways to make your virtual land work for you:
1. Rent It Out
Just like in the real world, you can rent out your land to other users for a fee. For example, Decentraland allows users to rent out their land for a set period of time, and charges a 3% transaction fee for each rental.
2. Build and Sell Virtual Real Estate
You can use your land to build virtual houses, apartments, or even skyscrapers and then sell them to other users. According to a report by Super Ventures, virtual real estate sales in the metaverse reached $2 billion in 2020.
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3. Create and Sell Virtual Goods
You can use your land to create and sell virtual items such as clothing, weapons, and vehicles. According to a report by Super Ventures, virtual goods sales in the metaverse reached $7 billion in 2020.
4. Host Virtual Events
You can use your land to host virtual events such as concerts, conferences, and meetups. You can charge a fee for tickets or sponsorships.
5. Create and Sell Virtual Experiences
You can use your land to create virtual experiences such as theme parks, mazes, and escape rooms and then charge users for admission.
6. Create and Sell Virtual Courses
You can use your land to create virtual courses such as language classes, cooking classes, and coding classes, and then charge users for access.
7. Create and Sell Virtual Games
You can use your land to create virtual games such as puzzles, quizzes, and scavenger hunts, and then charge users for access.
8. Create and Sell Virtual Tours
You can use your land to create virtual tours of famous landmarks, historical sites, and natural wonders, and then charge users for access.
9. Create and Sell Virtual Advertising Space
You can use your land to create virtual billboards and other forms of advertising space, and then charge businesses for access.
10. Create and Sell Virtual Subscriptions
You can use your land to create virtual subscriptions, such as access to exclusive content, or membership to a virtual community, and then charge users for access.
11. Create and Sell Virtual Memberships
You can use your land to create virtual memberships such as access to exclusive content, or membership to a virtual community, and then charge users for access.
12. Create and Sell Virtual Lottery and Gambling
You can use your land to create virtual lottery and gambling games, and then charge users for access or take a percentage of the winnings.
13. Create and Sell Virtual Currency
You can use your land to create virtual currency, and then charge users for access or take a percentage of the transactions.
14. Create and Sell Virtual Collectibles
You can use your land to create virtual collectibles such as trading cards, stickers, and figures, and then charge users for access or take a percentage of the transactions.
15. Create and Sell Virtual NFTs
You can use your land to create virtual NFTs, and then charge users for access or take a percentage of the transactions.
16. Create and Sell Virtual Stock Market
You can use your land to create virtual stock market, and then charge users for access or take a percentage of the transactions.
17. Create and Sell Virtual Insurance
You can use your land to create virtual insurance and then charge users for access or take a percentage of the transactions.
18. Create and Sell Virtual Energy
You can use your land to create virtual energy, such as solar or wind power, and then charge users for access or take a percentage of the transactions.
19. Create and Sell Virtual Farming
You can use your land to create virtual farms, where users can grow and harvest virtual crops, and then charge users for access or take a percentage of the transactions.
20. Create and Sell Virtual Mining
You can use your land to create virtual mines, where users can extract virtual resources, and then charge users for access or take a percentage of the transactions.
There are n number of ways to make money using your metaverse land. You can rent it out, build and sell virtual real estate, create and sell virtual goods and experiences, host virtual events, and much more. The possibilities are endless, and the sky’s the limit! So, don’t just let that virtual dirt sit there, put it to work and start raking in the dough!
