Virtual Real Estate | Eyewitness News | Ezine Daddy

(WBRE/WYOU) — O pioneers! For those in search of uncharted territory, there are still lands to discover. Namely properties that are sold through the Metaverse. If you’re confused, you’re not alone. Exploring land on the Metaverse first requires a solid understanding of what the Metaverse is. One problem: the definition is constantly evolving.

One explanation is that the metaverse is a digital world that’s parallel to the real world – something like cyberspace – and encompasses virtual reality, artificial intelligence, gaming, and mobile technology. In a VICE article, venture capitalist Matthew Ball suggested viewing the metaverse as a 3D version of the internet and computers. Tokens.com CEO Andrew Kiguel calls it the next iteration of social media, where users can meet and interact in an immersive 360-degree world.

So what is the value proposition of such a new concept? According to CNBC, Metaverse real estate sales reportedly hit $500 million in 2021, and industry experts expect them to double this year. Brands already on the market include Atari, McDonald’s, Death Row Records, Adidas and Samsung. Metaverse real estate development companies sell everything from virtual private islands (originally $15,000 each) to lots next to celebrity virtual mansions ($450,000 for rapper Snoop Dogg’s neighbor).

Fund That Flip has compiled information on how to get started with real estate investing in the Metaverse and why you might want to do so. Information was sourced from news articles, tutorials, and explanations from experts in the crypto and investment space.

What is Metaverse land?

In this shared virtual space known as Metaverse Land, real estate is bought through virtual real estate platforms. It is possible to buy everything from land to buildings. Availability is limited, often leading to competing bids among buyers. Purchases involve non-fungible tokens or NFTs that act as real deeds, and the blockchain acts as a registry providing a record of the transaction. Once a Metaverse land sale is complete, owners can sell, rent, or build on their virtual property.

What are the platforms to buy land in the Metaverse?

A growing number of platforms are selling properties on the Metaverse. The “Big Four” are Decentraland, The Sandbox, CryptoVoxels and Somnium Space. CNBC recently cited research from MetaMetric Solutions that suggests Big Four revenue will top $501 million in 2021. The same report forecast potential sales of nearly $1 billion.

Regarding the inventory available at the Big Four, CNBC said in February 2022 that 268,645 packages of various sizes were for sale. Decentraland and The Sandbox dominate the area with the highest sales volume, according to NonFungible. These two platforms run on Ethereum, a blockchain that powers financial services.

Why Invest in Metaverse Real Estate?

Buying Metaverse land is still speculative and highly risky. Janine Yorio, CEO of metaverse real estate investor and advisory firm Republic Realm, told CNBC, “There are great risks, but potentially great rewards.” Because of this, it’s imperative for potential buyers to research Metaverse real estate to get a clear gain an understanding of their advantages and disadvantages.

In an article for The Motley Fool, broker and general contractor Kristi Waterworth recommended spreading your investment across multiple platforms as the safest bet. Larger companies and corporations such as JP Morgan, McDonald’s, Atari, Samsung and Walmart are getting into Metaverse real estate. Companies like these keep an eye on promotional spaces like billboards in online meeting rooms, selling products in virtual retail stores, hosting real-time events like online concerts, and connecting with future customers through immersive digital experiences.

To buy land, get a wallet and add money

Ready to start exploring Metaverse real estate in earnest? First, get a cryptocurrency digital wallet. This is required to access the blockchain and store cryptocurrency. Some browser-based options to explore are Metamask or Binance Chain Wallet. These enable basic functions such as buying, storing, sending and exchanging tokens. Whichever digital cryptocurrency wallet you choose, it must also be connected to the platform you wish to make a purchase through and have the right type of funding/crypto (tokens like SAND or MANA) running on it this platform is used.

Then explore the marketplaces

There is nothing wrong with window shopping. Check out the listings on Metaverse real estate platforms to see if something appeals to you. For example, you can go to the land offers section on Decentraland. There you can browse through the latest listings and find all types of properties, even art galleries. To truly navigate platforms and get a full picture of what’s on offer, you need a digital cryptocurrency wallet to set up an account and get full access.

Bid or buy the land

What is the next step? It is possible to buy the land directly for the amount indicated. Choosing this route will direct buyers to OpenSea, the NFT marketplace where Metaverse land transactions take place. If you prefer to make a bid, there is a bid button to enter your bid.

If the seller doesn’t bite, the crypto submitted for the bid will be returned to your wallet. If it gets a nod then go to OpenSea to complete the transaction. After you’ve grabbed the art gallery you’ve been craving, browse the platforms to start building collections to showcase.

This story originally appeared on Fund That Flip and was produced and distributed in partnership with Stacker Studio.

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