How To Buy Metaverse Real Estate

Want to jump straight to the answer? You can buy metaverse real estate with ETH from Gemini!

In November 2021, the company formerly known as Facebook shocked everyone when it announced a name change to Meta. This change was to show their support for the Metaverse, which is the concept of an immersive digital life online. This change caused a spike in popularity for already established Metaverse projects, such as The Sandbox (SAND) and Decentraland (MANA). However, many still have questions surrounding the metaverse, such as what it is and how to purchase real estate in these virtual worlds.

What Is The Metaverse?

The metaverse is a term used to describe a potential shift in how we interact with technology. Right now, we use text, emails and calls to communicate. Metaverse developers are hoping to change these current methods of communication by creating a virtual world in which humans can interact in a more natural way.

The term itself is extremely broad. On 1 end, it can mean online games, such as Fortnite or Call of Duty. These games allow users to interact online in virtual worlds. While these online games have become extremely popular, another form of the metaverse is that of open-world games with digital economies. 

The Sandbox and Decentraland are both metaverse projects that combine typical online games with cryptocurrency and digital economies. These projects have their own virtual worlds where players can interact with each other and buy and sell goods. Many believe that these types of projects could be the future of communication.

Users can talk with their friends using virtual avatars and play a variety of games. They also incorporate virtual reality to provide a much more immersive experience. 

In these games, users purchase virtual land where they can build anything they want. This can range from drawings to playable games. These designs are represented in the form of non-fungible tokens (NFTs). Since NFTs store encrypted information on the blockchain, they allow anyone to own in-game digital assets. Users can buy and sell these digital assets that are represented by NFTs.

The Sandbox and Decentraland have also incorporated their own cryptocurrencies into their games to create a more seamless transaction process.

Metaverse Cryptocurrencies

Most metaverse cryptocurrencies are built on the Ethereum blockchain due to its size and ease of use. The 2 largest examples of Ethereum based metaverse cryptos are SAND and MANA. 

SAND and MANA are both used to power their respective metaverses. They can be used in multiple situations.

The primary use of these tokens is to buy and sell NFTs in the virtual worlds. On Decentraland, you can sell an NFT and receive MANA. You can also use MANA to buy others’ land.

Another use for these tokens is that of governance. Users who own SAND or MANA can vote on new proposals in a decentralized autonomous organization (DAO). This gives the users of a project a say in where it will go in the future. However, the developers often own a large portion of the supply, so the voting system is somewhat flawed. Either way, it still gives the community a say in how the project will operate. 

How To Buy Real Estate In The Metaverse

Now that you have an understanding of the metaverse and the tokens that power the virtual worlds, you may be interested in purchasing your own share of these assets.

In these metaverse projects, real estate is the most popular way to gain access to the features they offer. Owning metaverse real estate often allows users to create and build their own designs. Most real estate options are divided into neighborhoods and are stored in the form of NFTs.

Where To Store NFTs Safely

With some spending millions on metaverse real estate, it is important to have a safe place to store your precious assets. There are many wallets out there, but 2 in particular stand out.

Best NFT Software Wallet: Ledger

Best For

• ERC-20 tokens

buy nowsecurely through Ledger Hardware Wallet's website

Hardware wallets use physical devices to store the private keys needed to send crypto. Without the physical device, crypto is locked in your wallet. This is often regarded as the safest way to store crypto.

Ledger offers industry-leading hardware wallets at an affordable price. The Nano S is designed for beginners and only has necessary features. The Nano X supports ease of use, with features such as bluetooth connectivity and  larger screen.

Ledger is known for providing reliable and efficient security for crypto. 

Best Software Wallet: ZenGo

Software wallets store the private keys on the internet. While this is not as safe as hardware wallets, ZenGo takes a variety of measures to keep your assets safe.

ZenGo uses 3-factor authentication to protect your investments. This includes a key on your computer, 1 on their servers and biometric authentication. All 3 combine to create an extremely safe wallet.

In addition to the security, ZenGo is also very easy to use. It has a sleek mobile app that makes crypto trading efficient.

Is Metaverse Land a Good Investment?

As of right now, metaverse land is extremely speculative. This is due to its novelty, as it has only been around for a few years. At any time, the in-game markets could crash and your real estate would be worthless.

However, the idea of the metaverse has been given legitimacy due to Meta’s focus on the idea. If they continue to promote the idea and bring attention to the projects, then prices could continue to rise.

If Meta releases their Metaverse and it is much more popular than the existing projects, the price of current metaverse land could fall. If users shift towards Meta’s project, then the current metaverse real estate may lose its primary use cases and competitive edge.

Again, metaverse land is very risky and mostly speculative. The deciding factor will be how Meta handles their project and any implications this may have.