Real Estate and The Metaverse
The Metaverse is a virtual reality platform where people can play games, connect with friends, attend meetings, and even go to virtual concerts.
Ever since Facebook announced it would change its name to Meta and focus on building its own digital world, interest in metaverse real estate skyrocketed.
What can real estate experts or consultants benefit from real estate and the metaverse, let us find out.
Real Estate Metaverse is a term used to describe the acts of buying a land or property virtually or digitally, this can be achieved through Facebook Oculus, or other virtual reality platforms, like Microsoft, Apple, etc.
Metaverse is next big thing on the internet, and it is important for real estate consultant or agents to know how to buy virtual lands or real estate.
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Why Invest in Virtual Real Estate or Land?
As you all know that the benefits of real estate investors or agents is to make profit or ROI ( return on investment)
Any real estate investor will tell you, ROI is at the heart of their motives. Whether they’re investing in a community-based project meant to create jobs in a disadvantaged neighborhood, or erecting a 50-story-tall skyscraper for commercial use—they’re expecting a return on their investment.
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So, what’s the ROI in digital real estate?
Depending on what you intend to use your land for, there’s a multitude of opportunities for digital real estate investors. Those experienced in crypto trading are at an advantage, seeing as virtual land is bought and sold in cryptocurrency.
Investors or clients can purchase a plot of land in the metaverse and build whatever they’d like, be it a performance venue to host music events or a co-working space to host business meetings, it can also be a space where people can buy or sell stuff.
Another way client or investor can make money via the metaverse., it so sell their digital or virtual real estate lands or properties for a specific sum of amount, which in turn to sales for the investors or clients.
There are several virtual world you can start investing in Real Estate. Decentraland is the most platform investors are using to invest in Real Estate.
How To Buy Land in the Metaverse
The hottest metaverse platforms for purchasing virtual real estate are Sandbox and Decentraland. For both apps, you’ll need to download a Chrome extension called Metamask, an online wallet designed to hold digital assets.
Next, you must fund it with either SAND (for Sandbox plots) or MANA for (Decentraland properties), two Ethereum-based cryptocurrencies. Okay before we continue, let us look at how to buy land or real estate from SAND.
Note: SAND and DECENTRALAND are two apps or platforms for purchasing digital or virtual real estate, lands or properties.
Step 1: Get a Digital Wallet
You won’t be able to buy digital real estate in real-world naira or dollars. You’ll need cryptocurrency.
The first thing you want to do is set up your digital wallet so you can then purchase virtual land in the right coins. (Similar to how you would exchange dollars for REAL when visiting United States)
Whichever currency you choose, make sure to write down the seed phrase you’re assigned when you open your wallet. Think of this as your “virtual bank account” information.
You want to keep it close; memorize it if possible. Seed phrases are very hard to recover once lost.
Step 2: Choose a Buying Platform
Once you have your digital wallet set up, you have a few options when it comes to buying land.
You can choose to buy property directly on a metaverse platform, such as Decentraland or the Sandbox, or you can go through a third-party platform such as OpenSea.
The advantage of purchasing land directly within metaverse platforms such as Decentraland or Sandbox, is that you get a strong sense of what kind of amenities are around and who your neighbors are.
This is probably the more favorable route to take once you’ve gained some experience as a digital real estate investor, more also you have diverse opportunities to sell and make returns from virtual real estate products.
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