Although virtual land seemed out of the ordinary a few years back, now, with people turning to the metaverse, investors have started to come through.
Being one of the world’s most popular investments, real estate has begun to exist in the digital world.
Decentraland is a virtual reality platform built on the blockchain that allows users to buy land, play games, organise events, and communicate with one another in various ways.
It's the largest virtual world in the NFT space, with its own MANA and LAND currencies. Each NFT on Decentraland is 16 metres by 16 metres and represents a piece of LAND. The amount of land plots on Decentraland is regulated at 90,000, which contributes to the feeling of scarcity. On Decentraland, anybody may purchase, rent, or sell land through OpenSea, an NFT marketplace, or through Decentraland's official Marketplace.
Virtual land is sold at a starting price of $15,000 and currently sold at the highest price of $4.3million.
Here’s a step by step guide to helping you own yourself a piece of virtual land.
Step 1 : Head to Decentraland Marketplace
To start, head to Decentraland's Marketplace and sign in or create an account if you haven't.
Go to 'Parcels and Estates' once you've logged in. Then select 'View All'.
Step 2 : Select your choice of Land
Next, select the land of choice from the list of available land. The benefit of purchasing land in Decentraland straight from the marketplace is that you can observe the surrounding regions and their closeness to well-known landmarks.
After you've chosen your virtual piece of property, select it to find out more information. The price of the land in MANA, its availability, and the name of the owner may all be found here.
To make a purchase, tap 'Buy.'
Step 3 : Connect your wallet to Decentraland Marketplace
To make the purchase, make sure your wallet is linked to your account, as the land will be transferred to your wallet as an NFT once the transaction is complete.
You may download wallets like MetaMask and Trust Wallet if you don't already have one. Take note that you'll need enough MANA or Ethereum (ETH) in your selected wallet to complete the transaction.
Additionally, you'll need some extra tokens to cover the gas cost.
Step 4 : Confirm your selected virtual Land
You may confirm your LAND on your wallet once the transaction is complete.
If you use Trust Wallet, you can validate this in the MetaMask wallet's 'Collectibles' and 'NFTs' tabs.
Although the virtual real estate industry has risen significantly, it is still a relatively young business. Investors should conduct thorough due diligence and research before investing.
You can read more about virtual land at 'Land NFTs, the Sandbox and Multi Million Dollar Virtual Real Estate - Whats the Buzz?'