From well-known celebrities like Snoop Dogg to record label Warner Music Group to Gucci and HSBC Bank, many big brands are buying land in Metaverse these days. All of these brands have different plans for their storyline in the virtual world. Indian singer Daler Mehendi recently jumped on the bandwagon and called his country “Balle Balle Land”. At the moment, Decentraland and The Sandbox are the two big Metaverse platforms where you can buy the land. Also Read – How to Play Holi in the Metaverse
There can be two reasons for wanting to buy land in the virtual world. First, you want to use this land to host events with friends like Snoop Dogg, who calls his land Snoopverse. On his virtual land he can organize concerts for his fans. Buyers can even choose to become a neighbor of their favorite celebrity, for a hefty fee, of course. Remarkably, the first Metaverse Fashion Week is also currently being organized in Decentraland. Another reason is the investment. There is high hope that property prices in the Metaverse will increase dramatically in the near future. Also Read – Tech Mahindra Introduces its New Metaverse to Interact with Customers
How do I buy land in the Metaverse?
You can buy a plot of land in Metaverse by paying in cryptocurrencies, specifically Ethereum. For the gamified platform The Sandbox, SAND is the currency while MANA is associated with Decentraland. You must have these currencies in order to make a purchase in the metaverse. Also read – MWC 2022: Mark Zuckerberg calls for help to build Metaverse
You also need virtual wallets that can store NFTs like Metamask or Binance. Once you have purchased a particular land, the sale and ownership of the land is recorded via the transfer of NFTs. The transfer will take a few seconds as it verifies that your digital wallet has enough currency to purchase the named country. After that, you will be told that you now legally own the land.
There are third-party resellers like nonfungible.com and opensea.io, which are basically real estate agents for Metaverse, who can list virtual land properties and prices, and help reach potential buyers.