In brief
NFT land is a virtual parcel of real estate represented by a non-fungible token. Depending on the platform, owners can use their land for socializing, advertising, working, gaming, and other use cases.
You can buy NFT land through a project's open sales or use the NFT marketplace to buy directly from the landowner. You will need a digital wallet and cryptocurrency to buy land. Land can also be sold to other users on various platforms, and in the future a rental mechanism may be popularized.
When purchasing your NFT land, always buy from project launches or on the secondary market, through trusted NFT exchanges. Make sure you fully understand the project involved in the land and have considered the financial risks.
Introduce
The Metaverse is becoming increasingly popular with tech fans, investors, and cryptocurrency enthusiasts. The demand for virtual land in the 3D digital world has increased sharply and this market has similarities with real estate in the real world. Buying and selling NFT land in the metaverse is a fairly simple process and you can easily follow the instructions.
What is NFT virtual land in the metaverse?
NFT land is a purchasable digital space within a metaverse project. Non-fungible token (NFT) holders can use the land for different purposes or purely for speculation. Typically, a metaverse project divides its map into smaller regions and sells them in one or more land offerings. Purchases are usually made in cryptocurrency, but some projects also accept fiat currencies.
Once purchased, these plots often provide 3D virtual experiences for owners and visitors to explore. Because the lands are NFTs, it is easy to prove authenticity and ownership of these digital assets. Owners can sell their land on the secondary market with third parties - exchanges, or through the metaverse project's own project ecosystem.
Application of virtual land in metaverse?
While some investors only buy for speculation, there are those who buy land for use. The project you choose will influence exactly what you can do with your land. Space to host events, conferences and even rent out advertising space are most popular if the property has enough traffic. Some companies like PwC have used the virtual land they acquire in the services they provide to customers. If you have purchased land from an NFT game, you will most likely receive the benefits that come with the game.
Where to buy land in metaverse
Purchasing NFT land follows the same process as purchasing any other NFT. All you need is a wallet and some cryptocurrency to get started. As with any investment, be sure to do your own research before taking risks.
Step 1: Choose a metaverse platform
Before purchasing metaverse assets, you need to choose a metaverse platform. Your reason for buying land will influence the project you choose, which we will cover in the final suggestions section. Now, let's take The Sandbox project on Ethereum as an example, but Decentraland is also a popular choice.
Step 2: Set up your wallet
You will need to create a wallet where you can access the cryptocurrencies you own. You can use a mobile wallet or a browser-based wallet, depending on your preference. However, using a browser-based wallet will usually have fewer problems.
MetaMask or Binance Chain Wallet are both suitable options as they support many different blockchains. However, these wallets still take the step of checking the suitability of the blockchain from NFT land.
When you set up your wallet, you will receive a string of words called a seed phrase. Always keep this in a safe place as this is the only way you can recover your wallet. If you lose access, it's best to store it somewhere offline.
Step 3: Connect your wallet to Sandbox marketplace
On The Sandbox's map, you can see available plots of land that can be purchased. Some of these can be purchased directly through The Sandbox's marketplace, while others are hosted on external exchanges such as OpeanSea. Let's look at how we can set a purchase price (bid price) for land on The SandBox.
Before you can set a bid for anything, you need to connect your wallet. On The Sandbox, click [Sign In] in the top right corner. Make sure your wallet is also set to the exact blockchain as the project, in this case Ethereum.
Next, click [MetaMask].
MetaMask will display a pop-up, asking you to connect. Click [Next].
Click the [Connect] button to continue connecting your wallet.
Now The Sandbox will ask you to add an email address and create a nickname. Click [Continue] to complete your account setup. You can also voluntarily provide a password if you want to use the SandBox editor.
Click [Sign] on the MetaMask signature request to complete your account.
Once connected successfully, you will see your account balance and profile photo at the top right of the website.
Step 4: Buy SAND or ETH on Binance and transfer to your wallet
To buy or bid on land, you will need SAND or Ether (ETH) in your wallet. Purchasing ETH may be more useful, as most of The Sandbox's land sales only accept ETH. You can buy SAND or ETH via credit or debit card using your Binance account. For more information on this, see our How to Buy Cryptocurrency guide.
Once you have purchased cryptocurrency, you will need to transfer it to your crypto wallet. Copy the public address from your crypto wallet and use it as your withdrawal address. Follow our How to Withdraw Money from Binance guide for exact steps.
Step 5: Choose land
You can easily search for available land to bid or buy directly in The Sandbox with the filters below. Most of The Sandbox's land has been purchased, meaning you will only find plots available for purchase on OpenSea. However, you can still bid on openings through The Sandbox map. The SandBox map is also the best way to verify that you have purchased a legitimate batch of NFTs, as OpenSea links are embedded in the user interface.
After finding some land you want to buy, you can click the [Bid] button to set a price or buy it at a fixed price by clicking on the ETH number. Please consider making an offer by clicking [Bid].
You will now see a pop-up, allowing you to make an offer. Enter the price you want to bid and click [Place Bid]] before confirming the transaction with your wallet. If the seller rejects your bid or the sale ends, the cryptocurrency will be returned to your wallet.
If you click on the fixed price, you will be taken to OpenSea to complete the transaction. You will need to connect your wallet to the marketplace before you can buy land. You can also use OpenSea to make offers if you don't want to do it through The Sandbox.
Where to sell land in the metaverse
There are two popular options when you want to sell NFT land. You can sell it through the metaverse project marketplace or on the secondary market. With The Sandbox, it is currently only possible to use third-party marketplaces to sell land. In the future, landowners can sell directly through The Sandbox with a 5% transaction fee in SAND.
If you want to submit your land to OpenSea, simply go to your profile and click the [Sell] button on your NFT. You'll then be able to create fixed prices or timed bids.
How to rent land in the metaverse
Some projects, like The Sandbox, offer owners the opportunity to lease their land to third parties. However, there is no formal system to do this. If you decide to lease land to someone, you will have to make a separate agreement, which makes the process quite risky. When renting, you should never transfer ownership of your NFT to the renter. It would be safer to wait for an official and secure rental system to launch.
Advice before you buy your first piece of land in the metaverse
You should always follow investment practices when purchasing NFT land, just like with any other investment. Make sure to use the project's official link to purchase NFT land or choose a marketplace from a reputable third party. Before buying, carefully research the platform you are investing in and check its fundamentals. Don't forget, buying land is not the only option, you can rent land if needed for a specific purpose.
summary
The digital real estate ecosystem has become popular and growing in the cryptocurrency world. As you can see, buying and selling virtual land is relatively easy. However, the current price of NFT land is sometimes more expensive than real estate in the real world. If you buy NFT land in the metaverse, make sure you consider the risks and follow safe practices for the cryptocurrency market.
