Résumé

Metaverse NFT lands constitute virtual real estate and are represented by non-fungible tokens. Depending on the platform, the owner can use their land for socializing, advertising, working, gaming and other use cases.

You can purchase metaverse land NFTs through a project's land sale or by using an NFT marketplace to buy directly from owners. You will need a digital wallet and cryptocurrency to purchase the land. Land can also be sold to other users on various platforms, and rental mechanisms will exist in the future.

When purchasing your land NFT, always buy it from a project as part of a land sale or securely on the secondary market through a trusted NFT exchange. Make sure you understand the project associated with the land and take into account the financial risk involved.

Introduction

The metaverse has become increasingly popular with tech fans, investors, and cryptocurrency enthusiasts. The demand for virtual land in the 3D digital world has grown significantly and the market has similarities with real real estate. Buying and selling metaverse NFT land is a fairly simple process that you can easily follow with our guide.

What are Metaverse NFT Virtual Lands?

An NFT virtual land is a digital area that can be owned, on a metaverse platform. The owner of the non-fungible token (NFT) can use the land for various purposes or purely for speculation. Typically, a metaverse project divides its map into smaller areas and sells them as part of a single or multiple land deal. Payments are usually made in cryptocurrencies, but some projects also accept fiat.

Once purchased, the space normally offers a 3D virtual experience that the owner and visitors can explore. Since lands are NFTs, it is easy to prove the authenticity and ownership of these digital assets. The owner can sell his land on the secondary market with a third-party exchange or via the metaverse project ecosystem.

What are the use cases for metaverse NFT virtual lands?

Although some investors are simply speculating, others may want to use the land for its intended purpose. The project you choose will have a direct impact on what you can do with your land. It's common for spaces to host events, conferences, and even rent advertising space if the land receives enough traffic. Some companies, including PwC, have also integrated their terrain into the services they offer. If you purchased land in an NFT game, it is likely that you will receive in-game benefits.

Where to buy land in the metaverse?

Purchasing an NFT land follows the same process as purchasing any other NFT. All you need is a wallet and some cryptocurrencies to get started. As with any investment, be sure to do your own research before taking any risks.

Step 1: Choose a Metaverse Platform

Before purchasing a metaverse property, you must choose a metaverse platform. Your reasons for purchasing the land will impact the project you choose, which we will cover further in our “Advice” section. We'll use The Sandbox on Ethereum as an example for this tutorial, but Decentraland is another popular option.

Step 2: Set up your wallet

You will need to create a wallet that will give you access to the cryptocurrencies you own. You can use a mobile or browser-based wallet, whichever you prefer. However, using a browser-based wallet generally causes fewer problems.

The MetaMask or Binance Chain Wallet options are both suitable, as they support multiple blockchains, but always check that the wallet you are using supports the NFT terrain blockchain.

When you set up your wallet, you will receive a string of words known as a recovery phrase. Keep it in a safe place, as this is how you can recover your wallet if you lose access to it. It's best to store it somewhere that's always offline.

Step 3: Connect your wallet to the Sandbox Marketplace

On The Sandbox map you can see the plots of land available for auction. You can make some of these purchases directly on The Sandbox marketplace, while others are hosted on external exchanges like OpeanSea. Let's look at one of the offers we can make through The SandBox to simplify.

Before you can bid on anything, you need to connect your wallet. On The Sandbox map, click [Connect] in the upper right corner. Make sure your wallet is also set to the correct blockchain as the project, in this case, Ethereum.

Next, click [MetaMask].

MetaMask will display a pop-up asking you to log in. Click [Next].

Click the [Connect] button to connect your wallet.

The Sandbox will now ask you to add an email address and create a nickname. Click [Continue] to finish setting up your account. You can also voluntarily provide a password if you want to use the SandBox editor.

Click [Sign] on the MetaMask signature request to finalize your account creation.

Once you log in, you will see your account balance and your profile picture at the top right of the site.

Step 4: Buy SAND or ETH on Binance and transfer it to your wallet.

To buy or bid on land, you will need SAND or Ether (ETH) in your wallet. Buying ETH will likely be more useful as most of The Sandbox's land sales only accept ETH. You can purchase SAND or ETH by credit or debit card with your Binance account. To find out more, see our How to Buy Cryptocurrencies guide.

Once you have purchased your cryptocurrency, you will need to transfer it to your wallet. Copy the public address of your cryptocurrency wallet and use it as your withdrawal address. Follow our How to Withdraw Funds from Binance guide for exact instructions.

Step 5: Select a LAND parcel

You can easily sort the land available to bid or buy in The Sandbox with the filters below. Most of the land at The Sandbox has already been purchased, which means you will usually only find land available on OpenSea. However, you can still bid on these sales through The Sandbox card. The SandBox map is also the best way to verify that you are purchasing legitimate NFT land, as OpenSea links are incorporated into the user interface.

After finding a piece of land you want to buy, you can click the [Bid] button to make an offer or buy it at a fixed price by clicking on the ETH amount. Let's see how to make an offer by clicking [Bid].

You will now see a pop-up window that will allow you to make an offer. Enter the bid amount and click [Place Bid] before confirming the transaction with your wallet. If the seller rejects your offer or the sale ends, the cryptocurrency will be returned to your wallet.

If you click on the fixed price, you will be directed to OpenSea to complete the transaction. You will need to connect your wallet to the marketplace before you can purchase the land. You can also use OpenSea to make an offer if you don't want to do it through The Sandbox.

Where to sell land in the metaverse?

There are generally two options for selling your NFT land. You can sell it through the Metaverse Project Marketplace or on a secondary marketplace. With The Sandbox, only third-party marketplaces can currently be used for sales. In the future, owners will be able to sell directly through The Sandbox for 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 can then create a fixed price ad or an auction.

How to rent land in the Metaverse?

Some projects, like The Sandbox, will offer owners the option to lease their land to third parties. However, there is no formal system in place to do this. If you decide to lease the land to someone, you will need to enter into a private arrangement, which makes the process quite risky. If renting, you should never transfer ownership of your NFT to the renter. It is safer to wait until an official and secure rental system is launched.

Tips before buying an NFT virtual land

You should always follow best practices when investing in NFT land, just as you would with any other investment. Be sure to use the official project link to purchase your NFT land or choose a reputable third-party marketplace. Before you buy, carefully research the platform you are investing in and check its fundamentals. And remember, buying isn't the only option, you may be able to lease land in the future if you need it for specific purposes.

To conclude

The digital real estate ecosystem has become massively popular in the cryptocurrency world. As you can see, it is relatively easy to buy and sell land. However, current prices make this sometimes more expensive than an actual physical property investment. If you purchase metaverse NFT land, remember to consider the risks and follow best practices in the crypto space.