A Complete Guide To Buying Virtual Land Plots
Interested in learning more about virtual land plots? This guide walks you through everything you need to know, including how to buy virtual land, what it is, its benefits, and more.
If you're interested in all-things tech or DeFi, you've probably seen mentions of the Metaverse recently. After all, when you have celebrities like Snoop Dog purchasing plots of virtual land, it's hard to ignore the new and exciting world of Web3. If you think you might be interested in purchasing virtual land but are unsure how it works, this guide will help. Find out everything you need to know about virtual real estate, including how to buy virtual land and what you can use it for.
What Is Virtual Real Estate?
Before we cover the finer details, let's start with the basics. The concept of virtual real estate may be new to you, but if you are interested in getting started, it’s important that you understand what virtual real estate is and how it works.
Virtual real estate is digital properties or digital plots of land that exist in virtual worlds, also known as the Metaverse. Through the use of AR, you can purchase land, properties like mansions or apartment buildings, and even larger pieces like islands. As with real estate in the physical world, digital real estate can be bought and sold between buyers, and properties can be rented out.
When you purchase a virtual land, you receive a unique pixel, represented as an NFT. This means that no one else can own the land that you own. The pixel is a lot more than just a digital image. You can program your virtual land plot to be what you want it to be in the virtual world: a place to put up a business, a place where people hang out, a place to host events, and more. The possibilities are endless.
What Is the Metaverse?
The Metaverse is a virtual world that aims to be a place for people to develop social connections digitally. Many refer to it as Internet 2.0, the Internet in 3D, or the next phase of the Internet. The Metaverse comprises a variety of technologies, including augmented reality (AR), blockchain, cryptocurrencies, mixed reality (MR), virtual reality (VR), NFTs, and social media.
How to Buy Virtual Land in the Metaverse?
Now that you're all caught up on the basics, you're probably wondering: how can I buy virtual land? The good news is buying virtual land is relatively straightforward. It can be broken down into four simple steps:
- Open a digital wallet.
- Purchase cryptocurrency to add to your digital wallet.
- Select which Metaverse, like SuperWorld, you want to purchase land in.
- Confirm your purchase on the Metaverse's marketplace. Once your transaction is completed, you'll see the money taken out of your digital wallet and an NFT for your virtual land added to your wallet.
Why Buy Virtual Land in the Metaverse?
So, why would anyone buy virtual land? Well, there is a multitude of benefits to owning virtual land plots. Let’s take a look at some of them:
1. Value Growth Potential
You may have heard of cryptocurrency overnight millionaires. These people got into cryptocurrency and became millionaires overnight. Simply a case of having the right asset at the right time.
Many experts speculate the same to be true for virtual real estate. The metaverse, virtual land plots, and NFTs are all still relatively new, and many think that now is the time to buy before prices skyrocket. Virtual land hasn't quite "gone mainstream" just yet, so there's a good chance that if you buy now, your asset will grow once this channel becomes more well-known.
2. Easy to Purchase
Physical real estate can take weeks to months to purchase. You usually have to get a realtor, get pre-approved for a loan from a lender, and use lawyers to review and authorize the transaction. None of these steps are necessary with virtual land plots. You just pick the land you want to buy, agree on a price with the buyer, and finalize the transaction out of your digital wallet. You can see a piece of digital real estate that you like and potentially own it just minutes later!
3. An Easier Rental Property
As you hold onto your virtual real estate, you may rent it to others to earn extra cash. Not only is this an excellent opportunity for extra income, but it's also easier to manage than physical rental properties. All your communication can be done virtually一you can give a virtual tour of the space, and there is no possibility of things breaking down. Being a virtual landlord takes minimal effort but can be very financially rewarding.
4. Earning Potential
We've already covered that you can make money renting out your virtual real estate. However, you can also make money through advertisements. If your property is in a trendy area, companies may pay you to advertise their products in your area. This could be yet another way your virtual land can earn you additional income.
Here are other ways you can use virtual land plots:
- Sell as an advertisement space
- Rent out
- Host events
- Create a shop
- Create a cafe or social gathering space
- Build a mansion or living space
Is It Safe to Buy a Virtual Land?
Virtual land, like most other assets, comes with some risks. There is no guarantee that the property will maintain the price you paid for it. It can go up or down in value. Like physical real estate, you should know when to hold on to your virtual land and when to sell.
In terms of ownership, if someone was to gain access to your digital wallet, they could steal your digital land pixel, and you would likely have no way of getting it back. That is why it's essential you only use a secure digital wallet and never share your passwords with anyone.
Where Can I Find or Buy Virtual Land for Sale?
You'll find virtual land for sale on most metaverses. When buying virtual land, however, you need to find the metaverse that's right for you.
SuperWorld is a virtual world built in Augmented Reality that has a wide variety of NFTs for purchase, including digital real estate. You can still buy notable landmarks in SuperWorld, like Machu Picchu, the Golden Gate Bridge, and the Eiffel Tower. With these prime spots of digital land, you could start earning money back on your investment in no time. Imagine renting out the Eiffel Tower. Or, hosting AR events at Machu Picchu. Don’t miss out on this exciting opportunity. Contact us and get started with digital real estate opportunities, today.